Just completed on my sale!

sarah_elton

Had the call from solicitor just now - my sale has completed. :T

I'm now officially a STRer. For those not on the 'selling in these difficult times' thread, I've sold my flat to a BTL investor and am renting it off him, so no need to move.

I've lost a lot of money on the flat, but not having the drop in value every month going forward is like a huge weight off my shoulders. Now I've realised the debt (I had to borrow a bit off my partner to pay off the negative equity), it's a known amount and I'll have paid it back to him by June roughly, at which point I won't have a single debt in the whole world for the first time since I was 19. OH and I are planning to buy a family home next year, but I think I'll be reluctant to take on a mortgage again!

Just need to share the good feeling as I'm at work so can't dance around. :j

QTPie

Congratulations! :beer:

Brilliant news - am glad that you are happy.

Don't be put off buying again: a mortgage isn't a truly bad thing (providing you can afford it, manage it and are in it for the long term) and reading threads about bad landlords, owning has to be better than renting from a bad landlord...

Hope that you find something lovely when you start looking again

QT

sarah_elton

Thanks QT

I'm not turned off mortgages forever - I'm just older and wiser after the experience with negative equity. I also can't really complain - paying the mortgage was no problem, I just chose to sell. Whatever I've lost on my flat, we stand to gain far more from the drops already in the houses we're looking to buy next year (at the mo, there's a 6-bed detached repo on the market in our target town which at the peak was worth £380k and it's on for £250k :eek:, repos aside we're looking at saving £50-60k from peak market value and that's at current valuations), so it will all work out well in the end.

It's a good feeling to be renting now, and be free to move on whenever we want in the future.

Pssst

Whats an STRer?

lynzpower

Oh wicked News!! Congrats!

thats so amazing about you not having to move!

jenny74

Congratulations Sarah. You must feel great. I have the details of a house that I love but I won't go and see it because I haven't sold my house yet. :-( - I hate viewers who come round before they have sold their house, I think it is rude. It puts me to great inconvience - Hubby also takes the girls out so the house is quiet AND spotless, lol. Gosh, I ranted! Sorry!!!!!!

jenny74

Pssst wrote: »

Whats an STRer?

Sell To Rent

sarah_elton

jenny74 wrote: »

Sell To Rent

Generally referring to those who were smart enough to do it around Spring 2007, but better late than never.

Thanks guys. And I'm still sending all the sellers on the board good vibes for quick sales.

QTPie

sarah_elton wrote: »

Generally referring to those who were smart enough to do it around Spring 2007, but better late than never.

Thanks guys. And I'm still sending all the sellers on the board good vibes for quick sales.

We have just done the same... (well hope to exchange in the next week-ish). Yes, may not have done it at the "peak" time, but I am still happy: we will be in a good position to buy (and move quickly) when we do see something that we like, at a good price.

QT

maninthestreet

sarah_elton wrote: »

Had the call from solicitor just now - my sale has completed. :T

I'm now officially a STRer. For those not on the 'selling in these difficult times' thread, I've sold my flat to a BTL investor and am renting it off him, so no need to move.

I've lost a lot of money on the flat, but not having the drop in value every month going forward is like a huge weight off my shoulders. Now I've realised the debt (I had to borrow a bit off my partner to pay off the negative equity), it's a known amount and I'll have paid it back to him by June roughly, at which point I won't have a single debt in the whole world for the first time since I was 19. OH and I are planning to buy a family home next year, but I think I'll be reluctant to take on a mortgage again!

Just need to share the good feeling as I'm at work so can't dance around. :j

I dont see the logic of imposing the repayment of this debt upon yourself at this time. I assume you have made other arrangements with regards to your
accommodation.

sarah_elton

maninthestreet wrote: »

I dont see the logic of imposing the repayment of this debt upon yourself at this time. I assume you have made other arrangements with regards to your
accommodation.

Which debt? Are you asking why I sold?