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The houses that just won't sell - on the market for up to nine years!


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Daily Mail article

The houses that just won't sell

If you've ever struggled to sell your home after putting it on the market, spare a thought for the owners of these homes which have been listed for up to nearly nine years without a buyer.

A £325,000 three-bedroom detached bungalow in Leicester has been on sale since February 22, 2012 - the longest time of any property in Britain, despite having an 'excellent sized loft' and garden with paved area.

Other properties on the market for a very long time include a £57,000 studio flat in Leeds since December 2013 and a £100,000 flat in Nottingham and £1.35million deluxe apartment in Central London, both since 2014.

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Sometimes people do not want to sell I have a friend who was given an inheritance of a part share in a house he does not want to sell as that is his childhood home, and he can do nothing in London with the £400k he will get

(parents passed away)

Yes, this can happen for legal reasons as well. For instance to meet the requirements of probate it could be that a  property needs to be sold and the proceeds shared. But if there is a person resident in the property they can have an legally recognised interest in the property that precedes the requirements of probate. In particular this can apply to trusts giving a party a beneficial interest without legal ownership. In a similar way, mortgage lenders are always at pains to make sure they have the first interest in the property.

In practice, this might mean that a sibling continues living in the parents property, rent free, whilst holding out against a sale as their share might be 1/2 or 1/3 etc. They might say, “but if we can sell it for £1.8m, I’d be happy with a £600k 1/3 share”, but if the property is worth £900k, then it could be on the market a long time.

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