help with property

hanvic

hi folks

i have

property with mortgage of 168k and a charge of 26k.
i was left a house by my cousin worth around 70k.
credit cards 25k
overdraft 5k

the was valued at 286k two years ago but is now being adveretised at 250k open to offers. the offer that fell through on monday was for 220k which would have cleared the mortgage and charge.

researched buy for cash people and their offers were from 150k to 160k which would not clear the mortgage and charge.

the building society are willing to port a 40k mortgage from my current home to the inherited house

from january my income will be solely pensions around 1200 per month and the 40k mortgage would be around 280 per month which would be doable if i was able to pay off personal debts which i was hoping originally to do from the sale of the first house.

so it looks as if i will have to put both houses down as assets and end up homeless. i dont seem to qualify for pension credit.

i also live with my eldest son who has an alcohol problem and is on benefit. we have claimed for housing benefit for him for the inherited house but this would cease if i went to live there as i am his landlord.

i am worried about him as he cannot cope with life and i had thought i had eventually got him settled into independent living but we may end up, if we are lucky, in a two bedroom maisonette. i am increasingly disabled and this may be better for me in the long run as he would be on hand to take care of me.

anyway have settled a lot better as i write

hanvic

LilyBart

Hi Hanvic,
I don't know enough about property to answer your questions but I saw your first post on Polaroid's thread and just wanted to say welcome. Someone here will be able to help - there's a vast pool of knowledge here - and if you don't get a response tonight, you will definitely get one tomorrow.
Sleep well
Lily

So_Sad_Angel

Firstly get advice from CAB/CCCS/Nat Debtline.

Reading your post could you sell both properties....pay off all debt & get into rented?
It may not be what you considered but property is still falling & predicted to continue to do so.
I would suspect with equity value in property that BR would not be an option anyway.
Do contact the council & local housing associations as well...does`nt harm to explore all your options & will give you confidence that knowledge brings.

Good luck & big hugs for supporting & standing by your Son....he is so lucky to have you.

Angiexx

hanvic

hi so sad angel

forgot to say i had contacted cccs and they suggested BR. big envelope arrived this morning which i havent opened yet.

property just isnt selling even at greatly reduced prices

have been exploring rented accommodation this evening and will go to local council offices tomorrow and register there.

i am going to open a coop account and get ready to change my pension payments and utility direct debits into it so if i have to i can move quickly.

i have worked out roughly how much housing benefit i will get and i can afford a reasonable rent. private rented seems to be short term and would want to feel more secure so favouring social housing but i would have to wait.

i will explore more at the local housing office tomorrow. feel a lot calmer and being active gives a better sense of control. the fear is still there gnawing away at my guts though.

take care fondly you lot

hanvic