Sell v Rent to get away from my noisy neighbours.

beaucoupnice

Hello Everyone,

I am new - but have been hovering in the background for years so please be nice to me.

I have a problem which I would greatly appreciate all advice on.

I have a mortgage on the current 2 bed flat that I live in ( bought £133K, valued 2yrs ago @ £148K and now owing £124K. Due to the noise of the upstairs flat and my new daughter and another on the way we desperately need to move to a large house.

I have 3 options.

Rent somewhere larger and rent this one out.
Rent somewhere larger and sell this one.
Buy somewhere larger and sell this one.

I am afraid if I get off the property ladder I will have a difficult time getting back on.

I am also afraid that I wont be able to sell in the current market.

Can anyone offer any pearls of wisdom please - I'm at my wits end and the noisy upstairs students are about to break me.

Thanks in advance

B

Morgan_Ree

I know how much of a nightmare noisy upstairs neighbours can be so I really feel for you!!

One of your options is to rent this flat out whilst you rent elsewhere
If you did that could you realistically afford to pay the rent on a new place as well as covering the mortgage on your flat should it ever lay empty?

tomstickland

What sort of noisy are your neighbours?

beaucoupnice

tomstickland wrote: »

What sort of noisy are your neighbours?

Very - the landlord converted the flat from 3 to 6 bedrooms and now rents each room separately. They come and go all day and into the night. Their floor is laminate not carpet so I can hear a phone vibrate if its laying on the floor. They slam doors and thunder up the stairs and generally dont listen to our constant requests to quieten down for the sake of our poor 5 month old. We are at our wits end.

Cannon_Fodder

You might struggle to get tenants to stay beyond their first month, once they get to sample the noise...then you'd have to cover the mortgage on it, while also paying rent/mortgage somewhere else...

Better off to sell, imo.

As you look to be borderline negative equity, you would have to rent while building up a deposit to buy again.

ILW

If you are thinking of selling, do not make any official complaints about the noise as you will have to declare them to any potential buyers.

JanCee

Contact the LL and see if he would be interested in buying your flat. If it is the same as the flat above he could do something similar with yours and double his income.

pie81

beaucoupnice wrote: »

Very - the landlord converted the flat from 3 to 6 bedrooms and now rents each room separately.

Is it the freeholder or leaseholder of the upstairs flat that's done this conversion? If leaseholder, I imagine this is likely to very much be against the terms of their lease, in which case you could threaten to report them to the freeholder (who could make them put it back to 3 beds) - might make them quieten down a bit.

just a thought.