In a total dilemma, please help

AWOL84

Hello everyone,

I have often used this site for some advice both on the main site and this forum and it’s clear that there are some very knowledgeable people on here which is great. I decided to stop being a lurker to sign up and ask for your help on my current predicament which is driving me up the wall, be prepared this is going to be a long post!

I am currently in a shared ownership property and have been since 2007. I had wanted to move out sooner than now but when I bought my flat in 2007 it was the height of the boom and it’s only in the last couple of years that I haven’t actually been in negative equity.

So what’s the problem?

Well I got the full asking price for my flat which was £155,000 and this meant the profit and with what I had saved meant I would have a £23,000(ish) deposit to play with when looking for a house. After missing out on two properties I was really keen on we found somewhere which was within our budget, we can get a mortgage combined with the deposit worth up to £200,000 and we had a £197,500 offer accepted for this property. My missus was more keen than me on this property, I liked it but wasn’t massively struck by it but was happy enough to proceed until we received the survey report which returned issues such as potential asbestos in numerous areas of the house plus roof damage and other niggly bits and pieces. The problems weren’t big enough for my lender to not lend me the full amount but the findings were enough to tip me over the edge after already having doubts.

The problem I now face is what to do. My current circumstances are pulling my brain one side to another, we have a baby due in December and I already have an 8 year old daughter from a previous relationship who I have weekends. I think I am positive now that I am going to pull out of buying the property so do I also pull out of the sale of my flat? My girlfriends parents have offered to put us up if we wanted to proceed with the sale which would of course enable us to save more money.

So I’m kinda stuck with what to do in todays current financial climate. Do I allow the sale of my flat to go through, move in with the in laws and save up more money so that we have a bigger deposit and I can purchase a property more to my liking but I run the risk of house prices soaring at a greater rate than what I can save, or do I stay in the flat and hope that I can obtain more equity/profit and move on further down the line?

Buying a house is a massive head!!!!. I am totally stressed out by it all.

Thanks for any help/guidance you can provide me.

GoldenShadow

How much space is at the in laws? I would be inclined to carry on selling the flat, move in with the in laws and keep looking to move out ASAP but not with this property.

sp9567

You are right, buying a property is a headache and can be very stressful.

It seems everyone wishing to buy a property is worried about buying at the right time. In my opinion it may be better if you stay in your flat and sell that later on down the line. House prices are going to go up but there should be no rush into making this decision as it is likely it would be the longest debt you have. Staying with in-laws sounds like it would be the cheapest option but also the most uncomfortable.

Eventually there will be a time where you could feel more comfortable about buying a house with a better deposit which will allow you to sleep easier knowing that you have not rushed the decision and found the right place to live in long term.