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

Out,_Vile_Jelly

I am approaching a similar situation (many complicating factors though). I would expect to list both, move out of the one that sells first, and market the second one competitively to shift it quickly. Yes there will be hassle, stress, storage costs and cramped sharing.

It can't be an uncommon situation- might be worth talking to a broker about mortgage options going forward. I would personally not want 25+ years remaining at your age.

Dentone

To the above poster, what you said Is what I meant but May have worded it badly!

The housing market round here (seaside Yorkshire) moves really quick, we've seen 3/4 properties we like and they've all sold on the same day, usually as I'm about to pick up the phone to book a viewing. Guess we have to be poised and ready when we buy this time!

getmore4less

Summary
M 37 and F 32 can go for a long term 30y mortgage to keep cash flow lower.

Bungalow valued at £107500 with £49k outstanding £57k equity
maisonettes valued at £85k with £39k outstanding £45k equity

Looking to buy 3/4 bed £125K-180k

Household income £33200

I would dress the maisonette for sale as that is the harder sell on price and time even consider only living there part time(easier to keep smart).

once that is under offer you can potentially buy at the lower end of your budget with the cash that releases and take the risk on the bungalow timing if that gets close you should be able to time something at the higher end as well.


if looking for a doer-upper you need to keep back some cash anyway so having the larger mortgage on the new place won't be that big an issue just stick with 2 year fixes and see how much you have left after the refurb.


the other way will work sell the bungalow more cahs but a higher risk the maisonette sits there.


Thinking about it if you go real fixer upper having a spare place for a while might be a sensible option.

Diz_LFC

We were in the same situation last summer (still looking). Both owned houses, both mortgaged and thought one would sell quicker as more desirable location. We put both on at the same time and which ever sold first we would move into the other until the other sold and put extra stuff in storage. Turns out the less desirable one sold first (for asking price) and we now live together in mine while we search.

Where are you both living now? In one or across the two?
We lived in the one closest to work during the week and stayed at the other as and when we needed.

Have a clear out. Anything you have 2 of, or don't need any longer, sell or give to friends/family/charity or throw. Be ruthless! Look at what you have that you will replace once you find your new place: beds/mattresses, dining table, chairs, sofas, etc. If you know which one you'll keep then sell/donate/throw the other once one property has sold and move the one you keep into the house still to be sold. If you.are going to replace anything when you move then just sell/donate/throw either now or as one property sells. No point storing something you will replace anyway and minimises the cost of storage by getting as small a storage unit as possible.
It may get cramped but will be worth it in the end!

If you need to move fast on a property you will be in a better position if you have buyers/sold one or both. If you can show you are ready to go then you will be in a great buying position as opposed to other buyers who still need to sell or market their properties. The further on you are the better. If you can persuade one of you buyers (maybe the more desirable property) to wait for you to find a property then great.
Though don't leave them waiting too long!

With the mortgages I'm still paying mine and we share the bills. Allows us to save more money quickly for a bigger deposit. We didn't go joint as didn't see the point for short term and would overly complicate things. We want to get a joint Nationwide and mine isn't. My wifes mortgage was Nationwide and we can still get the preferential rates via her custom for I think 12 months after she has paid it off (according to Nationwide customer services, though check this first).
Not sure how the mortgage company will see it if you have a joint mortgage, but only one on the deeds. Wouldn't add the other to the deeds though as think that may incur stamp duty, but don't know that for sure. You will need to check all that also.

Hope this helps and good luck.