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The Property Podcast

ASK259: My house isn’t selling – should I cut the price? PLUS: Will cladding issues affect my remortgage?

The Property Podcast

Rob Bence & Rob Dix

Business News, Education, News, Investing, Business

4.82K Ratings

🗓️ 27 October 2020

⏱️ 7 minutes

🧾️ Download transcript

Summary

Welcome back to Ask Rob & Rob! It’s Tuesday, and that means we’ve got another two property questions that need answering. First up this week we’ve got Pauline from Gothenburg in Sweden!  She has a property in the UK which she purchased 5-6 years ago thinking it would be her forever family home.  The property is in a rural part of Scotland where demand isn’t that high in terms of renting or purchasing.  It’s been on the market since the beginning of lockdown and it’s just not selling. The agent has now suggested that Pauline turn it into a rental.  However, she already has four other rental properties in other parts of Scotland that have the fundamentals, whereas the location of this property, doesn't really have the rental fundamentals needed to make it a success.  So now she’s wondering if she should drastically drop her asking price and take a loss, or if she should put it on the rental market?  Next we’ve got Jeremy who’s got a concern about his potential remortgage offers.  He’s got a couple of apartments in developments that have cladding issues, following on from the Grenfell disaster.  Now Jeremy is wondering if the cladding is going to cause issues for him, should he want to remortgage?  More so if he’s looking to pull money out of the properties and refinance.  So, will cladding issues affect the ability to remortgage? Tune in to find out.   Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).    Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours.  Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob.

0:07.0

Welcome to Ask Rob and Rob. The show that has never been called the fourth emergency service for property investors but maybe

0:13.0

should be today we are helping out Pauline and Jeremy with issues around

0:17.4

selling and remorgaging so we'll hear those questions and those answers in

0:21.6

just a sec but first if you've got a question of your

0:24.0

own here's how to send it our way. It remains very easy you can call in on

0:28.0

oh-one-3-808-O-35 where you can leave us a voicemail or you can go straight to our website

0:35.5

Property Hub.net forward slash ask click on a little button there and leave your

0:40.2

question super simple and if you get it wrong don't worry you can re-record and then you'll be played on the podcast, become

0:46.3

Popclass famous, just like Pauline.

0:48.6

Hi Robin Rob, this is Pauline calling you from Gothenburg in Sweden. I have a property in the UK which we

0:55.9

purchased five or six years ago which we thought would be our forever family home. It's in rural

1:01.7

Scotland and it's a beautiful house but it's not really in an area that

1:05.8

is great for rentals and it also doesn't see a lot of demand in terms of purchasing.

1:11.1

Our house has been on the market since before lockdown, well during

1:14.5

lockdown but it's not selling. So my question is, our agent has suggested that we turn

1:19.3

it into a rental, but I have four other rentals in a different area of Scotland in Central Scotland and the fundamentals are there.

1:26.0

In the area where our houses, the fundamentals aren't really there for renting, but it's not selling.

1:32.0

So the question is, do I drastically slash the prices, take a loss and walk away,

1:38.0

or do I hold it, rent it out and pray that market conditions will improve in the next year or two.

1:45.2

Any advice would be appreciated.

1:46.8

Thank you very much.

...

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