Advice needed

Norfolk_Poppy

I don't know if this is the right sub forum so please let me know where I should head if I've got it wrong.

I'd really like some help and advice please.


I have had a bad few years, cancer, heart attack, road accident, both parents ill and then passed on. Through all that I kept up with most of my bills but fell behind with one which ruined my credit rating.


I own my own house. Similar houses in my road are going for £250 - £280K, Because mine is run down and needs a fair amount of work I've been told that I might get £185 - £200K for it. It would make a huge difference to me that amount of money as I have debts to pay off now I am at retirement age. I would like to move to a smaller place and not worry about the state of my house.


I have asked my old mortgage provider for re mortgage on house so that I can afford to get it fixed and then sell but they said no. Does anyone have any good ideas or know anything about this? I don't want to get involved with loan sharks and only want the small loan (say £12k) for the shortest time possible.


Anybody got any useful information?


Thanks

DCFC79

A bridging loan is what has been suggested, ask your mortgage provider if they provide them.

Norfolk_Poppy

DCFC79 wrote: »

A bridging loan is what has been suggested, ask your mortgage provider if they provide them.

Thank you for your reply.

As they have already turned me down for remortgage are they likely to offer bridging facilities, especially as I now have bad credit record.

27col

Sell the house for what you can get. There are always people looking for a "doing-up" project.
It sounds to me that the last thing that you need is more hassle in your life.

Stevie_Palimo

I would look at ways of raising the money here as a difference of between 50-95k extra for a small outlay to do the place up is a no brainer frankly.


Have you any good friends/family that may assist you ?

stagshorn

I spent £10-15K on doing up my home with all the mess and hassle that came with it, and by the time I'd finished the market prices had dropped so I still lost out. I would say cut and run, sell it as it is for an investor or developer to have the hassle of doing up. Get your money and then buy yourself a nice Shared Ownership apartment which will leave you a good amount of money to pay off debts and have a life. I did this 2 yrs ago, bought a flat in an over 55 complex (completely independent living) made loads of new friends and have never looked back, best thing I ever did. Something is only worth what someone is willing to pay so cut your losses and move on.

Norfolk_Poppy

Stevie_Palimo wrote: »

I would look at ways of raising the money here as a difference of between 50-95k extra for a small outlay to do the place up is a no brainer frankly.


Have you any good friends/family that may assist you ?

Yes, it's that difference that makes me want to do something. This is my only asset, I don't have a pension, whatever I can get now has to last me and having the hassle of getting workmen in for 2 or 3 weeks seems worth it.

No to friends and family though, I've asked the question and now on here as it seems to induce guilt when they can't or won't help - so I've stopped asking.

Norfolk_Poppy

stagshorn wrote: »

I spent £10-15K on doing up my home with all the mess and hassle that came with it, and by the time I'd finished the market prices had dropped so I still lost out. I would say cut and run, sell it as it is for an investor or developer to have the hassle of doing up. Get your money and then buy yourself a nice Shared Ownership apartment which will leave you a good amount of money to pay off debts and have a life. I did this 2 yrs ago, bought a flat in an over 55 complex (completely independent living) made loads of new friends and have never looked back, best thing I ever did. Something is only worth what someone is willing to pay so cut your losses and move on.

I'm glad it worked out well for you Stagshorn and thank you for your advice.

Herzlos

What does the £12k work get you and how much do the estate agents think it'll affect the value?

Can you do some of it to bring the value up some?

I'd get it cleaned up as much as you can and try and put it on the market at the top end (£200k) whilst doing it up as you can afford it. You can always put the asking price up when starting the next phase, or you might just get a buyer.

There will be plenty of people looking for a doer-upper, and you might end up pushing it out of the price range if you do all of the work up front.


You could, if you fancied being suitably cheeky, approach a quiet local workman and explain that you're doing the work to sell the house and see if you can strike a deal where you pay for materials up front, they do the work when they can fit it in, and you pay them on completion. You'll probably need to pay them above the going rate as it could be months delayed, but you might find someone who'd rather do that with their down time than sit at home waiting on a job.

NYM

Depending on the work that's required, have you thought about the Home Improvement renovation grant ?

Home Improvement Grants...

this link might give more info Home Improvement Grants..

It's just a thought...

Pixie5740

Is £12k the total cost of the work that needs doing or do you have savings to add to that? I ask because £12k of improvements to increase the value of a property by £50k sounds too good to be true since a lot of improvements don't actually increase the value of a property at all, never mind £50k.