Selling a week after moving in

kevc1985

Hi,

My wife and I bought an extended 3 bed detached bungalow last week. Family circumstances meant my mother in law was going to come and live with us, things have changed and this isn’t happening anymore.

The houses is great, it needs a little modernisation which the cost was going to be shared. My wife and I want to start a family but this house is too big for us.

We have had a survey completed this week and a viewer although the house isn’t officially on the market yet.

I know some mortgage providers have a 6 month rule, would anyone be able to advise which lenders do not have an issue with this?

The solicitor said he deals with 6 month selling a few times a year and has just completed a sale which was bought in February.

We are so worried we are not eating or sleeping , we want to get a house that is more suited to our needs. We are prepared to take a loss on the house, we would just like to get things moving.

Any help would be appreciated.

Edi81

Three bedroom isn’t that large especially if you are planning to start a family.
I’d give it a few months before deciding on anything.

silvercar

Costs of moving, estate agents, legal fees, general hassle.

I would wait. Even if you shut off a room or two, you would be better off staying put. In time you may appreciate the extra room. Remember the estate agent would be delighted with a potential sale so quickly, so be biased.

kevc1985

Thank Edi81, the house would be too big for us, we definitely want to move and be settled by the end of the year. Still want a 3 bed in this area but a smaller one.

We had some companies round who do cash buys but we would lose around £40k.

kevc1985

Silvercar - that’s a good idea, we would prefer moving though however if there is an issue with someone’s mortgage provider lending then this is what we would do.

The estate agent said there was a lot of interest before we bought, it was on the market 1 day had 3 viewers and sold the next day. Some other EA have given us the confidence that it will sell quick but they would say that wouldn’t they.

I believe the house will go quick it’s just the mortgage part that could delay things

martindow

kevc1985 wrote: »

We had some companies round who do cash buys but we would lose around £40k.

From other threads, these companies quote a low price and then drop it even lower later in the process when you are relying on the sale going ahead. If you do decide to sell I would avoid these companies.


And another vote for giving it a while to see how you feel in a few weeks' time.

AnotherJoe

Can you explain how the house will be "too big ? In what retrospect?

Why not just not use one room which will be considerably cheaper than dropping probably £10k to move?
Once you have kids the last thing you'll be thinking is "wish I'd bought a smaller place"
And that money will come in handy for a whole buch of things

FreeBear

Edi81 wrote: »

Three bedroom isn’t that large especially if you are planning to start a family.
I’d give it a few months before deciding on anything.

Agreed. And if it is a case of needing a bit of extra cash, perhaps consider getting a lodger short term.

iammumtoone

The only reason I have heard of people wanting to move as a house is too big is due to the fact they can't afford it, this doesn't seem to be the case with you as you can afford to make a loss?


Therefore what are your real reasons? It must be more than the house.
size.


If I was a potential buyer and told of that reason plus I knew you were taking a loss I would run a mile as I would think there must be another major reason for this decision you are not disclosing.

pimento

iammumtoone wrote: »

Therefore what are your real reasons? It must be more than the house.
size.

I was about to ask the exact same question.

kevc1985

The house has been extended with 3 double bedrooms, it would have been ideal for the circumstances when we bought but too big for me and my wife, the room sizes are huge which we don’t need.

There is nothing wrong with the house, there have been 3 surveys carried out 1 by the previous owners, 2 by my lender when I applied for the mortgage, 3 myself for selling again.

The bills and redecorating was going to be split with us and mother in law as this isn’t happening anymore we would prefer to move to something smaller.