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Homebuy/Share buying question - Need advice
weelenny
Posts: 1 Newbie
My partner and I bought our house 5 years ago, but sadly last year we split up. We're still on ok terms, but he now has a new partner, and we have put our home up for sale.
We're in such a difficult situation because we bought our property at the height of the property boom (we bought it for £105k). We have made improvements to the home totalling around £7k over the years. However, the house has been valued at just £105k which is ok - at least its not less than what we paid for it.
But, what with estate agent fees, the home report which we must have in Scotland when you sell a house (not sure if its a UK wide legislation yet), and an early repayment fee on an already huge mortgage, to break even, we would need to sell the house for approx £107k (we have £101,500 outstanding on the mortgage, an early repayment fee of just over £3k and estate agent/lawyers fees for around £2k)
We've had 2 offers, both substantially lower than the £105k. So its very disheartening to say the least.
We've been looking into other options such as homebuy etc...... I saw on
the government website that i for example may qualify as me and my partner have seperated and i no longer have the income to pay the mortgage and all the bills, but they didnt have a link where I could get more information.
Does anyone know anymore about this? ive seen plenty of information for first time buyers and council/housing association tenants, but none for someone who has a property just now such as myself.
Any help would be greatfullyappreciated.
Sorry for the length of this post.
Thanks
-Elaine
We're in such a difficult situation because we bought our property at the height of the property boom (we bought it for £105k). We have made improvements to the home totalling around £7k over the years. However, the house has been valued at just £105k which is ok - at least its not less than what we paid for it.
But, what with estate agent fees, the home report which we must have in Scotland when you sell a house (not sure if its a UK wide legislation yet), and an early repayment fee on an already huge mortgage, to break even, we would need to sell the house for approx £107k (we have £101,500 outstanding on the mortgage, an early repayment fee of just over £3k and estate agent/lawyers fees for around £2k)
We've had 2 offers, both substantially lower than the £105k. So its very disheartening to say the least.
We've been looking into other options such as homebuy etc...... I saw on
the government website that i for example may qualify as me and my partner have seperated and i no longer have the income to pay the mortgage and all the bills, but they didnt have a link where I could get more information.
Does anyone know anymore about this? ive seen plenty of information for first time buyers and council/housing association tenants, but none for someone who has a property just now such as myself.
Any help would be greatfullyappreciated.
Sorry for the length of this post.
Thanks
-Elaine
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