HELP -two houses!!

garry_s

I am in the process of buying a house for £174,000 - mortgage of £1300 -(£158,000)
Meanwhile trying to sell my flat £165,000 - £138,000 outstanding(£1200per month). On sale for two weeks now - no takers!
WHAT IF:
I don't sell my flat - (In Scotland -just about to sign and exchange missives for house)
or I am needlessy panicking!

Jodyl

snap.. know how you feel. we've just purchased and still trying to sell. All on a bigger scale than yours though.

garry_s

So could I rent the flat out? Only get about £600 per month though - Any suggestions out there?

lynzpower

I am unsure if there are process differences in Scotland to England however, In england , Id at least wait before putting an offer in elsewhere, until someone had offered a price I felt able to accept before going forward.

Renting your flat out should not be on the hoof. If you will not even get 2 thirds of the mortgage payment for it, youd have to make the difference up from here on in.

HAve any viewers been round? What are your photos like?

They do say if theres no interest, then the price is too high.

garry_s

In Scotland we do the offers over system. offers over 150,000 means that the flat is worth anything over 150,000 and in a fairly robust market 10% of that is usually stuck on -therefore the flat is worth about £160,000 - £165,000.Had seven viewers in 2 weeks but nobody biting! We are about to complete missives on house (dream house needing renovation and below market price - had it been in great nick we wouldn't have been able to afford it) We could pull out but we don't want to lose out on house! I know what you're going to say ....that's life -pull out! BUT this house is more than money and bricks. My heart wants the house - my brain tells me to pull out! Am I panicking too early?

HalfPint

If you made an offer on the house in scotland and it was accepted, you are legally bound to complete the sale. If you pull out the seller could take you to court and it could cost you a lot of money.

If I were you, I'd look at taking advice from a professional. You may have to take out a bridging loan - or look at renting your flat and having to cover some of the cost of your mortgage on that.

There's no easy way out of this one im afraid.

Take advice and look at all your options before panicking and making a rash decision.

Laura x

garry_s

Thanks Laura
Yes the offer has been made and accepted - HOWEVER it was subject to survey and the surveyor came across some repairs required for the roof (about £2000 worth). The seller wants me to pay for them! I've said no -so we are at stalemate and legally the seller or myself could pull out. I know that the seller and I could come to an arrangement soon but I'm holding off to sell the flat!