Is there any other option to move quickly?

gazfocus

The problem is, to get a buy-to-let mortgage, you are going to need at least 25% equity/deposit for the buy-to-let property. On top of that, you then need a deposit for your new house.

When applying for a buy-to-let mortgage, one of the requirements will be that the rent you can get will need to be at least 125% of the interest element of the buy-to-let mortgage so you would need to see what similar properties are renting for and do the calculations.

One option would be to ask your current mortgage lender for Consent To let, which most will give for a small admin fee (mine wanted £85). However, this won't solve the problem of you then needing to raise a deposit for your new house.

As getmore4less says, what is making you need to move?

RAS

kimmymjc wrote: »

Thanks Doogie72

Its very stressful and tough going with two young children, especially when we need to move quickly. I feel for you too, you must be very frustrated with it all too. I will contact the hospital today and see if they will allow me to put an advert up.

Why do you need to move quickly?

As this inevitably will reduce the amount you will get for the house.

And as for the photo, the Ea are employed by you and they do what you tell them. So tell them to sort out the marketing. That means photos of all the rooms, sorting the sequencing, and room sizes etc.

However, think you need to sort out the curb appeal first.

spender717

Only thing I can suggest is speaking to a mortgage broker, but not your estate agent one!

Speak to Ward and tell them what order you want the photos in and to maybe redo them. Also have the room sizes listed.

But tbh I reckon it is over priced.

yorkshire_terrier_owner

OK.

1. There is no way you will be able to sell quickly and achieve a high price. If you want a quick move, you need to be in a position to throw money at it, I.e. Take a low price.

2. As others have said, it is well known and well documented that in your price bracket you are unlikely to get more than £250k because of stamp duty.

When I wanted to move I was in a position that I wasn't going to achieve the price I wanted to make my move possible. I had to sit it out for a couple of years until I had saved enough for deposit of next house so that I could sell at less.

You haven't said why this move is so pressing, but I suspect you may be stuck for the time being. Sorry, as that's not what you want to hear.

AnnieO1234

Hi OP,

I've just taken a look as someone who doesn't know the area very well at all; your agents website lists what appear on the face of it to be much more desirable properties around the same price, and much less. I know this isn't that you want to hear.

There doesn't appear to be anything in the agents particulars about the hospital, nor why it would suit someone working there.

The property is very sterile, it is a show home but without being aspirational. I've said it many times on these boards but you need to dress your home.

My suggestions would be:

Fresh flowers in strategic settings.
Dining table set up for dining, with glasses and a centrepiece.
Le Creuset (or stoneware) on stove.
An open cook book, something again aspirational perhaps Michel Roux Jr's latest book?
Fresh fruit, maybe even a fresh loaf on the counter.
An aspirational vehicle on the driveway maybe?
The garden needs more life, just a few planters scattered around, maybe the type with a trellis. I know it's not the best time of year.
Candles and up market toiletries in bathroom (think The Sanctuary, Champneys all the brands!)
Luxurious towels, in white, maybe even a nice fluffy bathrobe either in bathroom or bedroom.

All these things dress the home, and are things you can take with you.

Just one further thing, there doesn't appear to be anywhere for a desk area? Am I right?

Hope you manage to get what you need.

Xxx

lincroft1710

kimmymjc wrote: »

Thanks All,

Some helpful some not. We have been guided by agents, we do not take the photo's nor do we choose how they are put online, I appreciate the constructive criticism although I cannot move the walls at the end of my garden.

We're perfectly aware you can't change the physical features and surroundings of your home. These points were made to suggest reasons why your home has had no offers other than the one which was £40K under the asking price. And this figure isn't probably that far from its current worth.

As I said previously, you're not going to get the price you need. If you want a quick sale there is selling by auction, but don't expect a good price. Renting the house out is a non starter as previous posters have explained.

Your only option would be to look in a cheaper area for somewhere which is more suitable for your needs.

bsms1147

J's Sales and Lettings have done a truly shocking job with the photos, but at least they include some of the bathrooms. I'd get both sets retaken properly, with all the rooms and with a wide-angle lens.

I know the houses on that road and would say that yours is a tad overpriced, especially with the SDLT threshold so close. Like you say it's a sought after area, and at the end of the day a correctly-priced house in a good location will sell easily.

Davesnave

bsms1147 wrote: »

J's Sales and Lettings have done a truly shocking job with the photos,.

They've done even worse when it comes to the map, placing the marker well north of the hospital, when the property is south of it. What's that, about a km out?

I wanted to view the property aerially, because IMO it's the physical situation of the house that's the greatest problem here, not photos. I had to Google the real location.

The garden is enclosed by tall buildings to the east, south and west. Being very blunt, that's just about the worst situation possible, with the living room's patio doors/decking missing any afternoon or evening sun. That's available at the front of the house, but there's no scope there to use it.

I know that outdoor space is at a premium with modern builds, but the one thing that cannot be changed is a house's physical aspect and this one's just isn't good. Here, I'd expect a substantially lower price against comparable houses without this issue, just as I would if it were sitting beside a busy main road or had power pylons directly outside.

Sorry, but it might make what others have said about SDLT a bit more palatable.

dancingfairy

It might help to know why you need to move quickly. Is it to relocate for work or do you need to be near elderly parents or is it for good schools or is the mortgage crippling you or is it personal reasons? People might be able to suggest ways around the problem if they knew what was the driving factor.
Decent marketing - ie photos and dressing the house will get you some more money, probably not much but may make it easier to sell. The problem is the house is worth what the house is worth (not necessarily related to what you paid/what you need to get back for it).
Depending on why you need to move quickly you might have to take a hit on the sale, possibly arranging a loan or other finance to make up any shortfall, or you might have to hang on and start saving/paying the mortgage down as fast as you can to get some equity in the property.
I would caution against renting the property out. If you do this then you will become a landlord with all the legal rights and responsibilities. It shouldn't be a problem but you do need to spend some time learning how to run things and you will need to factor in voids and money on repairs and there is always a chance you will get a bad tenant in.
One way of getting rid of the property quickly is to go to auction. You can set a reserve price as well. Auctions are normally when people want to avoid reposession or the property needs serious work so you might not get the best price for it, it depends how desperate you are.
I hope you find a solution that works for you.
df

TBagpuss

How long are locked in with your current agents, and have you spoken to any others. I'm not familiar with the area but have friends who used Wards and were not impressed at all!
I agree with previous posters that the photos aren't doing much for the house, and the prose in the description is positively painful, but i don't think those issues would put buyers off if they were seriously interested.

In terms of other options - for a buy to let mortgage you'd need to show that the net ren was going to be 125% of the mortgage payments - also that option would leave you with no access to the equity to fund a new purchase.