Selling my house and buying another

lyndsey80

Hi all. Sorry if I sound naive but I have no idea about property!! I bought my house in October 2007, 50% shared ownership. I bought 50% for 58k (2 bed end terrace in Pudsey, Leeds). I put 4k deposit so have a mortgage for 54k
At the moment I pay £115 for my mortgage (interest only as have credit card debts to pay off first) and £192 for my rent.
I tried buying the other 50% last year, they said it was worth about 50k. Making my half of the house in negative equity by 4k.
So, now the housing market appears to be slightly picking up I am thinking of selling and moving to be nearer my mates in Huddersfield. It costs me so much to travel to see them, and working in Leeds would mean travel costs of about £100 pm but I would be near my mates, go out less as we could sit in the house (they all live with their parents or have young children, I am single).
So, where do I start????? I think I need to buy a carpet for my living room first as it's rather shabby but apart from that the rest of the house is passable. I just have no idea what to do or even if it's worth my while moving.
Any advice please?

lyndsey80

Sorry realised this should be in the house buying and selling forum - could someone move please?

dreamalittle

First thing would probably be to contact whoever runs your particular shared ownership scheme to find out the rules for selling up. It might well be that the housing association will want to value it and market it through their own channels in the first instance.

HOWEVER - I strongly suspect from what information you've given that you probably won't have enough equity and/or other savings to sell and buy elsewhere. Even if you break even on the current place, you'll still need cash for a deposit for somewhere new, and if you have a lot of unsecured debt (from your sig) I'm guessing you don't have much in the way of other savings.

Obviously there's no harm in looking into current valuations and the selling process, but it might be that it's not the best move at the moment, unless you're keen enough to be closer to your mates that you'd consider maybe just selling up and renting a place in your preferred area.