Help/advice needed need to sell house, already moved to new homw cant afford both??

oopsagain

This is a bit of a complicated one. I own a house which I purchased with a short term mortgage (5 years) due to the fact that I was getting close to retirement. Due to all the extra insurance costs etc I had to change to an interest only mortgage, which meant at the end of the mortgage term I would have to sell the house to repay the loan. This itself was fine, but early last year my husbands health rapidly deteriated which led to us having to move into sheltered accomodation. We were offered a place far more quickly than anticipated so didnt have time to sort anything with the house. My daughter was living in rented accomodation with her family at the time and her lease was due for renewal aroung the time of us moving, so perfect timeing, she moved into my house a month later.

I dont have a formal tenancy agreement with my daughter she just pays my mortgage amount. As a short term plan it was ideal, she would pay the mortgage and 'do up' the house ready for re-sale while waiting for her finacial circumstances to improve so she would qualify for a mortgage.

obviously since then the financial climate has dropped and daughter has been advised that she will be unable to get a mortgage for quite some time ie; a few years.

Now the main problem is my daughter needs to move as my house is not really big enough for her (it was a short term agrrement due to there only being approx 3 yrs left on mortgage) so she is looking for a bigger property to rent, our problem is at some point there is going to be a crossover where somebody is gonna be stuck. I cannot afford to pay the mortgage on the house and my rent at the sheltered housing at the same time,as I am now retired, my financial prioty is the home me & my husband live in, so if daughter finds a new property before house is sold how do I pay for both properties, if daughter stays till property sold she is then stuck rushing to find somewhere else to live.

I dont want to ask her to stay until its sold as I wouldnt want to see her and my grandchildren with nowhere to live and she is concerend about leaving me in the lurch if she moves before house is sold, so we are in abit of a dilema.

Also we beleive it will be a long time before we sell the house due to the current housing market and based on time its taking for neighbouring properties to sell.

Any advice as to what we can do regards the mortgage etc would be greatly appreciated.

PasturesNew

How much do you owe on the house?
What is today's "must sell" price?
What price do you think it would go on the market for?

franklee

Seems best to me if daughter stays till house is sold.

I would not worry about her having to rush to find somewhere else to live as she is going off renting and under an assured short hold tenancy a tenant doesn't have much security of tenure anyway. Having to move on is a common occurrence as a tenant and so the industry is geared up to finding a new place pretty quickly. I'd expect your daughter get as much notice of the completion date on as house sale as she would moving between tenancies.

People sell up and go into rented all the time, I did it myself. I put down a holding deposit to keep the rental property and went in to sign the rental agreement after contracts had been exchanged on the sale. I made sure there was time between exchange and completion to allow me to pack up and move. Letting agents are used to this kind of thing. You would need to explain you need a gap between exchange and completion to your buyers.

lincroft1710

Even if you found a buyer tomorrow it could take 3 months before house is actually sold.