Negative equity

Kez100

Down here, on the cornish coast, most people have to walk to their cars. Many of these houses are worth in excess of a million! Most, if they can, pull to the door to drop stuff off and then park or, as others have said, sell the car and use taxis from the door. Car ownership itself isn't cheap.

epz_2

in fairness these days with internet shopping etc the only time you need to leave the house if for social/work reasons so it might be viable to just spend £5 a week getting stuff delivered.

as for parking, have you thought about aproching the council about getting residents parking or just putting cones outside your house. ive seen some places where they turn a road into a one way and put the parking bays at 45degrees to the pavment, it creats a massive ammout more parking spaces (rough guess 3 times) and makes the street quieter.

joeblack066

Or rent it out, and rent yourselves for a bit whilst you decide on your next move? Give you a bit of time to see what happens to the house prices in your area.

lynzpower

If you are in negative equity now, doesnt that prelude you somewhat by lenders from letting the property out? Im sure i read that somewhere

Personally in any case I think letting the property would be a rather risky thing to do, if you are in neg equity now, and you get voids ( which of course you will, every LL does) how will you pay for them? can you afford to pay the 2 lots of outgoings?

Clearly if you have 7k on cc, you havnet been able to budget properly, and having 2 properties as a drain on your finances, could be making things pretty tricky for you :eek:

You dont say where the property is I preume Durham- what rents do a 2 bed house achieve in this area- only not only will you be asking for it from your tenants- but you'll be paying it yourself!

Doozergirl

Good God, whose idea was it to rent your house out with finance in that state?

That is just the most irresponsible thing you could possibly do. Without a shadow of a doubt you would be taking on more financial stress than you are able to deal with right now, OP.

I would personally try to manange with what you have and join the DFW board or sell up and rent if you can. The fact that you have underpinned the house may make it a bit of an issue.