Pretty awful circumstances-how to play it?

lynzpower

hello gang,

I know ill get a freindly and helpful response here, so I just had to ask.

Basically, in a nutshell, Ive had some pretty devastating news about my health this week, and things have been rather shaky ( dont worry gang nothing terminal ) but im worried now about the future.

One of the things since coming here, we have been thinking about doing is to sell this flat, ( its shared ownership) and rent the cheapest thing we can for a while, and then buy somewhere else with enhanced savings when we decide where we want to live and start our family. it does seem like the best option for us, and we have thought about it every which way, and it really sounds like the best plan for us.

the thing is, I just dont have the motivation for moving at the moment, but it does look as if my health is going to get worse, and if Im not motivated now, i will certainly struggle more later, so i want to get it over and done with, so I can settle a bit more.

There really isnt much slack in the budget for solicitors fees for selling and im reckoning it has to be at least £600 plus 300 for the valuation.

IM all of a tizzle at the mo, but wondering if someone with a practical brain today can get the emotion out of the situation for me, and advise me- or at least tell me what youd do. OH is being a saint as per usual, whatever I want I get

*waves white flag pathetically*

pollypig

Lynzpower, I'm really sorry to hear about your health news - sending lots of warm positive thoughts your way...
I can't really offer any advice as I'm still v.new to all this and not sure about costs involved in moving, etc. but as always, plenty of people will soon jump to your rescue! I would say that if you know things are going to get worse before they get better, maybe now is the right time to move? Moving can be horrible and stressful, but with enough support around you it can also be pretty OK! And it sounds like your OH is like mine - supportive in every which way he can so I think you'll be able to get through it just fine...
keep that chin up girl and take care of yourself - remember that your health has to be the number one priority at all times
x

nadnad

Hi there lynzpower,
jut a quick thought - do you have legal expenses cover with your house insurance? as some house insurance policies do cover conveyancing costs - I'm not sure which ones - but you could check this out.
are you sure you have to pay for the valuation? i take it you mean the estate agents? i'm not sure about England but here in NI valuations are free - you simply pay a percentage (usually 1%) of the sale price to the estate agent. If you have any equity in your property then that will cover the 1% and also the solicitors bill - which you shouldn't be presented with until the sale is completed.

biglad

lynz, sorry to hear about your situation and im sure someone with more knowledge will come along soon but could you not live with family, me and my OH are living with my parents atm to try save some money, but will be worth it when we get things sorted.

Robert_Sterling

If you use an estate agent to sell your flat you do not need a valuation.
Just get several estate agents to estimate the flat's value.

scottishspendaholic

Oh Lynz, I'm so sorry to hear you are ill and probably not going to get better very soon. I don't know if I've much practical advice on the house front as I don't know anything about shared ownership or London property but I honesly think I'd do whatever makes you happiest. I know its easy for me to say, but I guess you have to weigh up the pros and cons of each of the alternatives, then decide which would make you happiest and would cause the least amount of upset to both your physical and emotional health.

I think in your heart, you and your OH probably do want to move and (this may not be the most sensible suggestion) if this is what you really both want, could you suspend the debt repayments for a couple of months to enable you to move - for sols fees and moving costs - this would be well worth it if it was for the benefit of your health and future financial and family future, in my honest opinion.

I guess, also, that you would end up with some profit from the equity in your flat that you could save and your outgoings would decrease as rent may be cheaper? This may help you on your road to debt repayment and saving for a family home that little bit sooner? Just make sure you live somewhere safe and warm and not a complete sh*thole because you are trying the SAVE money.

Make sure that lovely OH of yours is feeding you lots of healthy fruit and veg and home made meals and take some time off work if you need it, in fact, no, definitely do this - you need some head space.

Lots of love and positive thoughts

scottishspendaholic x

Emmzi

Lynz,

sorry to hear about your news.

Moving house is so stressful - especially now you have just got settled with lodger!

Will stress make your condition worse? Health comes first - so only do it if it won't impact your health, or if you can go and stay somewhere else and come back when OH has unpacked all the boxes!!!

How much of a saving would you make per month, when you weigh up reduced rent/ mortgage vs income from lodger?

I also reckon you may be underestimating cost for selling, especially as shared ownership is a little more complicated than straightforward conveyancing.

Sleep lots and take your vitamins!!!

Emmzi
xx

CLAPTON

sorry to hear about your health situation.

it might be best to wait a few weeks before making any final decisions.

in as far as the costs of selling are concerned, they are the solicitors fees and the estate agents fees ... these are usually payable once the property has been sold and so you dont usually actually need any up front money...best to check before you commit with the solicitors and estate agent. ....i'm assuming you have positive equity in the property.

if you are then going to rent you will need to how you pay the deposit and first months rent.

best wishes

scottishspendaholic

Another thought Lynz - do you have furniture (I know you have garden furniture!) that you could sell and make a fairly significant amount of money to finance the move? This may only worked if you move into an unfurnished or a smaller property. If this does work then you could try and time this so people were coming to collect things in the week before you move so you're not left sleeping on the floor!

HTH

scottishspendaholic x

Joe_Bloggs

I'm sorry to hear about your health worries. You have energised this site with practical advice and enthusiasm. I don't know anything about selling a shared ownership property. There are three parties ! Perhaps the best thing to do is contact the housing association and then a solicitor. I have read that the surveyor has to be acceptable to the HA and yourself. In some cases the HA will supply you with nominated buyers. This could save on estate agent fees. How did the initial purchase work for you.
You also need to have somewhere else to stay . Can the HA help you out ?
Regards and best wishes
J_B.

snoozer

Lynzpower,

I am very sorry to hear about your health - being in a similar position myself, having an illness which is limiting rather than life threatening I would say to investigate you condition thoroughly before making any decisions.

If your condition is affected by stress then you need to consider if moving house would add or lessen that stress. Maybe a short time of extra stress is better than the constant drip of worry.

Accept all the support you can that might be offered to you and don't be afraid to say that you are too tired to do something or that you can't do something because of your health (one of the hardest things to admit to yourself and others I've found).

One other thing, most people would say continue with purchasing because at least your property will increase in value along with all the others. It might be difficult to get back into property ownership if prices keep on going up as everyone predicts.