Got a predicament

WhatdoIdo_3

Ok bit of a long story so if you can bear with me please.

I basically need to move house and sell up. We have virtually no equity in the house (prob in neg equity with the current climate).

My ds who is 4.5 is Autistic with dyspraxia and epilepsy and needs to go to a special school. I have found one in another area but in order to make sure we can get him in their. They prioritise with children in the area.
So we want to move and rent in the area, (short term rent) in case he doesnt get in and we have to move elsewhere.

My question is as we are probably in neg equity and the mortgage company probably wouldnt accept a shortfall, what would you do. Would it be crazy to just walk away. We really need to get him in at this school, as it is an autism specific school.

Any help or advice would be so appreciated.

QTPie

Have you looked at renting your house out instead? Could you cover the mortgage payments with rental?

QT

WhatdoIdo_3

Hi QTPie

If we rent out doesnt it have to be perfect though. I house needs a little work doing to it, as I have had to stop work due to sons autism, we just cant afford to put it right, so that we could rent it out and not be hassled by it. Hope that make sense.

kunekune

How far have you got with the statementing process? Are you having trouble getting this school named? If it is the most suitable school, where you live oughtn't to be an issue.

pinkshoes

WhatdoIdo wrote: »

. Would it be crazy to just walk away.

Walking away is not an option, as the lender would just sell your house for whatever they could get for it, then spend the next 12 years chasing you for the debt!

You're best off looking at what houses around you are priced at, pricing yours very reasonably, then taking out a loan to pay for any short fall on what you owe vs what it sells for.

WhatdoIdo_3

Hi KuneKune

It is quite a distance though, from where we live. To drive in everyday just wouldnt be feasible long term. We are only at the beginning of the process with the statement. But have looked into this school and we are sure this is would be better for him.

Debt_Free_Chick

What support do you have for your child?

Do you have a Social Worker or someone else to help?

Are you sure that you have to move, in order to get your child into a special school, even if it's outside of the normal area for eligible children? Aren't there special rules for special needs?

Perhaps I'm naive, but I thought that "special needs" were just that - and that the normal rules didn't apply?

Darth_Marty

Walking away from your mortgage will be the biggest mistake of your life. Not all rental properties have to be perfect, hell a lot are far from it, that said it can be a hassle and expensive too so may not be the best long term option if at all. I think in your situation id look at selling mine for whatever its likely to get within a reasonable amount of time then either rent in the new area or look at a cheaper house within that area. Maybe you could get a nice ex local authority house in pristine condition for what yours sells for? A little story for you, a good mate of mine had this lovely 3 bed detached property, then split up with his wife, carried on living there but funds were so tight he left it go to a fairly poor standard, eventually he sold this property and purchased a nice ex local authority house, in great condition and pocketed 15k too. Personally id say it was a fantastic move and not to be caught up in some silly prideful way of thinking, loads of ex council places are fantastic. Of course you may already be in an ex local authority place in which case ive just rambled on and not helped at all!! Good luck in whatever you do.

WhatdoIdo_3

Hi we don't have to move to get into a special needs school. But the one we like which is autism specific and only has about 6 a class, gives priority to if you live in the area.

No we dont live in an ex council house and I know there are some fantastic ones around, any silly pride goes out of the window to be honest as I would do anything for my children and want the best place for him.

If we sold for cheaper than the mortgage would the mortgage company come to an agreement over the shortfall or would they just not let us sell up?

WhatdoIdo_3

Hi everyone

A little update

Thought I would test the water and rang the mortgage company and say we had had an offer below market value, would they accept, after a lot of being passed around and consistent "No's" they finally said they would put would have to paid back within 2 years. We worked out to sell cheaply and quickly, we would be around £20k neg equity so wouldnt be able to pay that back, plus rent on top of this.

In a year when the mortgage goes up, we are on fixed rate at the mo, we are not going to be able to afford it, so may get repossessed anyway. I cannot go out to work due to my circumstances so my situation isnt going to change.

I know everyone says it would be the worst move to make, but really what option do I have and at least on the plus side my ds may get the school that he needs.

katiegizmo

what an awful situation to be in...!!!

have you spoken to the citizens advice bureau? they might have some ideas... or even autism charities might be helpful?