Two houses, two mortgages, how to sell and move to one new house?!

Dentone

Myself and my partner both own separate houses 10 miles apart. We have separate mortgages with separate lenders. We are both on variable as we are eager to sell up and buy one larger house for us to live in. This is proving a bit of a headache logistically and we would like some advice from anyone who had been in a similar position?

We both have 25+ years left on our existing mortgages, we have stable jobs and good credit. we bought our houses before we together and having had them valued we stand to make quite a profit hopefully from the sales. However we don't want to strand ourselves by selling one house, paying off that mortgage and that partner moving a whole life's worth of possessions into the other home for us not to sell the other house quickly, or waste money somehow by doing this?!

We were both single first time buyers when we bought our respective properties. My partners property is in a very desirable location, and the estate agent who valued it have said it will sell very quickly, whereas similar properties to mine take a few months. My maisonettes much larger than his bungalow and we would struggle to live in his bungalow with my possessions.

Any advice anyone? I feel like we're stuck and don't know anyone who has been in our situation!!

fed_up_and_stressed

I think logistically it would be nigh on impossible to co ordinate both sales going through together I think moving into one property and putting items into temporary storage would be the most sensible option.

easilydistracted

To be honest I'm kind of missing the problem. You need to sell both places to buy together. You also sound like you have loooooads of stuff. So you will need to thin down the amount you have. Fit all the stuff you can into one house and also a storage unit if you really need to keep loads. Get rid of the rest. Shift whichever house you can first. Then the other. Then buy. Or you could put both house loads in storage and keep minimal stuff in the house and try and sell them simultaneously, but that feels a little crazy!

Dentone

Thanks for the replys! We do have a lot of stuff (surfboard, bikes, 3 cars one that has to be garaged, large collections of musical instruments and computer games) so yes, storage with family/friends of some stuff is possible. We're most worried basically about my place not selling and any implications we may not have thought of before we see a mortgage broker. I have no idea if it's worth adding my partner to my mortgage as I have longer left (and I'm with nationwide who seem very fair with charges) but then Would we be able to borrow the excess we need for a bigger place based on my original mortgage??! *pulls hair out*

eddddy

Dentone wrote: »

I have no idea if it's worth adding my partner to my mortgage as I have longer left (and I'm with nationwide who seem very fair with charges) but then Would we be able to borrow the excess we need for a bigger place based on my original mortgage??! *pulls hair out*

I don't really understand what you're trying to do.

What's the benefit of adding your partner to your mortgage for a short period? (It would mean that you would have to make him a joint owner as well.)

Is it because you have a portable mortgage at a competitive rate, and you want to keep that rate?

If not, you just apply for a joint mortgage with your partner for however much you need (or can afford) in order to buy the new property. And you just pay back your current mortgage when you move.

Thrugelmir

Plan to move into your maisonette. Market his bungalow. Start the process of thinning your possessions in the meantime. Non essential items can be boxed up and move into secure storage if space is an issue.

I did something similar around 10 years ago. Not as bad as you'd imagine. Selling one property. Then the other makes sense.

getmore4less

What do the real numbers look like.

estimated value of both places to sell,
both mortgages and current terms.
cash to inject into the new property
incomes
ages

target price for the new place.

There are options depending on the numbers

How much space does the bungalow have in the garden.


I would also look at the rental potential of both properties, even if you prefer not to do down that route understand the basic finances of that option.

glasgowdan

I'd get them both on the market, get stuff into storage, sell one of the cars and then work around whatever happens sale-wise. Life's too short to dilly dally and waste time in situations you don't want to be in.

Market the slow seller at a competitive price, you can easily afford to do this.

martindow

You mention that the bungalow is in a desirable area. How about selling your maisonette and then extending the bungalow into the loft or increasing the footprint. Is there enough equity in your maisonette to do this?

Dentone

The bungalow doesn't have any scope to extend, it's a one bed one person property, most ofyhe in the village of this style are inhabited by little old ladies, or old couples. My oh got it cheap 7 years ago.

We're M 37 and F 32 both same salary employed by the council, bungalow valued at £107500 with £49k owed and maisonettes valued at £85k with £39k outstanding. We both have good credit, no dependants, and own cars outright. Looking to buy 3/4 bed £125K-180k preferably something a bit rundown we can do up (both ours were shells when we got them)

I think selling the bungalow is coming up top and getting a new mortgage as joint on the sale of mine and paying mine off looks the best route. Thanks for the input everyone!

Dentone

Household income £33200