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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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Every house is for sale at a price.......no rush to sell but would consider it if the price is right......costs nothing to put on the market indefinitely.........find homes on market for many years in other places, until house price inflation eventually catches up with price asked.;)

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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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