Can anyone offer any advice? Need to buy before we have sold.

Miss_K1666

Hi

Our house is up for sale but isn’t selling in this slow market and I don’t think the announcement of the general election is going to help that.

We don’t have a mortgage on the property; it’s for sale for £725k just outside Windsor Berks.

We have to move as our daughter has been offered a place at a school in Gloucestershire so we can’t wait for the house to sell as we have a deadline of August.

We can raise a mortgage on the current property to allow us to find somewhere to live in the vicinity of the school but how do we deal with the 2nd home issue. We don’t want 2 houses and we aren’t planning on keeping the first house; it’s up for sale.

Any advice greatly appreciated.

Thanks, Karen

AnotherJoe

Reduce the price

No reason you can't rent in the meantime.

pinkshoes

Take up a 6 month rental contract and then wait until the other house sells before buying again.

Why not just lower the price to get a quicker sale?

G_M

Provided you sell your main residence within 3 years of buying a new main residence, you'll be able to reclaim the additional SDLT (chargeable on 2nd property).

Davesnave

Demand in the Windsor area is always high, so you are simply not offering the value required for a quick sale, but as GM says, provided you sell within 3 years, the second home SDLT isn't an issue.

Riggyman

We have to move as our daughter has been offered a place at a school in Gloucestershire

Or don't move and your daughter attends a different School?

Tiners

It's only a ''slow market'' for over priced houses, anything on at a sensible and realistic price is having no trouble selling from what I can see.

Miss_K1666

Davesnave wrote: »

Demand in the Windsor area is always high, so you are simply not offering the value required for a quick sale, but as GM says, provided you sell within 3 years, the second home SDLT isn't an issue.

In Windsor itself the market is more buoyant but our house is semi rural. It's already priced to sell but given that we've got three years to sell it that helps.

Don't want to rent it out as people just don't look after houses and currently it's very well presented and not moving isn't an option.. the school offer is a great one.

Thanks for the advice everyone.

Clutterfree

Why don't you rent in Gloucestershire until your Windsor home sells?

kazwookie

1. reduce the price
2. select another school for your child
3. can your child go to the new school but board in or stay with relations locally to the new school
4. rent near the new school

Miss_K1666

We've been looking to rent but the rental market is very different in Gloucestershire. There's a big gap between big country houses and the cheaper end of the market.

Another school isn't an option... We are very pleased about the one that has been offered.

The house is priced to sell but it is quite rural.

And it appears we have three years to sell it based on the advice above so that's great.

This is a life change for us... We are in our early 50,s and looking forward to getting away from the noise and pace of life and our daughter has done well to get this offer and deserves her place.

Thanks again for the advice.