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How not to lose home of our dreams
Bee008
Posts: 13 Forumite
Me and my partner have found the perfect dream home. We were very fortunate that the sellers accepted an offer before my partners existing house has sold.
But sadly it hasn't had any offers, and the sellers of our new place are going to pull out if we can't secure a buyer before Christmas. We have four weeks- during the slowest-month in property sales- to shift this house!!
He doesn't live in the house (so it can be sold as no chain), we can afford to pay the mortgage on the new place and his existing property (until it sells). BUT we need to use £46,000 of the profit from the sale of his new house to go towards his half of the deposit of our new place. So we are relying on his house selling in order to secure our dream home.
Advice?? Any recommendations??
We don't have any relatives or friends we can borrow 46K from.
The mortgage offer we have in place for the new home doesn't accept bridging loans. (They sound scary from what I've read).
We have changed estate agents and are getting lots more viewings but still zero offers.
Very stressed
But sadly it hasn't had any offers, and the sellers of our new place are going to pull out if we can't secure a buyer before Christmas. We have four weeks- during the slowest-month in property sales- to shift this house!!
He doesn't live in the house (so it can be sold as no chain), we can afford to pay the mortgage on the new place and his existing property (until it sells). BUT we need to use £46,000 of the profit from the sale of his new house to go towards his half of the deposit of our new place. So we are relying on his house selling in order to secure our dream home.
Advice?? Any recommendations??
We don't have any relatives or friends we can borrow 46K from.
The mortgage offer we have in place for the new home doesn't accept bridging loans. (They sound scary from what I've read).
We have changed estate agents and are getting lots more viewings but still zero offers.
Very stressed
0
Comments
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Price the property to sell quickly.0
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If you drop the price enough it will sell. Or maybe go the auction route.0
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If you want it to a) sell quickly and b) sell quick in December of all months, you gotta knock that price down...0
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Remember 3% extra stamp duty on the new house while one of you still owns a property.I am not a cat (But my friend is)0
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Price has been dropped from a guide price of £325,000- £345,00 down to £315,000.
Don't think his ex wife would let it go to autction. It's taken a year for her to agree to put it on the market.0 -
The feedback is that people don't like the bathroom being downstairs whilst all the bedrooms up upstairs.
I understand this as I grew up in a property like this and it means not having the convenience of running to the loo in the middle of the night
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Price has been dropped from a guide price of £325,000- £345,00 down to £315,000.
Don't think his ex wife would let it go to autction. It's taken a year for her to agree to put it on the market.
Any chance the ex wife can buy him out?
What is the mortgage on it at present? Could you convert it to a BTL and raise the mortgage on it?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
In which case you're not highlighting this enough in the particulars and wasting peoples time/giving yourself false hopeThe feedback is that people don't like the bathroom being downstairs whilst all the bedrooms up upstairs.
I understand this as I grew up in a property like this and it means not having the convenience of running to the loo in the middle of the night
Given you're not going to install an upstairs bathroom in the time you have then it needs to be priced keenly enough to tempt someone who'll do the work. Is there a way of installing a bathroom without losing a bedroom ? If so then get the plans drawn up/costed to show potential buyers what could easily be achieved0 -
Any chance the ex wife can buy him out?
What is the mortgage on it at present? Could you convert it to a BTL and raise the mortgage on it?In which case you're not highlighting this enough in the particulars and wasting peoples time/giving yourself false hope
Given you're not going to install an upstairs bathroom in the time you have then it needs to be priced keenly enough to tempt someone who'll do the work. Is there a way of installing a bathroom without losing a bedroom ? If so then get the plans drawn up/costed to show potential buyers what could easily be achieved
The ex wife can't afford to buy him out, he's been paying the majority of the mortgage on it whilst she's been living in it.
Converting it to a BTL would mean he'd need to buy her out? I'm assuming this would be problematic because the divorce is all done and dusted with the financial arrangements already in place.
Downstairs bathroom is highlited on the key features, also listed at the TOP of the particulars, and shown in the floor plans. What else can one do?
The house would have to loose a bedroom to move the bathroom upstairs.
But I'm so grateful for the ideas! Thank you0
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