Dilema sale house or not? Partner split

DiscoD_3

I am splitting with my partner and I am really worried that the housing market will now drop. We both want to keep the house as it's in a nice area of Surrey.
Do you suggest I take the payout and wait for 6-12months to buy something else as I'm not sure I can keep the house on my own I just don't want to get off the property market and not be able to get back on again.
I will have about £48,000 from the house if I leave now? I am really confused. I have just signed up to the forum so thought I'd see what advice I can get.

Nenen

Sorry to hear of your troubles. I'm no expert but I would hazard a guess it depends upon your financial circumstances. Do you need to buy your ex out? Can you afford to do this and still take the mortgage on just your salary? What sort of multiple of income would it be? You could take in lodgers... there are allowances to earn so much from renting rooms in your own residence so that you don't start paying tax until you earn more than a certain amount (I think its round about £4,000 per year).
Good luck

Vickicb

I'm in a similar situation, going to sell up and move into rented to, hopefully, ensure a quicker and more straightfoward sale than if we were in long chain. Going to look to buy next summer, dependent on what the market is doing. I guess it depends how attached you are to your house - I'm not really and would prefer a fresh start. Good luck!

epz_2

very few people are predicting substantial houseing market growth though i bet it depends upon the area, if you are beeing offered best part of 50k it shouldnt be to much of a problem to hang fire 6 months and see how much poo really does hit the fan, im guessing a LOT.

DiscoD_3

Thanks for your replies I am accepting the payout atleast I don't have to go through the sale and I am relocating to The South West where properties are still alot cheaper. I used to live here and I have decided to start a new beginning.
I think reading the forums it will be best to settle with my family for 6 months, save a bit more(work is not effected too much) and hope the prices go down so that I can have a house in the West Country without too much mortgage