Get a grip woman!

Suffolk_lass

More discussions here...

Lots of research and checking. A few things to consider (emptying my head here)

Finance

• If we sell this house at the full market valuation, we would be £145k short of the purchase price, based on the price in the listing. Add EA fees, legal, moving, stamp duty to further take out of that. Allow £45k to cover these fees plus the most urgent works to be undertaken (check electrics, sweep chimney, replace leaking shower).
• We don't think it is worth the full asking price but it is in overall liveable condition, so we would need to have money reserves to be able to fund improvements; a CC might be the thing on a zero % transfer, to let us postpone payment as next March (2024) I get my SRP and November following, DH gets his 
• I am going to be 65 next month so my new mortgage options are going to be limited (DH receives less than half my pension, but is not 65 until November). Many lenders will no longer lend on a new mortgage once you are 65. On a waged person affordability calculator (using our pensions today) we could borrow enough to fund the £145k gap but the payments might have to be RIO (Retirement Interest Only) - the big drawback is that some of these mortgages have been designed to be equity release while leaving an inheritance so they are whole life or care home only redemption (in other words you can't pay it off in the normal way). We will almost certainly need a broker to help us (another fee). 
• On the positive side, the risk that we cannot pay is very low risk laid bare as we now have zero debt and our pensions are guaranteed until we die (and if that is in the next five years, we have a life insurance policy that pays out £250k on first death.
• We own 75% of our son's house
• I own 50% (each, with my sis) of my Mother's house, and Mum is 93 (and although she believes herself indestructible, others beg to differ)
• We have other assets in the form of cash and stocks based investments we can draw upon, and while happy to withdraw some of these to keep the cost of the mortgage lower, we don't want to dig too deeply into these. I reckon we would be £5-10k short if we redeemed everything
• It is "only" one CT group higher than this 
• It has been on the market for over a year

Emotional

• We love it, even though it is listed
• There is space and higher ceilings, although still beams
• Only one immediate neighbour
• Large outbuildings (a barn and a garage) so room for our "stuff"
• the house has an area that could be rented out to a lodger, or as a holiday let with potentially a separate entrance to a four room annexe
• the barn has an upstairs mezzanine that could be project/hobby space or if converted with PP, could be a holiday let or annexe
• Our house might not be easy to sell as so many people are anti-thatched property (we noticed that the local news reported on a thatched property fire last week - they never report on non-thatched house fires) - it sets out a risk in people's minds
• There are no rabbits (but like many places, there are mole hills)

Anyway, the EA is coming to measure rooms here on Thursday and than they test our place with potential buyers without them putting it on Rightmove.

I need to chat to the farmer and see if we can put some of the outside stuff in his barn for a few weeks/months

trix-a-belle

You can always put in an offer that you're happy with & is realistic (sounds like they're not being currently) and leave it on the table while you test the water with yours, you can always withdraw the offer/yours from sale if things don't line up.

I'm not sure what DSs financing is on his share of his house, not ideal with the rising base rate but could DS take out a mortgage on his place to buy you out of some of your percentage and allow you to raise capital on this potential purchase to avoid cashing in other things/a considerable mortgage. He seems to have more stability with his job & finances now otherwise I wouldn't suggest it.

peb

There are suitable mortgages out there, or there were.  I'm racking my brain trying to remember how long ago it was I last checked one (ordinary lender retired applicant).   There was a warning that the term would take the applicant to beyond retirement age but that was all.  Mind you I don't know what hoops had to be jumped through to get the offer on the table.  

Suffolk_lass

Thanks both, good suggestions and all are under consideration. I talked through a bit of it with the agent as they phoned yesterday morning to ask if he could come at 1pm as he had had a cancellation. So we signed a pay on completion sole agency contract with them and he said the fact our income is guaranteed means it should be OK. He definitely knows more about the circumstances of the target house, but I didn't press him. He is going to look at it  and give us a realistic valuation and say whether he thinks the offer should be now or later. If we hold off for a bit the price may reduce a little more. I suspect the market evaluation on ours won't receive a full asking price offer, even if it sells.

I would rather we keep DS and his house out of it for the time being. His spending habits (think tech-savvy teen) makes him an unlikely prospect for a mortgage to be accepted and he (we) own that house outright, having used the proceeds of our garden sale to buy it (and gift 25% for his 21st birthday). He has always paid towards bills but nothing more and his friends think he pays rent, as his housemate does. I have told him we might move and he asked the right questions, and he knows if we need to mortgage his place he has to be part of it.

We need to declutter and tidy up now... we may be some time

SusieT

You could try popping a post on the mortgage board to see what the possibilities would be, there are some very helpful brokers on there who answer, but MSE rules mean they are not allowed to contact you, so there will be no trying to sell you their services.

foxgloves

How exciting that you've seen a desirable house. Best of luck with whatever you decide to do for the best. Sometimes these things work out, sometimes they don't, but the most important thing, as always, is having all the figures & information worked out & at your fingertips. It's a bit of an odd time for moving house atm. I was reading a news article this morning about the market being slow & it's almost certainly because people are worried about general economic volatility & rising costs, as well as the widely covered fall in house prices. I suppose people are thinking that if they take a mortgage out on a property for xxxx then the value falls further, they are left paying a mortgage on that chunk of negative equity. The current economic situation is unhelpful for so many of the big financial decisions.
F

Watty1

ohhh exciting times.  I love a project, if only virtually:)

Suffolk_lass

Morning all! I am back on cat's litter tray duties today as DH had his third eye surgery yesterday. He had laser surgery to repair the retina. After two surgeries to reattach it there will have been imperfections, both from a lifetime of cycling and motorcycling (often without goggles in his youth) and from the 2 interventions to reattach the retina. My pirate husband and I got home just before 6pm and I made a quick tea of beans on toast and strawberry and rhubarb fool before the pain from the procedure and the anaesthetic wearing off took over and he took first paracetamol, then two of my codeine, and then to bed. I heard him get up at some point and he was apparently sick. So not just the queasy aftermath. His reaction gets worse each time. 

Meanwhile I spent a pleasant afternoon with my cousin, drinking tea, our dogs playing and chatting about houses. A quick dog walk too. There are 70 houses being built on agricultural land round the corner from him. He lives in a medium sized village with a pub, shop/PO and a community he knows. Remarkably the estate entrance is on a designated "quiet lane". His partner struggles with the dated nature of his 2 bedroom bungalow and yearns for a change. She has picked up a brochure for a three-bedroomed place. 

Our EA rang me while we were drinking tea, so I told cousin (like a brother, as we were brought up in the same house and there is only a month between us in age) about the house and swore him to secrecy. He can tell his partner but no-one else, as not even my Mum knows and I don't want his Mum telling mine or there will be fallout! We now have an appointment with the mortgage adviser for their (large) EA chain next Friday. No other house news yet

In money news, our outgoings this month are a bit less and we are expecting the Government moneys in two lots (£67 after our regular DD then £200 for being oil heating users). No CT helps of course

Have a good weekend everyone x

SusieT

I hope they do keep quiet about the house, an upset mother is not a good position to be in. 
I know you (and most people on here) will look elsewhere as well, but for people browsing, however hard they push it is always best not to commit to the broker that is related to or reccommended by the estate agent, and look at other deals and brokers that are available, rather than the one the agent will earn from - same as solicitors later!

Merlin's_Beard

Hope Mr Lass is feeling better soon.

You're lucky having family you can tell things to in confidence - the best way to get things out in mine is to tell my mum in confidence!