Lots if issues in one! Advice needed

notanewuser

Child benefit is missing from your SOA. That's another £80+ a month.

Are you giving your son money as well as the extortionate (and totally unnecessary) iPhone contract? That's not listed on your SOA.

cfcboy

Thanks to all that contributed, so helpful

I've spent the last couple of days putting everything into a big spreadsheet, looking at where i can cut costs, plan a budget and pay off debts. Gone into detail month on month so ive not missed anything. And yes.. I stayed in with a bottle of wine watching footie (saved myself £50! lol)

So providing im very disciplined I will be completely debt free in around 20 months with savings of £2k. In 26 months I will still be debt free but have £7k a month savings which i would put towards the leasehold. Really quite addictive this saving/budgeting lark, fingers and toes crossed now!

Thanks again all

nugget13

Hi there
I am on here browsing because I too am in a state about my lease and was debating whether to sell or try and scrape the money together to extend!
My lease has 83 years remaining but like CFC boy I only realised that it would become a problem when I read an article in the local paper!
I went into total panic about what to do.
I was so angry though, this wasn't pointed out when I was buying by my solicitors or estate agents!
I became a home owner at 38 as I am a single parent and was so pleased but now 7 years later I am gutted to be faced with losing any profit i may have made.
I have decided to take in a lodger and save every penny I get for 18-24 months to try and pay for it.
Anyway rant over, has anyone got any advice though about the steps to take? who pays what costs and at what stage do they have to be paid? and lastly if the freeholder is not being co operative , what to do?
Thank you xx

kingstreet

I'd post your own thread and you'll get plenty of responses.

Did you need a mortgage? Use a broker?

I can't imagine arranging a mortgage for a client and not having a conversation about a lease with less than 80 years at purchase.

nugget13

Thanks Kingstreet, yes I did use a broker 6 years ago but it was not mentioned that a then 90 year lease would become a problem when it got nearer to 80!

shopbot

nugget13 wrote: »

I became a home owner at 38 as I am a single parent and was so pleased but now 7 years later I am gutted to be faced with losing any profit i may have made.
I have decided to take in a lodger and save every penny I get for 18-24 months to try and pay for it.
Anyway rant over, has anyone got any advice though about the steps to take? who pays what costs and at what stage do they have to be paid? and lastly if the freeholder is not being co operative , what to do?

There's a good article on the Main Site about this:
http://www.moneysavingexpert.com/mortgages/extend-your-lease

Although extending it will initially eat into any profits you've made you should get a higher price for your property when you come to sell. Unfortunately this is one area where the cost is rising all the time if you leave it…especially if the housing market recovers.

My advice would be to get good professional advice and read up about it as much as you can.

SB

kingstreet

90 years at time of purchase isn't in the "danger period" for me, but I'd still mention it. If you were buying at 80 years, or less, we'd have a detailed conversation.