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urgent help needed... thansk!

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  • urgent help needed... thansk!

    Hi all,
    I'm very happy to have found this forum since I've got a big issue and it seems no one has an aswer for me.
    Last year I bought a new built home in Dundee Scotland, part of a new built development lot.
    Now I'm forced to sell this house since I'm moving outside UK. The problem is that the developer has sold part of the other houses (unsolded because of the credit crunch) to the city council and they are now rented as council houses. Do you think that because of that my house has lost value?? Almost half of the houses of the development are now owned by the city council, is there something I can do? maybe ask for money back from the developers?

    I hope someone can give me some suggestions....

    Thanks very much

  • #2
    Hi, unfortunately not a lot that you can do, any seller (whether private or business) has the right to sell on their property as they see fit. In the current market developers will happily sell to Housing Associations and Councils if it means they can make a profit (or minimise loss) and get off site. Whilst not nice for current residents the company is done and out of there, sales staff sometimes get left behind to take the flack but the bosses are happy.

    Also in general new homes like cars have that ability to loose money the minute you move in / drive out the showroom I am afraid. Plus general state of market last year and early this only made the problem worse.


    • #3
      For what it is worth, I agree with tridentmorph, I'm afraid
      This is based on my experience as a conveyancing solicitor in England, but I do not accept liability for information I give in this forum


      • #4
        Try to bite the bullet and rent it for a year... Next summer you will be able to sell it much better I believe. The recession bottom is behind...


        • #5
          Unfortunately there is nothing you can do apart from try maxima's suggestion. The housing market is not good at the moment if you can rent your property out until the value of the property rises again this may be a better option.
          Portugal Property for Sale


          • #6
            Thanks very much for all the suggestions. Probably I"ll try to rent the house and wait next year to sell it, hoping that the council housing thing won't make the house unsaleable...


            • #7
              There's one way to find out if your property has lost value...have it valued by a local estate agent.
              You mentioned that the developer has sold to the council...but what are the neighbours like? If your neighbours are good at the moment and the outside appearance of the properties are still ok, it may make sense to try and sell now. Who knows who they could rent it to by next year...also you may have the same problem trying to let the property, (sorry I don't know what the letting market is like in your area), depending on what sort of tenant you are going to hold out for ie working or dss.
              Either way, it's your investment. It's much easier to sell a property when a development doesn't look like a ghost town! ...famous last words!
              commission free property sales and lettings