dont know what to do for the best

scoobysue_4

hi, ive decided to sell my house to pay off the small mortgage i have on it and pay off some of the debts that have accumulated since my working hours were reduced 10 months ago. I have no money whatsoever at the end of each month and therefore i would have to sell first and then buy once i have sold mine, its not ideal as we would have to find people to stay with until i had bought another place but i dont see what else i can do.there are jobs that need doing to my house before its sold, ie, new gutterring and repair to skirting where water has leaked , also some decoration (though minimal) to just spice it up, otherwise its is a lovely large house, im considering selling my car to allow this work to be done and therefore be more confident hopefully of getting the full asking price, or do i i just put it on the market and see what offers i get? thank you in advance for all replies.

Feanor

What area are you in? I'm just wondering what the market is like in your area at the moment thats all...

It may not be that you have to move into rented or stay with people? As once you know what yours is worth you can work out how much you will owe the mortgage company, then paying off your debts and you'll know howmuch you have left and how much you can afford on the new property..so you could look at somewhere new to buy once you know how much you'll be able to afford?

scoobysue_4

Feanor wrote: »

What area are you in? I'm just wondering what the market is like in your area at the moment thats all...

It may not be that you have to move into rented or stay with people? As once you know what yours is worth you can work out how much you will owe the mortgage company, then paying off your debts and you'll know howmuch you have left and how much you can afford on the new property..so you could look at somewhere new to buy once you know how much you'll be able to afford?

hi, thank you for your reply, i have done an estimation of this but i was thinking more of how i was going to pay for surveys, solicitors etc if i sell and buy at the same time.i dont have any spare money to pay upfront for these things until i have sold mine.

danlightbulb

We are in same boat - selling and buying. I have no spare cash either so have assumed (hopefully correctly) that all fees can be taken out of equity on completion.

scoobysue_4

danlightbulb wrote: »

We are in same boat - selling and buying. I have no spare cash either so have assumed (hopefully correctly) that all fees can be taken out of equity on completion.

hi, yes! some fees such as solicitors and estate agents are taken out of the equity but fees for surveys and structural reports have to be paid on request. these cost several hundred pounds and its these monies that i dont have before selling.

scoobysue_4

Feanor wrote: »

What area are you in? I'm just wondering what the market is like in your area at the moment thats all...

It may not be that you have to move into rented or stay with people? As once you know what yours is worth you can work out how much you will owe the mortgage company, then paying off your debts and you'll know howmuch you have left and how much you can afford on the new property..so you could look at somewhere new to buy once you know how much you'll be able to afford?

im in stockport cheshire. the north west of england

pinkshoes

Can you put the cost of surveys etc... on a credit card with 0%, then pay it off as soon as you get the equity from your house?

You could rent for a few months until you find a house you want to buy?

lynzpower

hello fellow stopfodian :hello:

I dont know what your debts are like, but you might be able to stay in your home, with the aid of debt management, or maangeing your debt better and more effectively.

Do come over to the Debt free wannabee board where we can advise on the best course of action to reduce the debts you have and hopefully stay put.

Take good care
Lynz

scoobysue_4

lynzpower wrote: »

hello fellow stopfodian :hello:

I dont know what your debts are like, but you might be able to stay in your home, with the aid of debt management, or maangeing your debt better and more effectively.

Do come over to the Debt free wannabee board where we can advise on the best course of action to reduce the debts you have and hopefully stay put.

Take good care
Lynz

hi to you too lynz, thanks for the advice, i did actually speak to someone at CAB yesterday and she has made several useful suggestions and ive already made steps to cunsult further with people i pay my bills to. when i read of some peoples debts my own seem quite small, its just that since my hours of work were cut several months ago ive struggled and its the utility bills that have mounted up, i dont want to sell this house but to be honest the thought of finally being mortgage free and moving to a smaller place thats cheaper overall to run is very tempting and once i had managed to succeed in getting full time hrs in another job again it would be better still as i could afford to simply goon holiday at times or even just be able to go out for an evening etc, i just feel that its pointless having this place if all my money is wound up in it.