So desperate we’ll accept £100k less

JAMIE NELSON-SINGER is selling his flat to a property firm at a 40 pc discount to avoid bankruptcy.

The 38-year- old bought the two- bedroom flat in Eastbourne for £ 210,000, 15 years ago.

But earlier this year, he lost his job in aviation due to the pandemic and decided to move abroad with his girlfriend, 31- year- old Elizabeth Eaton (left).

Seeking a quick sale, he accepted an offer of £230,000, despite other flats in his building previously fetching £ 250,000. But the deal collapsed after the eightstorey building was found to have flammable cladding.

He then approached a firm who initially said they could buy his flat for £190,000 cash — but it, too, pulled out because of the risks involved.

Jamie considered selling at auction but says he is likely to accept an offer of £155,000 from the home-buying firm Good Move.

He says he is forking out around £8,500 a year in mortgage payments, building fees and other costs on the flat.

He can’t get a buy-to-let mortgage to rent it out and could face a crippling bill to remove the cladding.

Jamie says: ‘I’m not sure what I have done wrong. I worked hard, paid my taxes, only to have everything I paid into my property wiped out.’

Nima Ghasri, managing director of Good Move, says the firm has seen a ‘significant increase’ in inquiries from sellers like Jamie.

‘Our strategy has been to retain these properties and take a long-term view, factoring in any risks and costs to the purchase price,’ she adds.

However, she says the firm has already reached its limit and cannot buy more flats with cladding at this time due to unanticipated demand.