Banks Playing God

snowyB

My fella and I want to buy our first home together, marry and have kids. Problem is that although we have a healthy joint income, I own my own rather tiny flat, which at the moment is virtually impossible to sell.

We are considering part-exchanging my flat in a new build deal and would of course attempt discounts on the asking price in line with the troubled market. (for both the sale and the purchase). People keep saying it's a good time to buy. I know you can get more for your money if you don't go for a new build but I am worried about not being able to sell my flat. It's also not in great condition lease-wise or structurally.

I am one of the lucky ones having secured one of the last decent tracker mortgages on the market at the end of last year before such products were retracted - so my current outgoings are reasonable. My boyfriend would be a FTB and we are due to meet with a broker to discuss options to merge my current deal with an addtional one to raise the loan we might need.

Obviously if I can't get a fair deal on the sale of my place then we won't have enough equity to use as deposit to secure our new mortgage (IF we get offered one!)

I hate the way that the bank failures have put people's lives on hold, that people are unable to start a family because of where they live or the lack of options open to them - whether it's wanting to move to be in a better school catchment area, or people like me who just want that extra bedroom so they can start a family. And not everyone is a spring chicken who can afford to wait to have kids...

I'd like to hear from others who are in a sitatuation like mine, and also from anyone who has had experience of part exchange deals. Is this a good way to go?

Thanks

ad9898_3

I think you'd be better posting this on the House Buying, Renting & Selling board, didn't you know this is the Doom Board.:D

snowyB

:rotfl: hell, fire and brimstone! Am now watching out for recession-rage or whatever they're calling it

Thrugelmir

So why are "Banks playing God" ?

snowyB

I'm just saying it sometimes feels that way ...blame culture can be judgemental so I try to refrain from that

Thrugelmir

Why not price your flat to sell? You can't blame the banks for the fact its unsold.

snowyB

My point was that I am considering the part-exchange option because at the moment my flat is not very attractive due to low lease and structural problems which I need to overcome - not necessarily because of the banks.

My reason for posting was to hear from people who might have experience in this area.

Snooze

Thrugelmir wrote: »

Why not price your flat to sell? You can't blame the banks for the fact its unsold.

S/he should reduce the price of his/her flat by £5000 per week until it sells.

Signed,

SquatNow
:rotfl:

PS. What the hell happened to the King of Doom?

snowyB

Do you think people really get a good market value for part-x deals or not?

kingkano

snowyB wrote: »

Do you think people really get a good market value for part-x deals or not?

not.

why would they give you good market value?

Not sure about 'playing god'... to my mind that phrase means deciding who lives and who dies.... banks aren't yet at that point!

snowyB

kingkano wrote: »

not.

why would they give you good market value?

Not sure about 'playing god'... to my mind that phrase means deciding who lives and who dies.... banks aren't yet at that point!

Oh gosh can see this descending into a religious debate any moment... OK ignore the title if it's causing controversy :eek:

But back to the point, I suppose everything has a price right? Is it worth losing some of the value for the convenience...
Thanks for the comments so far!