What a day...

newlifeahead

Every now and again someone has to throw a spanner in the works.

I want to be debt free and I have been trying very hard to work at it and now a few things have come up and I am not sure what I should do.

1) My flat roof on my extension is leaking. This needs to get fixed and I have since had quotes for the repair. This will cost £1410.

2) I have found out that I only have 51 years left on the lease for my house. I have heard the worst stories where it has cost people £30000 to purchase this. Problem being having a short lease left and something about "marriage value" - Anyway I have cried about this last week so I can't be bothered to care anymore. I have managed to find a solicitor who has done this process recently for someone else on my street. He has said that it should cost no more than £6000 all in. This did make me feel a little better.

3) I now want to pay my mortgage off early. Or pay as much as I can while the interest rates are low. I have £42,928.54 outstanding on it and pay £299 per a month.

4) One more small thing. My debt, which was the whole reason why I started here in the first place. I still owe £18000 on 4 credit cards. I have been paying it back via Payplan for the last few years. It may look a lot to most but I used to owe £60,000 so I am almost there. All the interest is frozen on these cards which helps a great deal.

I have started saving £500 a month. Feb was my first month. What do I do first? Reading this now I don't think there is any point trying to pay my mortgage off, because my lease is so short my house might not be worth as much as I thought anyway.

Shall I get the roof fixed now. When it rains it leaks and I do hate looking at it. Would I then save to buy the lease? The longer I leave it the more it might cost me. If I am saving £500 a month it will take me 12 months to save £6000.

I can't get another job, I already have 2 and work 6 days a week now. Being single with 2 kids it is very hard. I haven't got time for anything else.

I must admit that since getting my 2nd job about a month ago all this crap happened. I hate it when I try to work my way out of something and look like I am going to make it something tries to pull me back under.

I am sick of drowing.

Rant over. Having one of those days today. Just need to let it all out.

Thanks for listening / reading.

and breathe............

Algorfa45

Hi newlifeahead
What area are you in,
good luck

newlifeahead

Thanks Algorfa45

I live in the West Midlands.

System

newlifeahead wrote: »

I have found out that I only have 51 years left on the lease for my house. I have heard the worst stories where it has cost people £30000 to purchase this. Problem being having a short lease left and something about "marriage value" - Anyway I have cried about this last week so I can't be bothered to care anymore. I have managed to find a solicitor who has done this process recently for someone else on my street. He has said that it should cost no more than £6000 all in. This did make me feel a little better.

You own a house but you have a lease? That is very odd. I thought leases only came with flats. Have you thought about buying the freehold? Might be worth looking into.

newlifeahead

Hi inthe red.

I bought my house in 1998. Most of the houses on my street are/were leasehold.

I am looking into buying it now. This is what will put my debt free date back. I am praying the cost isn't going to be more than £6k.