Want to move before selling current home - how can we do this?

ukmaggie45

Hi Folks,

We've been in our current home for over 30 years, our mortgage is paid off. The house needs a *lot* of work doing on it if we were to stay here.

I am fairly disabled, and probably would not be able to cope with having a lot of building/renovating work done, so we thought we might try and buy a new place (new to us that is, not a new build) that has already been renovated, and then sell our house once we've moved. Currently our house needs just about everything doing to it! We also have a lot of stuff, and it's going to take a while to declutter - contents of parental flat, not to mention all the papers we're having to keep until our solicitor manages to finish dealing with the estates.

We have a bit over 100K in "cash", and our daughter has offered to lend us some to tide us over until we sell. We also have around 100K in gilts. I would prefer not to borrow from DD, as it's from her own house buying fund. :eek: She isn't thinking of buying in the near future though.

I am "retired" and get OAP after being on sickness benefit for 17 years. OH works 3 days a week and also has a pension from when he worked as a programmer (took voluntary redundancy).

I was wondering if it would be possible to get a mortgage for (say) 5-10 years - I'm 60 and OH is 64, so I can well believe it wouldn't really be possible, but thought it might be worth asking here as have had a lot of help from people on the MSE forums already.

Or would it be better to try and raise the money a different way? Bank loan maybe?

Of course we hope that our house will sell when the time comes, but would prefer to have a bit of wiggle room if it took a long time.

I should point out that we have been a pair of f e ckless non-savers all our lives (bringing up 2 DDs proved expensive! ) - but I think our credit rating must be OK as OH's bank is always trying to lend him money! :rolleyes: The "cash" and gilts came from my parents' estates, or we wouldn't have any option but to stay here.

Not sure if this is even the right place to post this question, but already know some of the folks on this part of the forums, so thought I'd begin by asking amongst friends!

Here's hoping someone here has some good ideas for us!

Oh yes, we will probably go to an IFA at some point, but thought I'd try and get an idea of how things might be arranged before we get to that point IYSWIM.

Maggie

PasturesNew

Is there something wrong with your current house ... apart from needing doing up.

I mean, could you rent for 6-12 months up the road while it's done?
Or, could you get planning permission to have a mobile home in your garden to live in while it's done up?

If you've been there 30 years you know the house/area/neighbours ... buying elsewhere you'd be going into the unknown.

It would be less risky than buying a 2nd property.

Catblue

Why on earth would you want to get into debt when you don't have to?

You could easily sell your current house now (if you market it at a reasonable price that is), and then move to the new house with the proceeds of that (with maybe using some of your savings to top that up if the new house is more expensive). Absolutely no need to get into debt.

Why this desire to get into hock now that you are disabled and have little income? Makes no sense.

You want to move? Fine, but don't make it complicated. I totally understand your desire to move to a house that is more adapted to your needs - you should absolutely do this but keeping two houses going will be a lot more stressful than keeping one going. And then there's the stress of having debt hanging over you.

Get decluttering now. You'd have to when you move anyway. Ask your daughter to give you a hand. Leave the heavy stuff for someone who can manage it better.

Don't worry if your current home needs a lot of work doing to it - loads of buyers are looking for a "fixer upper" these days - you just have to ensure that your asking price reflects the fact that some work needs to be done.

If you really want to, you can try to tart up your current house a bit. Maybe get a handyman in for a week to do the little jobs and then get a decorator in to paint the place if it needs it after that.

Then get three estate agents in to give you a valuation.

Keep things simple and debt-free. You know it makes sense.

lincroft1710

If you definitely want to move somewhere you believe will be more suitable for you, then just sell your current home as it stands and price it accordingly. It will then be a blank canvas for someone new to do up to their requirements.

carefullycautious

Another option maybe to part exchange for a new build bungalow. I know there are some new build bungalows around the country. Not sure if in your area though.

Geenie

OP, I am a bit confused by your post. You have been in your house for 30 years!!

Surely the price you paid back then is lower then the value of your property now, despite the recent recession and knock backs! You claim you no longer have a mortgage, so why the need to go after your daughter for help or even get a mortgage to move? You have £200,000 in savings and guilts!

franklee

Don't take on two properties at once, there is a house price crash under way and you could get hammered. Why not sell and buy as part of a chain like normal. Or sell then rent to break the chain. Or part ex on a new build (but you won't get a bargain that way). Anything but get two properties at once, even more so if you are worried about yours sticking on the market. Just don't do it.