We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. 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!
Confused - Don't know what to do re selling
Options
rahti
Posts: 2 Newbie
Hello,
Asking a bit of a crystal ball question...
Myself and my partner own 50% of a shared ownership property. We are viewing properties and have had our mortgage in principle.
When it comes to selling ours, we have to pay to have a valuation with a person approved by our shared ownership company. This is only valid for 3 months then we have to pay again. There are also cost implications if we put on the market and also if we take it off (£500 fee)
However I know when we have been viewing to be in the best position we need to be on the market or sold. But with the uncertainty and very little coming onto the market in the areas we are looking at I don't want to sell and then be rushing to find a property or sell and then prices take off again. As we are trying to buy a house right at the bottom of the market when they do come on they tend to go pretty quickly.
I know what a similar property in the block is selling for which is 5K higher than I though we would get for ours and the figure we are working off. However their buyers mortgage company has valued it at 25K less and they have just hit problems selling. If this is the going rate we wouldn't have made any profit on our property in the past 4 years and we would be short on our next property.
To add to the complications we are now out of our fix and paying a lot of interest, but can't really refix as we want to move (but this impacts on what we are saving). We looked at tracker mortgages but they had a fee which we thought might be more than the interest if we move promptly but not if we are there for another 6 months plus.
So I don't know what to do, put on the market, wait, refix or not? Every month we are here we are paying more interest but we are also saving a little bit more towards the house so I just wondered what you would do in the current climate?
Thanks!
Asking a bit of a crystal ball question...
Myself and my partner own 50% of a shared ownership property. We are viewing properties and have had our mortgage in principle.
When it comes to selling ours, we have to pay to have a valuation with a person approved by our shared ownership company. This is only valid for 3 months then we have to pay again. There are also cost implications if we put on the market and also if we take it off (£500 fee)
However I know when we have been viewing to be in the best position we need to be on the market or sold. But with the uncertainty and very little coming onto the market in the areas we are looking at I don't want to sell and then be rushing to find a property or sell and then prices take off again. As we are trying to buy a house right at the bottom of the market when they do come on they tend to go pretty quickly.
I know what a similar property in the block is selling for which is 5K higher than I though we would get for ours and the figure we are working off. However their buyers mortgage company has valued it at 25K less and they have just hit problems selling. If this is the going rate we wouldn't have made any profit on our property in the past 4 years and we would be short on our next property.
To add to the complications we are now out of our fix and paying a lot of interest, but can't really refix as we want to move (but this impacts on what we are saving). We looked at tracker mortgages but they had a fee which we thought might be more than the interest if we move promptly but not if we are there for another 6 months plus.
So I don't know what to do, put on the market, wait, refix or not? Every month we are here we are paying more interest but we are also saving a little bit more towards the house so I just wondered what you would do in the current climate?
Thanks!
0
Comments
-
Sorry if this is the wrong forum I thought it might be better here than the buying selling one, due to the uncertainty of the market?0
-
Sorry if this is the wrong forum I thought it might be better here than the buying selling one, due to the uncertainty of the market?
I'd say you would be better off in the main buying/selling one as this forum is more political.
You need to decide what you want to do, don't let some short term costs cause you panic.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards