Live on £4,000 for a year - 2009, Part 4

lyndasharp

:j There's an offer on H2B's flat! Not quite enough, but at least that's good progress....

Question is whether we stick to the original decision of not accepting an offer lower than the mortgage redemption figure :rolleyes: It'd cost just over £2k to sell it at the current offer (mortgage, estate agents and solicitors fees) but currently paying £600 a month for having it sat there empty.

Renting it out (assuming there's a tenant in place) would cost us about £100 each month, due to having a repayment mortgage, mortgage interest would be covered by the rental. In a year and a bit there wouldn't be a £1500 redemption penalty on the mortgage, which would make a big difference to the cost of selling it, but would then need new HIP etc etc.

sophiesmum_2

Lynda maybe they will make a further offer which will cut your losses a little. We had a similar dilemma when I sold my horse in 2007, I ended up accepting a lesser offer as it was costing me several hundreds a month to keep him and wait for the asking price. Eventualy i bit the bullet and accepted a lower offer but it could have gone on months and wiped out any savings/profits so in the end it was a relief to let him go. Hope you manage to sort it out without making too much of a loss.

lyndasharp

This offer is a full and final, so I don't think we'll get it higher. Only slight possibility is that the estate agent hasn't yet mentioned including the white goods / furniture in the sale, so we might get a bit extra from selling everything in the flat, whether to the potential buyer or separately!

Brighton_belle

alwyas a difficult judgement call Lynda. Sometimes it is just good to have it all done and dusted and you move on. My former lodger refused a lower than they wanted offer and it took 2 years befor they shifted it for considerably less than that (not meaning to scare monger, it was on the cuspof the recession starting 2 yrs ago and just sold this summer).

£6oo per month adds up to a lot over not very long...

the_cat

Lynda
Remember also we are coming to a traditionally very slow time for house selling. The chances of selling are much lower from now towards Christmas and don't pick up much until people feel 'back to normal' after the festivities. So your chances of another, better offer are low from now till mid-end Jan. That translates to an extra £1200 to £1800 in costs.

Blairweech

Bails - I did check the train (to Aberdeen - it said there was no station at Frugaldom ), and it was over £200, with 5 changes :eek:. Thanks for the info about the bus Nyk, but I think I will just have to enjoy the frugathering from afar. Sidenote: I find it absolutely ludicrous that I can get to somewhere like Greece for under £50, but cannot travel within my own country for much change from £100!

Made a yummy ham and sweetcorn risotto for tea Used the ham stock so its very tasty, although quite salty! Have now sliced/diced the ham and frozen it ready for meals

Nyk - You would love Eden, I would highly recommend it to anyone who is ever down in Cornwall. They are putting the ice rink up soon, so will be making a visit myself

bails

SM, you had a HORSE?! :drool: You and Nyk make me green with envy. Oh, the idea of going riding through the country on my own horse with Izzy running along beside...aah, the stuff of (very long-held) dreams.

It's cheaper to fly to Glasgow than get the train - used to fly up to see my boyfriend, it only took me 50 mins. Makes me so mad :mad:

Well, I'm finally having the chat with the head tonight - it's informal rather than an interview apparently, so no idea what will happen (if anything) after that...

lyndasharp

Good luck Bails!!!!

Decided to accept the offer, seems it's a cash buyer who wants it as an investment so they are in a good position. They are planning to add central heating in the flat - very ambitious! Hopefully they will agree to delay completion until 1st March, as that's as early as we can afford to sell at their offer. H2B has a fixed rate mortage with nasty redemption penalties, and so it's cheaper for us to pay 2 months more mortage than it is to sell it earlier...

cw18

bails wrote: »

Well, I'm finally having the chat with the head tonight - it's informal rather than an interview apparently, so no idea what will happen (if anything) after that...

Wishing you the best of luck

lyndasharp wrote: »

Hopefully they will agree to delay completion until 1st March, as that's as early as we can afford to sell at their offer.

I don't know how much you're selling for, but if it's between £125k and £175k they may be hoping to have it through before 31st Dec - as they'd have to pay stamp duty after that

lyndasharp

cw18 wrote: »

I don't know how much you're selling for, but if it's between £125k and £175k they may be hoping to have it through before 31st Dec - as they'd have to pay stamp duty after that

I wish :rolleyes:

£67,250.