Selling our Flat

gregpfc

Hello,

I just wondered if anyone could help please?

We are hoping to sell our Flat which we bought in May 2008 on a 100% Mortgage for £122,500.
We are in lots of debt with credit/store cards and a loan as well and are finding it hard to keep up with all the payments.
We have no money to pay the estate agent/solicitors so how can we go about selling? Are we stuck with our flat? We are looking to Rent with payments a lot lower.

Thanks in advance.

Mum_of_3_3

Hi there!

Have you had any Estate Agents give you a valuation yet? If not then maybe you should do this first to see if there is any equity in your property.

If there is equity then the EAs and solicitors will get paid when the sale goes through.

M_o_3

CloudCuckooLand

If you don't have fees etc to sell, you also will not have the deposit and first months rent...and a credit check might deter some landlords.

Think you need to get to the debt-free forum. Post your SOA (statement of affairs) they have great ideas for trimming expenditure.

Fire_Fox

gregpfc wrote: »

Hello,

I just wondered if anyone could help please?

We are hoping to sell our Flat which we bought in May 2008 on a 100% Mortgage for £122,500.
We are in lots of debt with credit/store cards and a loan as well and are finding it hard to keep up with all the payments.
We have no money to pay the estate agent/solicitors so how can we go about selling? Are we stuck with our flat? We are looking to Rent with payments a lot lower.

Thanks in advance.

Have you checked land registry sold prices for your block to see if £122K is realistic?
https://www.houseprices.co.uk

If not then I would consider staying put, it will cost you £5K in estate agents, legals and removal fees and still need money left over for your damage deposit and first months rent. Estate agents and legals are usually paid out of the profit of the house sale, but if you are in negative equity there will not be any.

If you join the Debt-free Wannabe board you will get advice on how to reduce your outgoings, especially getting those loan and credit card repayments down, perhaps by going onto a Debt Management Plan. This is the budget planner used by the DFW board, if you complete and post they will be able to advise.
http://www.makesenseofcards.com/soacalc.html

G_M

There ARE ways to advertise / sell the property cheaper - online agencies/websites, your own for sale board etc, but you won't get the same exposure to potential buyers.

You can do your own conveyancing and save solicitors fees, but it's hard witha mortgage to pay off as the buyers solicitors will not accept your undertaking to pay it off as they would with another solicitor.

as others have said - 1st stop is to get a realistic idea what the property is worth.