Is this viable- gotta do something?

Juicyloo

I was married 24 years and divorced now. Part of my settlement was that I get the marital home signed over to me, and it will be sold when our youngest is 18 next June- leaving me with about 150k.

The property is a very large 4 bed detached with massive large gardens at the end of a cul-de-sac and it is only me and our DD living here. I am a full time carer for my parents (only child) and on CA, CTC, IS, CB, and maintenance. I am struggling to pay the bills as have only realised from march that I could claim IS and CA. I have no life at all and never go out anywhere, due to finances.

My question is, a seed has started growing in my mind- would it be possible for me to rent this propert to a family who would make the most of it- it's a lovely home- and me and DD rent something smaller- or even live in the nearly new caravan I 'acquired' also for a month or so until I sort out my finances?

Does this sound mad? This is totally out of my comfort zone and advice would be appreciated.

Also been left with 26 years of accumulated belongings- Does Life Laundry still exist? Where do I start with all that? Just do not want the stress anymore.

RAS

Is there anyway you could carve out a "garden plot" for a small house?

BabyBoots

Re the life laundry point, there is a life laundry book that went with the tv series - available on amazon or wherever - I've downsized from a 4 bed (temporarily via a 3 bed rental) to a 2 bed i'm completing on this week - it's been invaluable in getting rid of 'stuff'!

Juicyloo

BabyBoots wrote: »

Re the life laundry point, there is a life laundry book that went with the tv series - available on amazon or wherever - I've downsized from a 4 bed (temporarily via a 3 bed rental) to a 2 bed i'm completing on this week - it's been invaluable in getting rid of 'stuff'!

Ha so you understand- why no replies and just one about plot of land- bitterness?

Came on here asking for advice please.

Juicyloo

Love the reactions

tyllwyd

Being sarcastic doesn't help.

So the problem is that the house you are currently living in is too big for the two of you and you can't afford the bills? And it is due to be sold in a year's time, when the proceeds will be split between you and your ex?

Rather than trying to rent it just for one year, would it be an option to ask your ex if it would be OK to put it on the market now, so you could sell up and downsize? Do you need his, or the mortgage company's OK if you did try to rent it? You said something about moving into a caravan for 'a month or two' - if you rented it out, you'd be looking at a minimum of six month tenancy, and there would be fees etc to find, so it isn't something you could just dip in and out of.

Juicyloo

the house was transferred to me in april this year, so if I wanted to turn it into a convent would not be his business. Think I maybe on the wrong board or forum

Mum_of_3_3

Juicyloo wrote: »

it will be sold when our youngest is 18 next June- leaving me with about 150k.

I think this is what made tyllwyd (and I admit me) think that the equity was to be split between you and your ex. Is the house owned outright or is there still a mortgage and that's why you say you will be 'left' with £150k?

Is it written anywhere that you have to sell it when your daughter is 18 or is this just a plan you have? If it's not written anywhere that you have to sell it once your daughter is 18 then yes I would've thought you could let it, why not get a lettings agent in now, just to see how much you could expect to get.

Maybe you could then use the rental money from the family house too rent a 2-bed house for you and your daughter. Alternatively how big is your parent's home? Is it big enough for you and your daughter to move in with them?

M_o_3

tyllwyd

What you haven't explained is why you need to wait until next year before you sell? If you don't want to live in the house, why not put it on the market now?

In principle, if the house is yours, there is no reason why you can't rent it out and rent somewhere smaller. But if you have a mortgage on the property, you will either need permission from your lender or to switch to a buy to let mortgage. And you have to realise that if you have periods when the house is empty, you will be paying rent on your new house and the mortgage on the old one, so if your finances are tight it is a risky strategy.

If you want more specific feedback, you will have to give a bit more detail about your situation and what you need to achieve by making a change.