Eating the elephant

SueP19

Are they living rent free???

Seanymph

Not free - but they pay 50% of what they would pay if they rented it privately - it doesn't cover the mortgage we took out in order to retain the property when we bought in France.

SueP19

Maybe suggest they pay the mortgage amount you need or dare I suggest a little more, that way you get to keep the house (increasing asset) and it doesn't cost you

Just say to them you can't do both mortgages now you are getting "older"

If selling to them is unpopular then this is a way forward, at least you won't feel mean and to be honest that's very fair

If they still don't like it then............let them buy their own house, they should have a nice bit saved only paying 50% rent for 5 years :cool:

Seanymph

Thank you

It isn't really increasing - not in a good area for that, and of course, they have saved nothing - had nice holidays though....

Seanymph

Hah, well I take that back - it had increased!

So, they have been told they have to cover the mortgage, and we will be selling in three years regardless.

OH has agreed to work 7 days a week three months a year so we can not work the rest.

We will buy a campervan from the sale of his house, rent mine out - work a bit, FIT payments, some savings - and we are offski.

Currently, with three kids at home (and I use the term loosely) we can't rent out our home, and go - so, they have been told they have four years to organise themselves, and we will rent that one out.

Mortgage is now down to under £61k I think - oh it's looking good.

Oh, and the credit card is paid off, and vegas in six weeks.

Today is a good day.

Seanymph

£61,872.98

The Step son and his fiancee have put a deposit on a plot on a new build project. They should be moved by the end of the year - and then the house can go on the market. It weighed in at £190,000 rather than £160,000 - so that was a nice surprise!

Unfortunately we have been motorhome shopping already and chosen our favourite. The months will be going slowly now.

Seanymph

£61,495.59

We have just returned from Las Vegas, and are now getting on with it! Saturday we have four estate agents coming to view the house and we are looking to get it on the market straight away.

Which then leaves me in a pickle over money.

If it sells at 190, we have around 125 left. The camper van is 80 give or take - but we have to have an income!

We also have to have a house to live in for three years, and can't kick out the kids quite yet.

So, I am in a quandry as to what to do first - the 125 COULD be invested into the long term property, which could be rented out in the meantime, but then I will have to have another mortgage probably.

I don't really want to put it into the bank, a) I'll probably start spending it and b) it will lose value.

What a nice problem to be having.

Seanymph

Well having the house valued by estate agents was interesting. We have instructed one, it goes on at £240,000.

We spent last weekend tidying it up, are doing the same this weekend, signing the paperwork saturday, handing over the keys and hopefully the next we hear will be an offer.

I have an interview tomorrow. It's for a proper job. To be honest I'm flying a kite, I don't think I'll get it at all - but if I did, then retirement is not an option for more years than it is now. Not because it's less money - it's a LOT more, but because it's not fair to swap and only offer three years.

Mortgage just over £61,000.

Happy days.

Seanymph

Well only two viewings at the beginning, one didn't like the area, one didn't like the idea of doing any work on the house.

We dropped the price to £225k

And someone viewed this morning - I'm trying not to keep spending the money in my head, but I'm finding it difficult!

Seanymph

And we've accepted an offer! 210, but we are ok with that.

So we will hit mortgage free in one move.

Not sure what the penalty will be from the mortgage company mind you.

And absolutely no idea what to do with the money.

In other new all credit cards paid, roof paid, and zero debt.