Quit everything , and start again over 50?

Karonher

Good luck with the viewings. If you like one there is no reason why you cannot offer a little lower - especially the already lower priced one.

Teacher2

another casualty, you have had a pretty bad time lately with your mother dying, the difficulties in sharing your flat with your brother, the onset of your illness, the problems with colleagues at work and your debts. In fact, your mother's demise is so recent you are probably still in a degree of shock and are certainly in the first stages of grievng.

This is not the time to be making big lifetime decisions although it is certainly a good idea to take stock as you are doing.

I agree with others who counsel against selling. There are so many apparent negatives in your life at the moment that you possibly cannot see the wood for the trees and that you actually have one big asset which others would 'die for'. A nice maisonette in Twickenham with £300,000 equity is a benefit which others sacrifice for years to obtain (and some never get there). It would be a species of madness to sell it and then rent as you would very likely never be in a position to buy something simlar in London in your life again, especially with an income in the low £20,000s. On that salary you would be offered a mortgage of, at most, £100,000.

That said, you could relocate to Poole if you like the area or perhaps move to a nice area further out of West London where you might well be able to buy something outright for £300,000. Have a look at Uxbridge, Hillingdon, Ruislip, Slough or Langley but remember that you would have to pay transport costs to work and so factor that into your calculations.

Another course of action might be to do nothing for a while until you have regained your equilibrium. Make a Statement of Accounts and assess your incomings and outgoings. Use the Martin Lewis 'Debt Free Wannabe' thread for advice and start to pay down your debts.

Don't despair though. You are not alone. It is easy to look at others and imagine they are more successful or happy than you are and, actually, many are struggling and just about coping. Also, many people are happy to help. Look at all the useful and friendly advice you have been given on this thread so far. Others will support you and keep up your spirits. Keep communicating on the Martin Lewis threads and you will not feel alone.

Good luck whatever you decide to do.

harz99

AC, IMHO don't offer a "little" lower, start with 15% below and negotiate.


However that's jumping the gun until your sale is a bit further along with contracts exchanged.


Until then just concentrate on viewing a selection of properties, looking at the areas, noting which agents have most signs up in each area (particulary sold signs), and avoiding anywhere that has the hallmarks of student accommodation or HMOs.

another_casualty

Thanks folks:)
Thanks teacher, for your kind thoughts
Teacher( the rest of the people would've heard these next words before):
I cannot afford to live in twickenham on my salary .
I'm spoiled there ( or was).
To have a complete lifestyle change seems the only way.
I'm too unfit to be doing a busier job . In a few months time that shouldn't be the case ( immediate gym membership etc)
I know I cannot afford London if I leave .
But if the only jobs are in the city then I don't want to be there anymore.
Busy now
Finish later:)

harz99

Teacher2 wrote: »

This is not the time to be making big lifetime decisions although it is certainly a good idea to take stock as you are doing.

I agree with others who counsel against selling.


It would be a species of madness to sell it and then rent as you would very likely never be in a position to buy something simlar in London in your life again.

Another course of action might be to do nothing for a while until you have regained your equilibrium.


Good luck whatever you decide to do.

Teacher2, my apologies for snipping your post, but I really can't understand why you are trying to divert AC away from what the rest of us have been trying to gently assist him to achieve for several months, and, as far as I can see, in your first post in this 10 month old thread?


I also don't see many , if any, others counselling against selling?


As to renting, AC was being advised for very sound reasons, to rent short term in Poole, whilst he sorted out the area and his next property away from London where he no longer wishes to work.

terill

Speak to a good Financial advisor first; remortgage your property to a good 60% LTV rate interest only. Rent it out (prob best if via a management company/estate agent).This should give you an income after all expenses of around £12000 a year plus around £150,000 after fees etc. Pay off debts which are high percentage from the £150k but not if they are interest free. You should then have a decent amount to invest and to have an adventure with for a few years. Use the equity in your flat to change your life. I did and have never looked back x

harz99

terill wrote: »

Speak to a good Financial advisor first; remortgage your property to a good 60% LTV rate interest only. Rent it out (prob best if via a management company/estate agent).This should give you an income after all expenses of around £12000 a year plus around £150,000 after fees etc. Pay off debts which are high percentage from the £150k but not if they are interest free. You should then have a decent amount to invest and to have an adventure with for a few years. Use the equity in your flat to change your life. I did and have never looked back x

No, not a good idea to become a Landlord in AC's situation.


Neither is it a good idea for him to have nowhere to live, unless your advocating he rents long term, in which case he will not have £12k income to live on.


Have you read the whole thread, or are you just reacting to the past few posts?

another_casualty

Thanks terril/ thanks again harz
My god ,10 month old thread ? Thanks for persevering .
So , Spring in my step . Westbourne here I come

another_casualty

Okay..if all goes well , I will be viewing 4 properties in Westbourne seeing 2 estate agents .
Wil buy maps , and probably distress flares .
Won't buy the panic alarm just yet .:)

Karonher

This is not the time to be making big lifetime decisions although it is certainly a good idea to take stock as you are doing.

What makes you think this is not a good time? Health, a dislike of job and finances are making the decision. There is a wonderful opportunity to have the life they want and you are suggesting against it.

I agree with others who counsel against selling.

I have not seen anyone else against selling


It would be a species of madness to sell it and then rent as you would very likely never be in a position to buy something simlar in London in your life again.


There is life outside London - OP knows Poole and is doing the sensible thing renting until they find the right area - providing they don't find a house they love in the next few weeks.

I have snipped a little more.