Please help advice desperately needed.

Quincy2104

Hi there,

I'm new so please be kind . To cut a long story short I currently live in a 2 bed end terrace with DH and 2 DS's. Our house was valued in Jan this year at £110,000. We are really short of space and my 2 sons are close to killing each other beacuse they do not have their own room/space etc. My older son (9) loves to read, my younger son (4) loves to jump on his head while he is reading .

A house we have been looking at (longing for) has been reduced from 189k to 165k. We went to view it today (stupid) and fell in love with it the minute we walked in, we REALLY want it. The problem is or should I say are!
1. Our house is not on the market yet
2. the seller has somewhere to go in the next 5 weeks and wants to move quickly
3. the seller is going to rent it if he does not get a quick sale (its already on with letting agents)

What is our best line of attack:D we have 41k outstanding on our current mortgage. Do we
1. Rent ours out so we can get this house (know nothing about this though but the world and his wife keep telling us it is the best thing to do!)
2. Sell it but will it sell in 5 weeks?
3. Are we in any sort of position to offer anything or will they just laugh at us:o

Any advice to this total novice appreciated!!!

Quincyx
3.

PasturesNew

1. No
2. Yes, no.
3. No, yes.

There will be other houses you will fall in love with. You have decided you need to move so sell your house and look at what's available once you've had a buyer for yours send their surveyor round.

hethmar

I think the people will be looking for someone able to proceed immediately and unfortunately that isnt you. You could put your place on the market and see if you are fortunate in finding a quick cash or ftb - but your valuation of your own house may be rather more than it will sell for. So best get an estate agent in first to give you an idea of a realistic sale price for yours.

Davesnave

We have all done this; seen a property we love whilst not being in a position to buy. As PN says, you will get over it and there are plenty of other houses on the land.

If your house was last valued in January, it will probably have fallen in value by now, but the good news is that it won't have fallen as much as more expensive properties. This puts you in a good position to do a deal once you sell, but selling is key to everything at the moment, and some of us here know how hard it is.

space_rider

Hi Quincy, I moved for the same reason only there was a 8 year gap between my 2 daughters. Eldest trying to study for GCSE`s and youngest distracting her. I put mine up for sale and then rented somewhere bigger. It was June 2006 and I got a sale as soon as England lost and came out of the world cup. I did price it for a quick sale. My mortgage was very low at the time and now its 4 times as much. Girls are much happier and eldest got an amazing amount of A`s so it was worth it.

scousethife

The seller isnt necassarily going to sell his house in 5 weeks or rent it out neither.

poppysarah

As Scouselife says they may neither sell nor rent it in time. Then they will be in a precarious position and will have to either accept a lower rental income or a lower price.

Don't rush. If someone else buys it in the meantime tough - don't look at houses you're going to fall in love with until you're in a position to move. Else you too could be there with 5 weeks to move and still not sold your old house and having to look at renting it out.

huntersc

poppysarah wrote: »

Don't rush.

That's the key thing. The more you rush and get emotional about the property you want to buy the worse decision you'll make. It would surprise me if that other house was sold or rented in the next 10 weeks nevermind 5.

The crux here is, can you sell yours quickly? It's doubtful. No one's selling right now nor are they selling quickly. So put yours on the market, if you can afford to, at a low price to allow you to sell. See what happens.

As for renting yours out and getting a mortgage for the new place, this is exactly what I mean about getting emotional. That's possibly one of the worst things you can do. In any case, who's going to provide you with a BTL mortgage?

If you had a lot of money then perhaps it might be an option but then the better option would be to just pay off the £41k mortgage.

Think about it sensibly, there will be many other homes that are 'perfect' for you, don't get too blinkered about this one. Stick yours on the market and see what happens.

gfplux

Hello Quincy2104.
Be calm as everyone has said.
Get your house valued, put it on the market and see what happens.
Your dream house has obviously been on the market for some time. it is not guaranteed to sell at the new price.
Do not end up owning two house. Your two boys deserve better than two parents getting in to more debt than they can cope with.
At this time houses are like buses. There will be another one along shortly.

Kez100

Don't base your decision on the fact your young son jumps on your older one. Sort the discipline situation and make the financial decision independantly. Children have been sharing bedrooms for eons. It doesn't hurt children to go without (so long as it's not love or food they are going without) - it's character building.

firesidemaid

that's very true

i had to share a bedroom with my brother until i was 14 and he 11 and we both managed perfectly well - i read loads and also managed my homework just fine.

i too would put your house on the market, save like mad for all the fees to come. if you do get a good offer on your own house you will be then in a good position to negotiate on another house.

also, currently you have a 41k mortgage and you would probably gain approx 100k mortgage if you move. have you done the sums/ can you afford that?

are there any cheaper 3-beds out there - ie. 55k is a lot to pay for an extra bedroom

ps. do you currently have a separate dining room or could you extend outwards or upwards?