Pretty awful circumstances-how to play it?

jesster_2

Hi Lynpower

So sorry to hear that you're having health problems. It sounds like you and your OH do want to move, and I just wanted to say that moving doesn't have to be stressful. Especially as you're looking to rent, so you won't have the hassle of a purchase, just the sale. And renting can be quite liberating if you have other stresses going on in your life: at least you don't have to worry about finding money if the boiler goes or the roof falls in. Why don't you take a few days for everything to sink in, get a few free valuations from estate agents and quotes on the fees and conveyancing, do some sums and make a nice logical decision from there.

And praise be for saintly OHs! Stay positive, and look after yourself. As Emmzi says, taking care of your health is the most important thing. SEnding positive thoughts!

domestic_goddess

snoozer wrote:

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.

QUOTE]

I have to agree. A short period of stress is better than a long drawn out period.

I am really sorry about your health news you must be feeling really low at the moment.

Dont forget you have lots of friends on here wishing you well

xxxx

Debt_Free_Chick

I'm going to keep this short and sweet ....

You don't normally have to find any money to sell a property - all the costs get deducted from the equity in the property. The equity is the difference between what it sells for and the outstanding mortgage.

So, provided you have equity in your property and it's a sufficient amount (enough to cover the mortgage and all the fees) then you have nothing to worry about.

Also, you don't pay for a valuation when you're selling

HTH

lynzpower

thank you for all your kind words, you really are all lovely

Basically with selling a SO we tell the HA, they send a valuer round ( thats 300) then they market it on thier lists saving estate agenct fees. if it doenst sell within 10 or 12 weeks we then can take to estate agent (hassle of course and the money...) we dont pay the HA anything other than the valuation fee.

Weve looked at flats round here, and we could get something for about 450 a month, saving (when the life assurance, buildings insurance, mortgage cover, mortgage and the rent all together) somthing like 420 a month. i think this is a sensible plan, even more now, in case I might have ot give up work there is no way OH & the lodger could pay the money between them ( well they could but its far too risky for me)

The main reason we were considering doing this is im only on a IO at the mo, so not paying it off, it is renting but expensive renting. We aim to bank the equity, plus what we are saving, and then when the time comes we can buy somewhere else cheaper ( we have seen quite a lot under 150k that will be adequate. I dont buy this "dream house" malarkey, I just want somewhere we can live and not worry about what its costing, especiaLLY IN insecure times.

Ive been on the phone to my boss and told her all whats happening, shes been fantastic and i dont need to go back to work for a few more days, at least.

Anastacia

Lynzpower, sorry to hear about your news. Dont feel like you have to talk about it but if you want to then we are here ofcourse.

Dont make any decisions at the moment about the flat or anything else but do bear in mind what you might make on a sale when you come to do your tihnking. Also keep in mind that really rent is lost money. Are you thinking to move out of London ? maybe consider if you rent out your flat (shared ownership leases normally allow this with the permission of the HA) & live elsewhere more cheaply.

Best wishes
Anastacia

Emmzi

Lynz,

before you fork out for valuation, try https://www.ourproperty.co.uk - free online search will tell you what properties in your area are going for.

I'm a nosy sod and check it every month just to see! They also don't spam you - maybe an extra one email a month about petrol prices!

lynzpower

I think on a conservative estimate, with the equity still in the flat we will come out with 25k. Thats selling at shared ownership prices, not on the openmarket where my flat would get more like 300, but thats not an option, must stop thinking about that!

Theres no way the rental income would cover a repayment mortgage on the place, and the HA have been very strict about not subletting, I did ask them about this a while ago when I was considering doing VSO.

It is something ive been thinking about for a while, and I think the figures stack up... she says. OH equally pants at maths as I am, so we are muddling through the sums as best as we can

Floss

Can you ask the HA to pay the valuation fee & repay them out of the equity when your solicitor sorts out the money after the sale? That maybe an option they don't tell anyone about......worth the question to them - they can only say "no" and you are no worse off.

Also, they may be able to help you with other accomodation, as may your local Council housing office. You probably won't be able to declare yourselves "homeless" as it will be classed that it is a situation of your making (i.e. you've sold your home, not had it repossessed) & you may have too much savings (used to be anything over £8k would exclude you).

Floss

Forgot to ask - do SA properties go at a higher premium near you? Where I live they rarely come on the market, & are snapped up. Buyers will pay at least 10% more than the percentage of the value to get on the housing ladder.

Anastacia

lynzpower wrote:

I think on a conservative estimate, with the equity still in the flat we will come out with 25k. Thats selling at shared ownership prices, not on the openmarket where my flat would get more like 300, but thats not an option, must stop thinking about that!

Theres no way the rental income would cover a repayment mortgage on the place, and the HA have been very strict about not subletting, I did ask them about this a while ago when I was considering doing VSO.

It is something ive been thinking about for a while, and I think the figures stack up... she says. OH equally pants at maths as I am, so we are muddling through the sums as best as we can

Is it not an option because the HA has a % ? Can you staircase to 100% & then sell on. Is there a time limit?
I can do maths ! (well I cant, but Excel can ) RSL finance manager here ! What are you thinking & I'll try to help you weigh up a few possibilities.

Anastacia