When should we list our house?

luis1988

Hello all

We have been in our new build for just over two years now but the time has come to sell up and move back towards friends and family (and London) as salaries are now a lot larger and affordability is much greater.

However, I have a promotion verbally agreed at my employment (massive multinational and I have seen the emails to confirm it will be going ahead) but I don't currently know what the figure will be. I do know that it will first show in my (end of) June payslip. I currently earn £40,000 with London allowance of £3,000 added and my gf earns £40,000. I have informed my manager that I will be expecting no less than £50,000 and he completely agreed with this so I am expecting in that region or more + London allowance. Essentially we need my new salary figure to afford the house we are interested in.

We went to see a property we absolutely love yesterday so my question is when would it make sense to list our current property? We are looking to port our current Santander mortgage but I was wondering if we would have to have one payslip to show the new salary or could this be obtained other ways (perhaps a written confirmation from my company)?

We also know the figure we need for our current property in order to get the house we want (we have H2B to pay back etc.) but there are absolutely no comparables in the area as no one else has sold one of these properties as yet.

Any advice would be greatly appreciated with regards to timelines etc. or what you think our best move would be.

Thanks!

AnotherJoe

I suggest you call Santander to see what they want. I know many lenders want three months of wage slips and I think you were perhaps a bit premature looking at new houses now,

Cakeguts

If it was new when you bought it you will get back a bit less than you paid. New houses have a premium because they are new. Once they become 2nd hand they sell for the same as any other 2nd hand house of the same size in the same area. When you do your comparables you need to compare your house to other houses of the same size in the same area.

No one will accept an offer on a house until you have at least put yours on the market.

luis1988

AnotherJoe wrote: »

I suggest you call Santander to see what they want. I know many lenders want three months of wage slips and I think you were perhaps a bit premature looking at new houses now,

I did check Santander criteria on Santander for Intermediaries and it seemed to suggest they only require 1 previous pay slip, but I will definitely call them tomorrow and make sure

luis1988

Cakeguts wrote: »

If it was new when you bought it you will get back a bit less than you paid. New houses have a premium because they are new. Once they become 2nd hand they sell for the same as any other 2nd hand house of the same size in the same area. When you do your comparables you need to compare your house to other houses of the same size in the same area.

No one will accept an offer on a house until you have at least put yours on the market.

It's certainly interesting. We had 3 separate valuations about a month or so ago now. All three came back at £320k+. The interesting part is the property was marketed at £327k when we bought it but we managed a deal of £279k so no idea where that leaves us. For context, one of the 2 beds on the same development (development is small with 26 houses) sold for £300k at the same time as ours so I feel we got a pretty good deal. I guess we won't know until we get any offers. Our location is quite sought after and there isn't really much on the market at any given time so I'm hoping that plays in our favour.

I guess we are wondering if we list ours and it has an accepted offer quickly, then that may cause issue if I have to wait until a payslip from June onwards?

AnotherJoe

Well in one respect thats an inbuilt 8 week delay, OTOH searches and all the usual faffing about could take 8 weeks so it might not make any difference. Also, if you list yours now, which i would if you are really keen on the house you saw, it could easily take say 4 weeks before you get an offer and who knows what the position of the buyer will be.

BTW cakeguts said

If it was new when you bought it you will get back a bit less than you paid

but thats obviously an overgeneralisation, if prices have been rising in your area since you bought yours will rise also, so you could easily get more than you paid just depends on the area.

Thrugelmir

If your require an increased salary to support the mortgage application. Then better to wait a few weeks and see what it is. You could receive an offer very quickly on your property. Leaving you unsure what your budget is. Delaying the whole process in any event.

luis1988

AnotherJoe wrote: »

Well in one respect thats an inbuilt 8 week delay, OTOH searches and all the usual faffing about could take 8 weeks so it might not make any difference. Also, if you list yours now, which i would if you are really keen on the house you saw, it could easily take say 4 weeks before you get an offer and who knows what the position of the buyer will be.

BTW cakeguts said but thats obviously an overgeneralisation, if prices have been rising in your area since you bought yours will rise also, so you could easily get more than you paid just depends on the area.

Thanks for the information, that certainly helps. Definitely interested and it seems the seller is happy to go into rented accommodation so not sure if that means they are in a hurry or not ha.

Was just looking through recent sales of 3 beds in the area and current listings and I'm still confident we can achieve £315+ at least. There are a couple of new build properties in the next village over being marketed at £350k with a similar layout. I guess the main downside is any first time buyers will opt for those with H2B but we shall see!

AnotherJoe

luis1988 wrote: »

Thanks for the information, that certainly helps. Definitely interested and it seems the seller is happy to go into rented accommodation so not sure if that means they are in a hurry or not ha.

Was just looking through recent sales of 3 beds in the area and current listings and I'm still confident we can achieve £315+ at least. There are a couple of new build properties in the next village over being marketed at £350k with a similar layout. I guess the main downside is any first time buyers will opt for those with H2B but we shall see!

If i had a penny for every post here that says that their vendor is happy to go into rented, and then reneges on that later down the line, I'd have at least £5.26