what should we do?..

Darlinbud

Cannon_Fodder wrote: »

In August they only wanted an extension... http://forums.moneysavingexpert.com/showthread.html?p=24555741&highlight=#post24555741

Two months pass, and it needs vital repairs as well... http://forums.moneysavingexpert.com/showthread.html?p=26220655&highlight=#post26220655

All whilst about to have a baby... http://forums.moneysavingexpert.com/showthread.html?p=24709449&highlight=#post24709449


Except, it transpires, they are not so much "repairs", as putting the basics in (or back in).


A better script than most afternoon soaps, I suppose...

Nice tone to that message!! - We brought the house with a sitting tennant 3 years ago for cash (with £60K from money my husband recieved from an elderly relative and the £20K loan) The sitting tennant was an old man who had lived there since he was born - he refussed the offer from us to insatll a bathroom and modernise the house - he had lived like that all his life and didn't want the hassle of building works. He moved into a warden property in July and we want to move in.

My husbands family very kindly were going to give us some money to do the essential repairs and so we would need to remortgage (remortgage as not buying the property with the money! even though we don't have a mortgage aready) for the extension. However since then due to a change of situation, family are now unable to gift us the money, so we have changed the plans slightly and having a smaller extension and using the rest of the money to do repairs and modernise.

And yes we had a baby in September! A boy on 9th September! :rolleyes:

Darlinbud

getmore4less wrote: »

What! lets try to sumarise, looking at the posts
an uninhabitable house worth £190k? ( is it really) why buy the place?

You want to do an £60k extension. (what about making it habitable first?)


Why not sell it you can't afford to do it up.

We have had the house valued by 2 estate agents, one valued it at £190K and one at £200K - It's a rural (in a National Park area) Edwardian property. Both estate agents said it's worth that in the current state as a blank canvas.

The money would be used to do repairs and the extension - the house is habitable just not modernised!!

getmore4less

Darlinbud wrote: »

We have had the house valued by 2 estate agents, one valued it at £190K and one at £200K - It's a rural (in a National Park area) Edwardian property. Both estate agents said it's worth that in the current state as a blank canvas.

The money would be used to do repairs and the extension - the house is habitable just not modernised!!

the house has no electric/bathroom/kitchen - it's just a shell with a cold water tap in one room

That does not sound habitable to me.

Why did you take out a loan at the time and not a mortgage?
How has the £20k loan turned into £26k debt?

The problem is your defaults don't look good.

I would forget the extension get the basics done move in use the money you save on rent to pay down your debts, the defaults will get older.

Review in a year or two after you have shown you can manage money