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    • Dentone
    • By Dentone 16th Mar 17, 9:18 PM
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    Dentone
    Two houses, two mortgages, how to sell and move to one new house?!
    • #1
    • 16th Mar 17, 9:18 PM
    Two houses, two mortgages, how to sell and move to one new house?! 16th Mar 17 at 9:18 PM
    Myself and my partner both own separate houses 10 miles apart. We have separate mortgages with separate lenders. We are both on variable as we are eager to sell up and buy one larger house for us to live in. This is proving a bit of a headache logistically and we would like some advice from anyone who had been in a similar position?

    We both have 25+ years left on our existing mortgages, we have stable jobs and good credit. we bought our houses before we together and having had them valued we stand to make quite a profit hopefully from the sales. However we don't want to strand ourselves by selling one house, paying off that mortgage and that partner moving a whole life's worth of possessions into the other home for us not to sell the other house quickly, or waste money somehow by doing this?!

    We were both single first time buyers when we bought our respective properties. My partners property is in a very desirable location, and the estate agent who valued it have said it will sell very quickly, whereas similar properties to mine take a few months. My maisonettes much larger than his bungalow and we would struggle to live in his bungalow with my possessions.

    Any advice anyone? I feel like we're stuck and don't know anyone who has been in our situation!!
Page 1
    • fed up and stressed
    • By fed up and stressed 16th Mar 17, 9:28 PM
    • 1,516 Posts
    • 3,330 Thanks
    fed up and stressed
    • #2
    • 16th Mar 17, 9:28 PM
    • #2
    • 16th Mar 17, 9:28 PM
    I think logistically it would be nigh on impossible to co ordinate both sales going through together I think moving into one property and putting items into temporary storage would be the most sensible option.
    Spelling courtesy of the whims of auto correct...


    Pet Peeves.... queues, vain people and hypocrites ..not necessarily in that order.
    • Penitent
    • By Penitent 16th Mar 17, 9:29 PM
    • 1,360 Posts
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    Penitent
    • #3
    • 16th Mar 17, 9:29 PM
    • #3
    • 16th Mar 17, 9:29 PM
    I think the sensible thing would be to list both properties at the same time. Whoever sells first moves in with the other till the second property sells. If you think this is going to result in a very cluttered flat, consider putting stuff in storage or taking the opportunity to get rid of the stuff you're doubled up on.

    Alternatively, put the less speedy seller on first, wait until you have a buyer then market speedy seller in the hope that everything will time out well (but bear in mind it might not).
    • easilydistracted
    • By easilydistracted 16th Mar 17, 9:39 PM
    • 458 Posts
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    easilydistracted
    • #4
    • 16th Mar 17, 9:39 PM
    • #4
    • 16th Mar 17, 9:39 PM
    To be honest I'm kind of missing the problem. You need to sell both places to buy together. You also sound like you have loooooads of stuff. So you will need to thin down the amount you have. Fit all the stuff you can into one house and also a storage unit if you really need to keep loads. Get rid of the rest. Shift whichever house you can first. Then the other. Then buy. Or you could put both house loads in storage and keep minimal stuff in the house and try and sell them simultaneously, but that feels a little crazy!
    • Dentone
    • By Dentone 16th Mar 17, 9:48 PM
    • 5 Posts
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    Dentone
    • #5
    • 16th Mar 17, 9:48 PM
    • #5
    • 16th Mar 17, 9:48 PM
    Thanks for the replys! We do have a lot of stuff (surfboard, bikes, 3 cars one that has to be garaged, large collections of musical instruments and computer games) so yes, storage with family/friends of some stuff is possible. We're most worried basically about my place not selling and any implications we may not have thought of before we see a mortgage broker. I have no idea if it's worth adding my partner to my mortgage as I have longer left (and I'm with nationwide who seem very fair with charges) but then Would we be able to borrow the excess we need for a bigger place based on my original mortgage??! *pulls hair out*
    • eddddy
    • By eddddy 16th Mar 17, 10:53 PM
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    eddddy
    • #6
    • 16th Mar 17, 10:53 PM
    • #6
    • 16th Mar 17, 10:53 PM
    I have no idea if it's worth adding my partner to my mortgage as I have longer left (and I'm with nationwide who seem very fair with charges) but then Would we be able to borrow the excess we need for a bigger place based on my original mortgage??! *pulls hair out*
    Originally posted by Dentone
    I don't really understand what you're trying to do.

    What's the benefit of adding your partner to your mortgage for a short period? (It would mean that you would have to make him a joint owner as well.)

    Is it because you have a portable mortgage at a competitive rate, and you want to keep that rate?

    If not, you just apply for a joint mortgage with your partner for however much you need (or can afford) in order to buy the new property. And you just pay back your current mortgage when you move.
    • Thrugelmir
    • By Thrugelmir 16th Mar 17, 11:21 PM
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    Thrugelmir
    • #7
    • 16th Mar 17, 11:21 PM
    • #7
    • 16th Mar 17, 11:21 PM
    Plan to move into your maisonette. Market his bungalow. Start the process of thinning your possessions in the meantime. Non essential items can be boxed up and move into secure storage if space is an issue.

    I did something similar around 10 years ago. Not as bad as you'd imagine. Selling one property. Then the other makes sense.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • getmore4less
    • By getmore4less 17th Mar 17, 7:24 AM
    • 29,455 Posts
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    getmore4less
    • #8
    • 17th Mar 17, 7:24 AM
    • #8
    • 17th Mar 17, 7:24 AM
    What do the real numbers look like.

    estimated value of both places to sell,
    both mortgages and current terms.
    cash to inject into the new property
    incomes
    ages

    target price for the new place.

    There are options depending on the numbers

    How much space does the bungalow have in the garden.


    I would also look at the rental potential of both properties, even if you prefer not to do down that route understand the basic finances of that option.
    • glasgowdan
    • By glasgowdan 17th Mar 17, 7:49 AM
    • 2,302 Posts
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    glasgowdan
    • #9
    • 17th Mar 17, 7:49 AM
    • #9
    • 17th Mar 17, 7:49 AM
    I'd get them both on the market, get stuff into storage, sell one of the cars and then work around whatever happens sale-wise. Life's too short to dilly dally and waste time in situations you don't want to be in.

    Market the slow seller at a competitive price, you can easily afford to do this.
    • martindow
    • By martindow 17th Mar 17, 10:44 AM
    • 7,121 Posts
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    martindow
    You mention that the bungalow is in a desirable area. How about selling your maisonette and then extending the bungalow into the loft or increasing the footprint. Is there enough equity in your maisonette to do this?
    • Dentone
    • By Dentone 17th Mar 17, 12:35 PM
    • 5 Posts
    • 1 Thanks
    Dentone
    The bungalow doesn't have any scope to extend, it's a one bed one person property, most ofyhe in the village of this style are inhabited by little old ladies, or old couples. My oh got it cheap 7 years ago.

    We're M 37 and F 32 both same salary employed by the council, bungalow valued at £107500 with £49k owed and maisonettes valued at £85k with £39k outstanding. We both have good credit, no dependants, and own cars outright. Looking to buy 3/4 bed £125K-180k preferably something a bit rundown we can do up (both ours were shells when we got them)

    I think selling the bungalow is coming up top and getting a new mortgage as joint on the sale of mine and paying mine off looks the best route. Thanks for the input everyone!
    • Dentone
    • By Dentone 17th Mar 17, 12:36 PM
    • 5 Posts
    • 1 Thanks
    Dentone
    Household income £33200
    • Out, Vile Jelly
    • By Out, Vile Jelly 17th Mar 17, 12:53 PM
    • 3,475 Posts
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    Out, Vile Jelly
    I am approaching a similar situation (many complicating factors though). I would expect to list both, move out of the one that sells first, and market the second one competitively to shift it quickly. Yes there will be hassle, stress, storage costs and cramped sharing.

    It can't be an uncommon situation- might be worth talking to a broker about mortgage options going forward. I would personally not want 25+ years remaining at your age.
    They are an EYESORES!!!!
    • Penitent
    • By Penitent 17th Mar 17, 12:59 PM
    • 1,360 Posts
    • 4,110 Thanks
    Penitent
    I think selling the bungalow is coming up top and getting a new mortgage as joint on the sale of mine and paying mine off looks the best route. Thanks for the input everyone!
    Originally posted by Dentone
    I don't understand why you're doing this, unless you now want to stay put and have him use the proceeds of his sale to overpay your mortgage (so he effectively buys half your flat).

    He sells his bungalow and pays off his mortgage, you sell your flat and pay off your mortgage, you put what's leftover together and buy something else together. Why bother remortgaging if you're just going to pay it off in a few months when you sell?
    • Dentone
    • By Dentone 17th Mar 17, 1:05 PM
    • 5 Posts
    • 1 Thanks
    Dentone
    To the above poster, what you said Is what I meant but May have worded it badly!

    The housing market round here (seaside Yorkshire) moves really quick, we've seen 3/4 properties we like and they've all sold on the same day, usually as I'm about to pick up the phone to book a viewing. Guess we have to be poised and ready when we buy this time!
    • getmore4less
    • By getmore4less 17th Mar 17, 2:36 PM
    • 29,455 Posts
    • 17,606 Thanks
    getmore4less
    Summary
    M 37 and F 32 can go for a long term 30y mortgage to keep cash flow lower.

    Bungalow valued at £107500 with £49k outstanding £57k equity
    maisonettes valued at £85k with £39k outstanding £45k equity

    Looking to buy 3/4 bed £125K-180k

    Household income £33200

    I would dress the maisonette for sale as that is the harder sell on price and time even consider only living there part time(easier to keep smart).

    once that is under offer you can potentially buy at the lower end of your budget with the cash that releases and take the risk on the bungalow timing if that gets close you should be able to time something at the higher end as well.


    if looking for a doer-upper you need to keep back some cash anyway so having the larger mortgage on the new place won't be that big an issue just stick with 2 year fixes and see how much you have left after the refurb.


    the other way will work sell the bungalow more cahs but a higher risk the maisonette sits there.


    Thinking about it if you go real fixer upper having a spare place for a while might be a sensible option.
    Last edited by getmore4less; 17-03-2017 at 2:39 PM.
    • Diz_LFC
    • By Diz_LFC 20th Mar 17, 12:10 PM
    • 3 Posts
    • 0 Thanks
    Diz_LFC
    We were in the same situation last summer (still looking). Both owned houses, both mortgaged and thought one would sell quicker as more desirable location. We put both on at the same time and which ever sold first we would move into the other until the other sold and put extra stuff in storage. Turns out the less desirable one sold first (for asking price) and we now live together in mine while we search.

    Where are you both living now? In one or across the two?
    We lived in the one closest to work during the week and stayed at the other as and when we needed.

    Have a clear out. Anything you have 2 of, or don't need any longer, sell or give to friends/family/charity or throw. Be ruthless! Look at what you have that you will replace once you find your new place: beds/mattresses, dining table, chairs, sofas, etc. If you know which one you'll keep then sell/donate/throw the other once one property has sold and move the one you keep into the house still to be sold. If you.are going to replace anything when you move then just sell/donate/throw either now or as one property sells. No point storing something you will replace anyway and minimises the cost of storage by getting as small a storage unit as possible.
    It may get cramped but will be worth it in the end!

    If you need to move fast on a property you will be in a better position if you have buyers/sold one or both. If you can show you are ready to go then you will be in a great buying position as opposed to other buyers who still need to sell or market their properties. The further on you are the better. If you can persuade one of you buyers (maybe the more desirable property) to wait for you to find a property then great.
    Though don't leave them waiting too long!

    With the mortgages I'm still paying mine and we share the bills. Allows us to save more money quickly for a bigger deposit. We didn't go joint as didn't see the point for short term and would overly complicate things. We want to get a joint Nationwide and mine isn't. My wifes mortgage was Nationwide and we can still get the preferential rates via her custom for I think 12 months after she has paid it off (according to Nationwide customer services, though check this first).
    Not sure how the mortgage company will see it if you have a joint mortgage, but only one on the deeds. Wouldn't add the other to the deeds though as think that may incur stamp duty, but don't know that for sure. You will need to check all that also.

    Hope this helps and good luck.
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