Quit everything , and start again over 50?

copperjar

Sounds like you are moving forward AC and are still positive. You will have doubts and wobbles (I'm currently also have "I sold too cheaply" regret!) but as long as you are following YOUR dreams and doing what YOU want, that's the main thing. If you want to buy over rent, then you can. If you want to buy a place with a small second bedroom and a wrap around balcony you can. If you fancy renting for a bit you can. It's all in your hands. Maybe ask your EA to have a word with your buyers about their expectations/hopes with move dates again. No pressure, just a chat. Then everyone is clear and you can make some decisions.

Good luck - you're doing great

lessonlearned

I too have concerns that you are in danger of over committing yourself.

You will have no income and yet you are looking at properties at the top end of your budget, with very high maintenance charges.

Sorry but I'm going to be very blunt.

What are you going to live on.......

Let us assume you get JSA or whatever it's called these days. It's a pittance and will not be enough to cover even your basic living expenses.

How long could you continue on JSA, three months, six months.......

Forgive me if I have misunderstood your figures and calculations but I don't think you can afford these high priced properties - at least not until you have your work situation under control.

I honestly think that if you plunge straight into buying a property at this price bracket without first securing work then you will be playing a very dangerous game. You risk falling into debt again.

I can understand that you want a nice flat in your favoured location but I honestly think you need to wait until you have found a job and you have straightened out your finances first.

You need to play the long game. You need to plan ahead. You need to think about how long it might take you to find work. You need to think about whether you will work full time or whether you will have to take part time work - either because of your health or because you cannot find full time work.

You need a sizeable cushion. You also need to think about funding your pension and saving for retirement. Yes you can always downsize when you retire but it's better to do so because you want to rather than it be a financial necessity.

I know I sound like an old worn out record but I would urge you to think very carefully before committing to such a high priced purchase at this stage.

In six months when you have rested a bit and regained your health and have found the right job then by all means buy a fancy schmanzy batchelor pad in the best part of town but for now hang onto your money.

Clear your debts, rent something decent but simple and then start your search properly.

Right now you are running around like a headless chicken. Stop, think what you are doing. There's nothing to be gained by panic buying but there is a lot to lose.

Take your time and do it right.

another_casualty

Thanks
I now feel numb , and wondering if I should pullout altogether .
Maybe the buyers may do that anyway.
I'm wondering that , I could lose everything whatever I do .
If I rent , then cannot find work then I am screwed .
What if the prices go up, and I cannot find anything decent to live in after initial 6 month rent period ?

Is this a bad idea after all ?

I was hoping to buy flat outright, and go temping after a few weeks .
The idea , was to temp/ go part time for the rest of my days .
I just don't know anymore

harz99

AC, you've already done the hard bits - identified your problems which are hated job/debts/health, you've identified the solution which is sell and move out of London to a cheaper/nicer locale and clear your debts, you've successfully found a FTB for your flat.


Now isn't the time to waiver, remember, onward and upward.


As to property going up in price, well yes it could, equally it could come down further, especially outside of hotspots like London. Nobody knows, and nobody will successfully second guess the future in just 6 months.


Rent, give yourself breathing space to jobhunt and research the local properties. You will have the whole rental period to make your mind up, when you then find a place you then have the time to decorate it and move in without rushing it.

gallygirl

another_casualty wrote: »

Thanks
I now feel numb , and wondering if I should pullout altogether .

And do what? Stay in your flat and continue in the same job for the next 20 years? Still overweight, still hating work and your commute and with no money?

Or continue with the sale, find a small 1 bed place to rent for six months in the area you want to live while you regroup physically and mentally and then find a job which suits you? Then, and only then, decide on exactly where and what you want to buy.

Yes, there are no guarantees. You may struggle to find suitable work. Your present company could go bust tomorrow (no matter how unlikely that may seem, at opposite ends of the spectrum Lehmann Brothers and Woolworths staff didn't see it coming).

If you do pull out, then what? Are you prepared to live your present life indefinitely? Do you think if you pull out and try again next year things will be 'easier' - that you'll find a buyer prepared to pay more who'll be willing to wait however long it takes for you to find the perfect property that will be chain free and you can complete when you choose? Life's not like that I'm afraid.

Selling a home and relocating is stressful. You're making it worse by being swayed all to easily be friends and estate agents. The advice you're getting on here is very consistent and from people who've been in similar positions to you. Please take the advice and reclaim your life.

another_casualty

Thanks Harz . I know it may not seem it , but I do listen to you all.
I can imagine , a virtual strangulation of sorts of yourself, LL , gally and smodlet to (name a few ) wring my neck until I see sense.

You are all correct in what you are saying .

Im hoping I'm not just living a pipe dream, which could crumble in a few weeks / months .

I will now heed the advice given, and rent for 6 months.
Everything I have( bar the TVs / music) will go in storage .
Whether I get a studio to a 2 bedroom flat, I will pay around £6,000 to get a nice place to stay for those six months.
I will buy either a new bed or mattress, join a gym and hope for the best .

another_casualty

gallygirl wrote: »

And do what? Stay in your flat and continue in the same job for the next 20 years? Still overweight, still hating work and your commute and with no money?

Or continue with the sale, find a small 1 bed place to rent for six months in the area you want to live while you regroup physically and mentally and then find a job which suits you? Then, and only then, decide on exactly where and what you want to buy.

Yes, there are no guarantees. You may struggle to find suitable work. Your present company could go bust tomorrow (no matter how unlikely that may seem, at opposite ends of the spectrum Lehmann Brothers and Woolworths staff didn't see it coming).

If you do pull out, then what? Are you prepared to live your present life indefinitely? Do you think if you pull out and try again next year things will be 'easier' - that you'll find a buyer prepared to pay more who'll be willing to wait however long it takes for you to find the perfect property that will be chain free and you can complete when you choose? Life's not like that I'm afraid.

Selling a home and relocating is stressful. You're making it worse by being swayed all to easily be friends and estate agents. The advice you're getting on here is very consistent and from people who've been in similar positions to you. Please take the advice and reclaim your life.

Thanks gally . You are right,:)
I just need to be calm I guess

harz99

AC, that's better. Now would also be a good time to start decluttering as well, less to put into store or move.


If you are storing, I'd be inclined to rent just a one bed to see if that will suffice when you come to buy, that would open up your options further and potentially reduce buying and ongoing costs.


One bed with a large lounge and sofa bed for occasional visitors could be the way forward long term.

another_casualty

Thanks Harz .
Because of my age ( though I felt so young in Westbourne )and trying to stay out of debt , I want to make my next move my last .
Hopefully by this time next year, I'd have found it.

It looks like I should be treating my exit from my present situation as fun initially, rather than what seems to be buying in desperation.
Whatever way I look at it, I need a change .

Debsnewbudget

Well done AC
You might also want to look at renting an unfurnished property if you are taking some of your furniture with you, rather than using storage.
Depends on costs of storage vs two removals I suppose.
And also how much furniture you are taking.

Just remember to keep breathing :rotfl:

P.s. If any of your friends talk about renting being dead money, then just think to yourself its actually MY LIFE money....... Its allowing you the time to get your life in order, leave the life you hate and start to put together the pieces of a life you can enjoy.
I am 57 and have just resigned from my job of 30 years to go self employed, so I am terrified, but came to the realisation that life is too short to carry on doing something you are not happy doing.