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Advice regarding buying/selling & mortgage
freeman3030
Posts: 213 Forumite
Hi,
I'm sorry if I've posted this in the wrong section, were in a bit of a pickle. Two years ago, my partner and I bought our 2 bed flat. We love it, it's great! We sort of set a goal of 5 years to sell and buy a house as neither of us really wanted a share of freehold but we could only really afford a flat at the time. Anyway, our 2 year fix is at an end and were remortgaging to a different lender with a 5 year fixed rate and a mortgage we can port when we decide to sell and buy a house.
We had the valuation and it came back that we've got Japanese knotweed and we cant proceed until we get it treated with a minimum 5 year guarantee. Typical this would happen just before our 2 week holiday (which were now currently on). Fortunately we've managed to sort out a company and the directors of the building are sorting it out while we're away and keeping us in the loop.
Anyway, since we've been away it's really made us want to sell up and get out because if we leave it another couple of years, there's only going to be 3 years left on the JK guarantee which might make it harder to sell.
We were surprised when we had our valuation as if it sold for what he valued it at we'd have a good 40-45k for the next property, considering we only put in £8,350 two years ago, were quids in! Obviously I understand we might not get full asking price which will affect our actual equity.
So now we're thinking of moving, do we sort our new mortgage with natwest and then look to move or put the remortgage on hold and stay on the variable with nationwide while we sell. We could sell our flat and move back in with my parents so there's no time pressure on us selling and having to take less to keep a sale as well as allowing us time to buy a house we really want rather than feeling forced to rush and buy one. What would the pitfalls be, Selling, Moving into parents. Buy new property and look for most competitive mortgage then? I suppose if we took a 5 year fox with natwest, we would then have to buy & sell at the same time otherwise encur early repayment charges etc. I feel all in a muddle! Please offer some advice!!
I'm sorry if I've posted this in the wrong section, were in a bit of a pickle. Two years ago, my partner and I bought our 2 bed flat. We love it, it's great! We sort of set a goal of 5 years to sell and buy a house as neither of us really wanted a share of freehold but we could only really afford a flat at the time. Anyway, our 2 year fix is at an end and were remortgaging to a different lender with a 5 year fixed rate and a mortgage we can port when we decide to sell and buy a house.
We had the valuation and it came back that we've got Japanese knotweed and we cant proceed until we get it treated with a minimum 5 year guarantee. Typical this would happen just before our 2 week holiday (which were now currently on). Fortunately we've managed to sort out a company and the directors of the building are sorting it out while we're away and keeping us in the loop.
Anyway, since we've been away it's really made us want to sell up and get out because if we leave it another couple of years, there's only going to be 3 years left on the JK guarantee which might make it harder to sell.
We were surprised when we had our valuation as if it sold for what he valued it at we'd have a good 40-45k for the next property, considering we only put in £8,350 two years ago, were quids in! Obviously I understand we might not get full asking price which will affect our actual equity.
So now we're thinking of moving, do we sort our new mortgage with natwest and then look to move or put the remortgage on hold and stay on the variable with nationwide while we sell. We could sell our flat and move back in with my parents so there's no time pressure on us selling and having to take less to keep a sale as well as allowing us time to buy a house we really want rather than feeling forced to rush and buy one. What would the pitfalls be, Selling, Moving into parents. Buy new property and look for most competitive mortgage then? I suppose if we took a 5 year fox with natwest, we would then have to buy & sell at the same time otherwise encur early repayment charges etc. I feel all in a muddle! Please offer some advice!!
0
Comments
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Stop the remortgage if you're thinking of selling. If you remortgage and then want to sell you'll have to pay an early repayment charge if a different lender has a better rate, or if you can't complete both sale and purchase at the same time, or you don't meet the lender criteria anymore.0
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I thought that would be the case, Thabks for the info0
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