Possible relocation for work

Maseillo

I'm hoping that someone will be able to come up with a magic solution here but maybe I'm being a bit optimistic!

Basically we bought our house 2 years ago on the Ownhome scheme - we have a mortgage for 60% of the property and the other 40% is an equity loan. It looks like I might have a job opportunity coming up which would mean us moving about 4 hours away (if I get it!). It's all looking very promising at the moment though, and it's my dream job and in my dream location (moving back to where I grew up). If I do get the job, myself, husband and 2 children will have to move and we will therefore have to sell the house. Our house was for sale for a year before we bought it - we have done some decorating so I'm hoping that might help a bit but not sure how much. I just can't stop thinking that what if it takes a year for us to sell it (houses round this area do seem to be for sale for a long time!). We will have to pay 40% of the value of the house at the time we sell it back to places for people (who the equity loan is with), so we can't really afford to take a lower price for the house. Unless the value has shot up (which I doubt) we won't have made anything on the house, and we've only paid off about £3000 of the mortgage so far, so it will probably end up costing us to move rather than us making anything. We'd have to go back to renting (which is fine) as we won't have a deposit for a new place. But we couldn't afford to pay rent on a house there and still be paying the mortgage on this house untill it sells. Has anyone ever been in this position or have any advise on what they would do?

I know I should wait until I find out about the job - it might be that I don't get it which would solve the problem! But I can't stop thinking about it now - I don't want to go through all the motions and take the job opportunity any further if I'd only have to turn it down. And if I had to turn it because of not being able to get out of this house I would be so upset!!

The Ownhome thing seemed like such a good idea at the time! But I guess we couldn't see this opportunity coming. If we could we would have definitely stayed renting!

Hope someone can offer some words of wisdom!

SJ x

PasturesNew

No words of wisdom. The house will take as long as it takes - and if you can't reduce the price then it'll take longer than it could have.

Depending on the area, it might not even be worth what you paid for it now, and a slap of paint won't have changed that.

knightstyle

No words of wisdom, just hope it works out in the end, can you rent out your property and rent where you are going? Bear in mind also that if you do manage to sell now at a small (I hope) loss that is better than selling in 6 months or more for a similar or greater loss as you will have to pay the mortgage etc in the mean time.
Advertise on house exchange sites?

Shimrod

PasturesNew wrote: »

Depending on the area, it might not even be worth what you paid for it now, and a slap of paint won't have changed that.

It may not affect the price, but from personal experience I know how many people can be put off by unusual decorations. Even at the height of the property boom, we got no offers on my wife's house. I spent a weekend with several tins of magnolia (and one of light green) and got four offers the following week - including two couples who had been persuaded to go back for a second viewing. The most bizarre bit was £45 of paint got us an extra £5,000 on the house.

getmore4less

The first thing you need to do is dig out the paperwork and go through it in detail.

Are there any restrictions on selling or renting.

If you do sell at a loss is it still 40% or is it the original amount you borrowed.


You also probaly need to consider not moving immediately anyway make sure the job is going to work first.

hazyjo

Not ideal (especially with 2 kids), but could you stay somewhere near the job 4 nights a week - maybe travel there on a Mon morning, arrange to start a bit later, and go home on a Fri night (or work from home one day or more and stay less?) and not pay rent on the whole family living somewhere, but just pay for you to have a room in a house, along with commuting costs once there and back each week? Could happen for as long as it takes to sell the house, and would give you a bit of 'decision time' as to whether the job was as perfect as you were hoping it would be.

At my work, they were desperate for someone to come back to her job and agreed to let her work from home on a Mon, travel down (from Gloucestershire to London) on a Tues and come in a bit late, stay at a flat in town they own on Tues and Wed night, then she goes home on a Thurs eve and has Fri off. See about the job first, and maybe see how flexible they could be as to you being in the office and using a bit of flexi-time... maybe you could work later on the days you are in and staying overnight...

Jx

dawyldthing

there is a rent a room for Mondays to Fridays online, can't think of the name but if you google 'rent weekdays' or something of the like it might show up

Maseillo

Thanks everyone! I thought it was a bit of wishful thinkinbg on my part that someone might have a miracle solution. As part of the ownhome deal we aren't allowed to rent our house out so that's not an option. I think I need to try and control myself, calm down and not think about it until I know what's happening with the job really as if it doesn't come off then there's nothing to think about anyway! But if it does, the rent a room during the week sounds like an option - I'd probably see if I could do long days so fewer days. I'd miss the kids like crazy but knowing that it was a short term solution would be ok.

Just have to wait and see now!

SJ x