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solutions to fallen through house sale
vicstar82
Posts: 24 Forumite
HI,
I have been sold for 14 weeks and been told 2 hours ago my buyer has pulled out. As you can imagine i am absolutely gutted. All I want is to buy a house with my fiance hence selling my flat- however that is by the by.
If we wanted to rent out my current flat- how would I go about it? Basically there would have been around 15k equity in the flat that would have been used to act as a deposit on the new house. Is there anyway I can release this without the sale? then have tenants to pay the mortgage off per month (only a small mortgage). Is this possible? I am sorry that I probably sound really nieve- and please dont shoot me down on this post- just in a desperate situation and feeling very down at the moment.
Thanks anyway x
I have been sold for 14 weeks and been told 2 hours ago my buyer has pulled out. As you can imagine i am absolutely gutted. All I want is to buy a house with my fiance hence selling my flat- however that is by the by.
If we wanted to rent out my current flat- how would I go about it? Basically there would have been around 15k equity in the flat that would have been used to act as a deposit on the new house. Is there anyway I can release this without the sale? then have tenants to pay the mortgage off per month (only a small mortgage). Is this possible? I am sorry that I probably sound really nieve- and please dont shoot me down on this post- just in a desperate situation and feeling very down at the moment.
Thanks anyway x
0
Comments
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sorry wrong forum x0
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Hi - not the wrong forum at all. What's the property value, how much mortgage is currently outstanding and what level of rent would you realistically get?0
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property value 100k in todays market. 80k mortgage withstanding- 15 k equity if we sold at 95k. rent around £425 a month Im guessing but basically I bought this flat on a really low wage- and now my fiance has moved in and I have moved up the career path we are on a combined income of 60k, as opposed to 17k when I bought it!
Thanks for the reply- would appreciate your thoughts0 -
You could let it, subject to your lender giving consent, but you wouldnt have access to the equity in it. So you would be looking at a larger mortgage on the property you are buying? Is this possible? Or could you raise 15k elsewhere?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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