Cant sell my home and am forced to let

HELENC1984_2

may i ask who your mortgage lender is?? and what proof you needed or did you just go in and ask for your mortgage to be changed for 12 months?

ta

poppysarah

jsambrook wrote: »

@ poppysarah I am starting a family and need something bigger. Have been trying to sell for over a year. Have dropped the price significantly but there is just nobody buying.

Surely a place that is a bit small that you own is better than a bigger place you rent whilst paying mortgage on an empty property?

geoffky

jsambrook wrote: »

@BigBlackDog thanks for this, are you sure that this is the case? A friend of mine has had her repayments increased by £200 and they charged her £1200 for the privilege! I have had the mortgage nearly 10 years now, I hope I get treated better than that!

@ poppysarah I am starting a family and need something bigger. Have been trying to sell for over a year. Have dropped the price significantly but there is just nobody buying.

Hamish tells all who are foolish to listen that the housing market is fine and dandy,but you on the front-line know otherwise and no matter what you do,you can not force people to buy your house..a terrible position to be in,better to have a quick crash than a slower one over more years as people sit by watching prices drop.

JQ.

jsambrook wrote: »

Thats a relief off my mind. At least I dont need to worry about it for another year!

Really, I've been a landlord in the past and found it very stressfull indeed. You need to make sure you are going into this with your eyes wide open - it is a business and one for which you will need to do a fair bit of work on.

You also need to have a think about whether things will actually be any better in 5 years time. Personally I don't see house prices rising anytime soon - rising interest rates and reduced government spending will see to that.

Good luck with it all, but please do not think renting the current house out is an easy solution, it could just be putting off the inevitable.

sharpee

And don't forget to do you Self Assessment Tax Return;)

rilou81

Think we may be doing this too!
Already spoken to the mortgage lender and am able to get consent to let for £100 per year. Have a very low rate so will actually make a few hundred a month from the rent if we choose this route. Fingers crossed the house sells in the nest 2 months though!

We have no choice either, hubby has already relocated and lives away during the week and its not good for our marriage and the fact that we want to start trying for a baby wont be good either if we dont live together!!

Not ideal but I am also very aware of the responsibility and am the most organised person I know he he!

Good luck

zougathefist

!!!!!! is wrong with people coming on here and instead of answering questions just making offensive and unhelpful statements about people who are stuck in difficult financial situations.

Like the original poster I am in the same situation where I simply cannot afford to sell my house but have had to let it out and rent elsewhere.

I am glad you have been able to sort this out and well done for actually being able to make some money out of renting, I would advose you to overpay on your current mortgage of possible with the extra income as this will be a massive benefit in the long term - I am losing approx £73 per month but it is still better than selling and making a £15,000 loss on my home and being left with about £10000 of a morgage to pay off.

Seriously, if you have nothing productive to add to a conversation keep your typing fingers away from the keyboard

brit1234

jsambrook wrote: »

@Dopester - thanks very much for the next to useless advice. I am not scapegoating. If you havent got anything constructive to say please dont bother. If banks had not been so greedy we would not be in this position.

Its not just the banks, if buyers had not been so greedy, irresponsible or fraudulent then our economic crises wouldn't of been so bad. It takes two to tango, time to take a little responsibility yourself.

As for the consent to let, be aware of capital gains tax when you come to sell, being forced onto more costly buy to let mortgage at the end of 12 months, more expensive house insurance, rising interest rates and falling house prices.

If you had priced you property realistically you could of sold, it was just priced to high. You blame the Mosque but if you priced it right you could of got a nice Muslim family to move in.

tbs624

zougathefist wrote: »

!!!!!! is wrong with people coming on here and instead of answering questions just making offensive and unhelpful statements about people who are stuck in difficult financial situations.

There's something a tad ironic about you complaining about offensive comments from other posters whilst beginning your own quasi-rant with "!!!!!!". As you're relatively new, you may want to bear in mind that this is an *open* forum.

zougathefist wrote: »

Seriously, if you have nothing productive to add to a conversation keep your typing fingers away from the keyboard

Other readers of the thread may well view the comments that have offended you as making a valid point or two...as I say, it's an open forum.There is a useful ignore button under your user cpu.

tbs624

jsambrook wrote: »

I am in the same position that so many other people are in. I am planning on renting out my place and renting somewhere else to live. Since I will not be getting naother mortgage, I do not see why I have to move onto a Buy to Let. As a result I will have to pay fees to my bank and an increase in interest rate.

As others have said, you can seek CTL instead. You may view it all as "unfair" but there is a greater risk to the Lender when a property is tenanted and you presumably bought the property on a standard resi mortgage. The terms of a resi mortgage are quite clear - you are expected to be the occupant, rather than having a paying tenant live there .

jsambrook wrote: »

I do not think that either of these are at all fair. It is not my fault that I cannot sell my house, the market crash is the fault of the Banks.

As a couple of other posters have suggested, I don't think the blame can be laid entirely at the banks' collective doors.

The vast majority of properties *will* sell if priced realistically.