Cosy blanket

longway2go

Thanks MF, just needed to rant I think, 1 step forward, 2 steps back but at least we had taken the steps forward I guess. 
I must say I am thinking it may be time to sell the property as we Have about 70k equity in it but then this will be eaten away with tax so in a but of a pcikle really. The plan was always to keep it as part of the long term pension planning but with taxes changing I don't know if I would be better off to get out now. I can only OP the mortgage by 10% each year for the next 4 years so couldn't just put that money towards our mortgage.. Maybe just a negative day because of the situation. 

MovingForwards

You can sell and do O/Ps, or pension or savings or a mix of all of it.
Perhaps use the 10% each year for O/Ps and filter the rest into various regular savers, then as each matures that can be your next 10% and the remainder filtered into new regular savers or dump it into PBs.

Maybe see how you feel in a month or so, when it's settled a little in your head and you've started to get quotes.

longway2go

Thanks MF, I think you are right... Give it time. 

longway2go

I feel like things are unravelling and not stopping, my poor blanket, really not a nice image tbh. We have got a bit more information about the house from a very trusted source. We need to do some work (to the tune of around 5k 
)... My current EF  and then try to sell it. We need to give the tennant 6 months notice and I feel horrible as they have been there for years. The work really needs doing but can't be done with the Tennant present as talking about ripping bathroom floors up etc. So it's a mess and going to be a difficult period. 
Once it's finally done and dusted we wont have the worry of it and will be able to release some funds but right now that seems like a massive way off. 

MovingForwards

Your blanket has had a few wrong stitches and will be repaired again. Please don't get disheartened, you will come out the otherside in a better position.
Do you think the tenant may consider buying the property, warts and all? It would be worth a chat with them, if they are working. Perhaps a slightly lower price than its value could tempt them.

longway2go

Thanks lovely, 
I know for certain the Tennant couldn't buy the property unfortunately, we have kept the rent very low for him due to god circumstances
 Even if he could buy I don't feel he would be in a position to pick up the cost of the work.
Thank you for your support, I do appreciate it. Just feel I need to get it out.. 

Irenadler

That's such a shame LW2G for you and your tenant. The only consolation I can see, is that you have that EF so thankfully you can afford to get the work done. Think how you would feel without it....? Hope you can shop around and get the best deals for it, maybe you can squeak it out for less? 

longway2go

Thank you, you make a very valid point about how I would feel without the EF, pretty terrified!! I am so glad I started saving my EF when I did. We will put the roof off for now and focus all funds on the other house. My work bonus has gone into the pot and potentially some more when oh is paid. Its split over 2 accounts but will become 1 once I have met account opening conditions. In total I now have 5338, which will increase to 5738 and will aim to push that to 5800 in January. I'm not sure if I should continue to colour my blanket as know it will be unravelling. I am tonight going to be grateful that I have this money set aside and I'm not starting from scratch or borrowing (atm).
In relation to costs of work my dad knows someone he trusts to do a good job and not overcharge so feel quite comfortable with choosing that person... She says 

MovingForwards

Start a new blanket once the repairs are done, this one will be even better. I started a new savings spreadsheet after moving, as I didn't want the reminder about how much money I did have until the purchase went through.

Personal trades recommendations are a good thing to have.

longway2go

That is a late night reply MF, I hope you are OK and sleeping now.