Pretty awful circumstances-how to play it?

lynzpower

I just dont think staircasing is going to be an option for us, adding into repaying as well. With repayment at 1300 a month + 350 rent, god only knows what the repayment on 100% would be. I reckon they will value it at 230.

What does your lil spreadsheet say? cheers

Anastacia

Thats a lot of money. is London worth it ? I ams tressed out just thinking about paying that much.

Anyway

It might be worth staircasing if you can then sell on straight away. You could then sell on the open market for £300k instead of via the HA for £230k ? The percentage you already own is going to make all the difference but also your various covenants/other bits of the lease.

For spreadsheets i need a few more numbers but this could be a possibility.

If you are looking to sell anyway you might as well maximise your profit. You arent doing anything morally wrong there as the HA wont benefit anyway as all the repaid SHG is recycled.

Good luck (ofcourse)

Anastacia

LJD1_2

Just wanted to add my hugs to you. Can't really add to the great advice already given. Sending lots of good vibes...take care xxxxx

gallygirl

Nothing to add to all the useful posts above but wanted to send :kisses3:. Hope it all works out for you - you've given such a lot of helpful advice and understanding to so many on here.

On a lighter note - :whistle: please make sure you get a garden or at least a balcony - don't think we could cope with the garden-furniture-in-reverse saga!

xx

sanfrancisco

lynzpower wrote:

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)

Hi Lynz,

You are an extremely caring person in this board and have helped alot of people out. I am sorry about your health. I know what this is like, and I am sure you will pull through in the end. Try to stay healthy. Excercise, yoga? Eat well and try to get stress free life.

Anyhow...onto your question. THIS IS A NO BRAINER. See your own quote above. Owning a house is well over rated. What you need now is the least stress possible. You need to be secure that if you cannot work for a bit, your hubby can support the two of you, and renting will save you £420 per month. LOADS. People cling onto their houses and let their health suffer. Don't be one of them. SELL!!! And by the sounds of it, get on with it and get settled in new place asap.

lynzpower

Sanfrancisco, I think you/ we are right here! Feeling a bit more cheered by life at the mo, as I have had yet another nosey on rightmove, and even at the more"expensive" end of the market ( ie with the garden I agree about the furniture GOD NO!!)

I had considered what Anastasia thinks about staircasing then selling, but the state of mind im in at the moment, a standard tenancy agreement looks a hell of a lot more appealing than all this botheration with possibly extending the mortgage etc. The fact is is if we cannot manage to pay the ridiculous payments on a repayment mortgage as it is, upping the "price" of the mortgage, especially taking in the new value of the proiperty adding on another 35k, then its just far too risky. theres barely any space in my budget if the service charge went up even by 20 quid it would stuff me. If we cant sell we are left with those payments which are beyond unaffordable. However, I look at the potential profits and visualise the money in the bank and it feels like a good risk. But it might not be, and we would be royally stuffed, even if we could get the multimples on our salary. Ive given this quite a lot of thought ( can you tell? ) but it just seems untenable.

Also I dont want to just abort my debt free journey if this happens, which it could.

We talked about using the lodgers money for a couple of months, and then put on the market maybe at the end of august. Then we can use the lodgers money to finalise the rest of the work that needs doing, and then when its looking ship-shape, We get a valuation and then get going, hopefully as soon as possible.

I just wish it wasnt so much hassle. I just want to pack my bags, but I guess thats my state of mind at the moment

Debt_Free_Chick

lynzpower wrote:

We get a valuation and then get going, hopefully as soon as possible.

You just get a few estate agents to tell you what the asking price should be.

You do not need to pay for a valuation - repeat after me.... "I do not need to pay for a valuation"

:T

Good luck

earwig

dose your flat need that much work done in it to sell i dont know much about londons housing market but down where i live a 3 bed house sold for 135.00 needed nothing doing to it in the same street a house what needed a new bathroom and kitchen and double glazing sold for 134.00
i know this as my mother in law saw them both with a view to buy when she asked the agent why the house what needed more work doing on it went for only a grand less the agent said unless a property needs a compleate overall it tends to be the street what sets the prices rather than the decroation most buyers are not worried by wall color ect as they would be changing this them selfs
anyway the agent said that cleaner houses sell better than dirty ones so if the house decor is rubish but clean it will sell better than a newly decrated house which is dirty the point i am making is you could spend money on your flat and it wont get a better valueon it than if you didnt spend the money if you need to sell do it so you can get on with your life all this up in the air stuff wont help your health problems and there more to life than being debt free
i am sure you will make the right choice for you and dont strees your self out

lynzpower

Debt_Free_Chick wrote:

You just get a few estate agents to tell you what the asking price should be.

You do not need to pay for a valuation - repeat after me.... "I do not need to pay for a valuation"

:T

Good luck

No. I do have to pay for the valuation as the housing association employ the valuer. This is par for the course. However, if it doesnt sell via the HA, then I go to an estate agent that means free valuation, but have to pay thier costs, but they may price higher. Annoyance. Otherwise Id go for an estate agent locally who i know and hear a lot of good stuff about. And seem to sell everything on thier websites within a couple of weeks...

lynzpower

earwig wrote:

dose your flat need that much work done in it to sell i dont know much about londons housing market but down where i live a 3 bed house sold for 135.00 needed nothing doing to it in the same street a house what needed a new bathroom and kitchen and double glazing sold for 134.00
i know this as my mother in law saw them both with a view to buy when she asked the agent why the house what needed more work doing on it went for only a grand less the agent said unless a property needs a compleate overall it tends to be the street what sets the prices rather than the decroation most buyers are not worried by wall color ect as they would be changing this them selfs
anyway the agent said that cleaner houses sell better than dirty ones so if the house decor is rubish but clean it will sell better than a newly decrated house which is dirty the point i am making is you could spend money on your flat and it wont get a better valueon it than if you didnt spend the money if you need to sell do it so you can get on with your life all this up in the air stuff wont help your health problems and there more to life than being debt free
i am sure you will make the right choice for you and dont strees your self out

Honestly, not that much work to be honest, at all. We might repaint the lounge a warmer colour (its white) but that shouldnt cost more than say 40 quid which is fine. I would like carpets as with laminate its really noisy, and everything echoes. I got a quote fro about 250+ vat which I tohugh t was pretty cheap obv Id have to pay them to fit it as well, but really, not that much work at all, and I dont want the noisyness to put people off when they come to look round. Its a welll sought after road, and as I say its pretty expensive down here now. Im not going to spend a fortune on it, but want it to look as saleable as poss. I'll be selling off every last thing I wont need in future, so we should get some mony coming in from that eventually in any case.

Must watch some more episodes of house doctor