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To Buy or Not To Buy?
MoneySavingMumof2
Posts: 28 Forumite
My husband and I are splitting up.
He is staying in our house, and I am hoping to find somewhere else to live with the kids. We are going to work out the equity on our house and I was going to use my share as a deposit on a house.
The problem is that there are only a couple of houses on the market in our area that I can afford. One of them I've been to view twice. It is a 3 bed semi and needs updating, but would be lovely for us.
It is a deceased estate and the EA said that the vendors (son + daughter of deceased) are having trouble agreeing on what offer to accept - they have had 2 offers, neither of which they have accepted as they were too low. I am tempted to put an offer in but the EA told me the lowest they would accept, and that is my highest (if you see what I mean). EA said that Solicitor is now getting involved to get them to come to some sort of agreement.
If I dont go for this house, then I am stuck living with my husband. Surely if I stay living there, then house prices are going down, and so the value of our house will decrease too, along with my equity figure.....
The rental properties around here are extortionate, and more than the monthly mortgage than I hope to get.
So my question is: what would you do? Would you stay and hope that something else comes onto the market, or that house prices of the others up for sale fall so much that I can afford one of them, or would you put an offer in for the house that I've viewed, knowing it needs upgrading?
So confused. Any advice appreciated.
He is staying in our house, and I am hoping to find somewhere else to live with the kids. We are going to work out the equity on our house and I was going to use my share as a deposit on a house.
The problem is that there are only a couple of houses on the market in our area that I can afford. One of them I've been to view twice. It is a 3 bed semi and needs updating, but would be lovely for us.
It is a deceased estate and the EA said that the vendors (son + daughter of deceased) are having trouble agreeing on what offer to accept - they have had 2 offers, neither of which they have accepted as they were too low. I am tempted to put an offer in but the EA told me the lowest they would accept, and that is my highest (if you see what I mean). EA said that Solicitor is now getting involved to get them to come to some sort of agreement.
If I dont go for this house, then I am stuck living with my husband. Surely if I stay living there, then house prices are going down, and so the value of our house will decrease too, along with my equity figure.....
The rental properties around here are extortionate, and more than the monthly mortgage than I hope to get.
So my question is: what would you do? Would you stay and hope that something else comes onto the market, or that house prices of the others up for sale fall so much that I can afford one of them, or would you put an offer in for the house that I've viewed, knowing it needs upgrading?
So confused. Any advice appreciated.
Won: So far this year roughly £500ish :j July: Philly T Shirt, Nivea stuff, Sea-band Wristband, Nandos Voucher, Duchy Garden Tools, Ambre Solaire SunCream August: Wild West DVD
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Comments
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Sorry to hear about your situation .... is there any possibility you and your two children can stay in the house and your husband move out? (hopefully I've not assumed too much by your name!)0
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Presumably your husband will need to re-mortgage the house in order to buy you out. This may take some time in the present climate.
Has your husband applied for a re-mortgage yet?
Are you sure his income will be enough?
Will you need a mortgage? If so are you sure you will be able to get one?
I would suggest you need to get all these things sorted out before you make any offers.0 -
Thanks for your advice. I've booked an appointment with a Mortgage Advisor on Thursday, so shall wait and see what he says before deciding to make an offer or not.
Fingers crossed its good news.Won: So far this year roughly £500ish :j July: Philly T Shirt, Nivea stuff, Sea-band Wristband, Nandos Voucher, Duchy Garden Tools, Ambre Solaire SunCream August: Wild West DVD0
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