selling a house within a year of purchase

Deanomfc

Me and my OH bought our first house four months ago in what we thought was a great place to live (recommended by other people too). However, this has slowly turned into a nightmare due to noisy neighbours and cars zooming up and down our road and we want out. We realise now that we may have made a big mistake.

What I would like to know is what are our options and our chances of selling so soon after purchasing the house? We were thinking of selling up and moving back in with our parents and saving up again.

I was also wondering if anyone has been in a similar predicament?

Please help!

thanks!

Thermidor

You should have done more research before buying , visiting the area at night etc. Whatever, if you really want to move then put it on the market. Quite a few people move and sell after just a year for all sorts of reasons so it won't put prospective buyers off. They may ask you why you're moving so soon but many people move due to a change at work (HO moving miles away/redundancy) divorce, separation, death, money problems, inheriting money......lots of reasons people move.

picardygirl

One thought is your mortgage, are you tied into a mortgage product ...... if yes, you could end up paying a few quid in charges.

westv

picardygirl wrote: »

One thought is your mortgage, are you tied into a mortgage product ...... if yes, you could end up paying a few quid in charges.

Not necessarily. Often they are portable.

Gwhiz

Thermidor wrote: »

You should have done more research before buying , visiting the area at night etc. Whatever, if you really want to move then put it on the market. Quite a few people move and sell after just a year for all sorts of reasons so it won't put prospective buyers off. They may ask you why you're moving so soon but many people move due to a change at work (HO moving miles away/redundancy) divorce, separation, death, money problems, inheriting money......lots of reasons people move.

Whilst this is great advice how many people really do visit at night etc.? I'd wager not many!!!

david29dpo

westv wrote: »

Not necessarily. Often they are portable.

Not to parents house!

chickmug

We found many people who offered for sale within the first year. Some within days of moving in so it does happen.

Someone said visit the area at night, which is difficult, but there is a good alternative which I regularly did and would do again. Seek out the local policeman, pop into local shops and stop local people in the street and ask them all about the area.

Gwhiz

chickmug wrote: »

Someone said visit the area at night, which is difficult, but there is a good alternative which I regularly did and would do again. Seek out the local policeman, pop into local shops and stop local people in the street and ask them all about the area.

Agree with this - I have always talked to locals, gone to the pub, shop etc!! You can really get a feel for the area, the type of people and if you think you would "fit"!

chickmug

I first started doing this when in new build and looking at serious amounts of money to buy building land usually several acres minimum and sometimes many many acres. I found the policeman usually the most informative.

trumpton

I don't think selling within a year is a problem - many viewers won't ask how long you've lived there.You can always say you are moving to be nearer work.

I think more of a problem may be having to sell for less than you paid and having to pay an early repayment charge on your mortgage. I would get some valuations and a quote on the erc first.

I am assuming that you cannot afford to move to a nicer area at the moment, as porting your mortgage to a new property is usually an option.

Deanomfc

Thanks for your replies. We did visit the area a lot especially at night. I think the property itself may be part of the problem as sound carries through the walls fairly easily. It's difficult to gage what the neighbours are gonna be like until you move in. May have been naive to think that living next a couple with two kids was ever going to be quiet.

We're on a five year fixed deal, so we will have pay some sort of early repayment charge won't we?

We paid 91,500 and owe about 82,000. How much would we have to sell house for to cover everything (agents, solcitors and what not)?

Also, what happens when you sell a house but don't use the money/ loan to go to another property. Say you wanted to rent instead?

Thanks