Selling Problem Properties

The house that you bought might have seemed to be your dream home when you purchased it, but it has now turned into a nightmare. There are so many things that can go wrong with a house, and we can underestimate hugely the cost of rectifying faults that we did notice at the time.

One recent development that has been attributed to the changing weather patters to which the UK is subjected to is flooding. Many areas that have never before been known to flood have suffered serious floods over recent years. Additionally, many new houses have been built in areas that are now known to be flood plains, though when the houses were built this was, in most cases, not known. Selling a property that is subject to flooding can be very difficult indeed, and there might be some additional problems related to insurance.

Subsidence is another issue, particularly in areas that were once heavily mined. It can be many years after the cessation of mining activity before the overlying land becomes subjected to subsidence problems. Once they occur, selling the house is extremely difficult until the land has stabilised for many years. If the house has suffered damage such as cracked walls, it might cost up to £20,000 to repair (though sometimes compensation from the mining company can be obtained).

Older properties might be subject to rising damp and as a consequence have problems with rotten timbers and joists. Dry and wet rot can cause huge damage to properties. There are cases where just a tiny leak in the plumbing has led to rot to such an extent that complete floors needed replacement.

If a property is leasehold and there is only a little time remaining on the lease, selling it is likely to be difficult. The value of a property falls asymptotically with the time remaining on the lease. This is because mortgage lenders will often refuse to grant a mortgage on properties with anything less than 80 years remaining on the lease.
Selling a problem property can be difficult, but is not impossible as long as the vendor is willing to make some compromises.

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