We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Unsure when to go on the market
Radleyrm
Posts: 3 Newbie
Hello everyone,
First post on here with my little dilemma.
I currently own a property which I let out and I live in a rental property. I want to buy a house in the village I rent in so need to sell the other property.
My question is regarding timing.
My tenant is on a rolling tenancy currently. My tenancy (for where i live) is a fixed term until March 2018. I have seen a house I like for sale and it is rare that houses in this area are offered for sale within my price band.
I am concerned if I go up for sale too early (as I'm in a fixed tenancy until march) that my current tenant will leave the property and I will have a mortgage and rent to pay. However if I leave too late the house I like may sell. Just to complicate things I have a fixed rate mortgage that has high early repayment charges if I don't buy another property within 6 months of selling.
So if I go on market now and my tenant leaves after a month I will have to pay mortgage and rent until March. But if I wait and put on market maybe towards the end of the year and the house I like sells before then I maybe stuck with nothing to buy and end up paying the early repayment. Its hard to predict the future haha.
I hope I have made this clear, what would you do? Any advice greatly appreciated!
First post on here with my little dilemma.
I currently own a property which I let out and I live in a rental property. I want to buy a house in the village I rent in so need to sell the other property.
My question is regarding timing.
My tenant is on a rolling tenancy currently. My tenancy (for where i live) is a fixed term until March 2018. I have seen a house I like for sale and it is rare that houses in this area are offered for sale within my price band.
I am concerned if I go up for sale too early (as I'm in a fixed tenancy until march) that my current tenant will leave the property and I will have a mortgage and rent to pay. However if I leave too late the house I like may sell. Just to complicate things I have a fixed rate mortgage that has high early repayment charges if I don't buy another property within 6 months of selling.
So if I go on market now and my tenant leaves after a month I will have to pay mortgage and rent until March. But if I wait and put on market maybe towards the end of the year and the house I like sells before then I maybe stuck with nothing to buy and end up paying the early repayment. Its hard to predict the future haha.
I hope I have made this clear, what would you do? Any advice greatly appreciated!
0
Comments
-
It might take 3-4 months to complete. If houses rarely come up, you should go for it now.0
-
When does your fixed rate product term end?0
-
4 years until the fixed rate ends.0
-
What's the ERC that you would have to pay?0
-
Approximately £35000
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards