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Over 50, relocating, mortgage and work!!

Options
I've got several issues so not sure if this is the right place to post - if anyone feels there would be a thread more relevant then please do let me know.  

My husband and I have a decision to make about a future and whilst we've discussed these matters over and over, and also with one or two of our peers, I would just like to put this out there for any other opinions as to whether we're doing the right thing!  My husband is not from the UK and whilst I absolutely trust his judgement, there may be things he (or I) are not considering, or aware of, that we should!  

So firstly:  hubby and I, both in our mid 50s now, have been renting a 2-bed maisonette with garden in London (£1200 pm) for the last 11 years.  We have a great landlord and it suits us fine.   We did enquire with our bank and some other organisations ten years ago that although we could have a mortgage, it wouldn't be enough to buy a property in London, so we continued to rent.  Now, looking to our retirement, we want to buy our own property for future stability dand for this we will have to move out of London.  My husband can get a transfer with his current job which is located in Birstall, West Yorkshire so we could live within say a 10 mile radius) and we've just come back from a short break up in the area, looking around etc.  I've been keeping an eye on properties on Zoopla and Right Move and feel that we could get a decent 2-3 bed semi with garden for about £150k.  We have  a mortgage in principle for £90k payable over 10 years (we won't be able to pay a mortgage when we retire so it has to be 10 years maximum), and we have a deposit of £90-100k.  So if we needed a mortgage for £50-60k, we could manage to pay this back in say 5-6 years.  Note:  this mortgage was offered a few months ago based on two of us working - me moving with my current job as I work from home.    

Secondly:  jobs - neither of us have well paid jobs - my husband found it very difficult able to re-enter his professional career, due to costs to retrain and his age when he came to the UK and so had to take what he could, and he's been with his current job 5 years now and with which he is able to transfer up north.  For myself, I'm a PA and have been working from home since Covid and there was a high chance of being able to move with my job and continue to work from home no matter the location however the company now has some reservations about this but they are not making any efforts to confirm their position.  In any case, I'm looking to resign due to issues within the organisation and the amount of stress and anxiety the job is causing.   We had initially thought we could get a mortgage quickly if I was able to move with my job however, due to my situation and not wanting to continue with the job, it would then mean relying solely on my husband's salary until I could get another job.  This would be very tight but should be ok without, hopefully, touching our savings.   We would have to rent until I could find another job - so maybe 6-12 months (or more) until we could then apply for a mortgage.  (If my current company does agree to me relocating with the job then my husband prefers I take this option just so that we can get a mortgage and then I can look for another job.. but I'm really not keen on this as my mental health with this job is simply suffering too much. )  So.. my concern is, if I do resign and we move into rented accommodation (which would be less than half we currently pay), how long it will take me to find another job (probably in Leeds) and I'm 55! and then how soon we could then apply for a mortgage!  Could take 1-2 years!

So the options are: 
a)  We stay in London paying rent - and I look for another job that's better paid, and then continue to save (fortunately we're able to save £5-6k per year including a good, independent holiday abroad), both have pensions etc.   Then when we are due to retire, we use what money we have to buy a small house up north, if that's still possible depending on house prices; or we rent up there... 
b)  We move up north with my husband's job; I resign and look for another job, managing with one salary, rent until I get a job, and once secure, then look for a mortgage.
c)  My company agrees I can move with my job, we go into rented, look for a house and get a mortgage; but I'm tied to that job until I get another one which causes huge anxiety.

We don't have time on our side for any aspect.  Risk of me not being able to get another job either up there or down here.

(My husband has his family home abroad he's in the process of getting ready to sell - the proceeds of which he would have to split with his siblings however due to complex legal matters, this might take 2-3 years to sell but when it does, this might give us £50-70k which could be used to pay off any outstanding mortgage or put towards a house depending on which option we might choose.  However, due to the complexity of matters in his country, this is not something we can totally rely upon to include when considering our options.)

Thanks for reading this - any thoughts about what might be the best thing to do taking everything into consideration?  It's a big decision at our time of life to make and I'm concerned we do the right thing. 






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Comments

  • It would be b fir me.

    How exciting x we did kind of the same thing. Moved two hours away, we are your age, changed jobs, small mortgage. See each step as a junction on your plan. 
  • One thought from me. If you are not used to living in Northern England visit in the middle of winter. OK Both of you may be happy with cold wet winters but if you are both used to a more southerly climate be sure you will be happy with Yorkshire.
    If you go down to the woods today you better not go alone.
  • felinefancy
    felinefancy Posts: 108 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Thanks both.. interesting to see the responses coming in and I really appreciate that.   Ref the weather..  I'm a winter person so happier in cooler conditions and realise it'll be colder and wetter - I've been to Yorkshire many times and it's rarely been blazing sunshine ;-)  My father lives in Wales where we spent a week recently - god, the most torrential rain, wind and whatever else nature decided to chuck down.. frequently wet there although a few degrees warmer than Yorkshire.  Unfortunately, Grumpel, we don't  have the luxury of deciding where to live.  Firstly, it needs to be where my husband can get transferred as at 58, he is unlikely to be able to get another job easily, then in that area, the houses need to be affordable for us.  Our options are very limited.   It would be the easiest thing to say ok, let's just stay here in London paying rent at £1200 per month but even with a great landlord who rarely increases the rent, at some point rent will go up, just like everything else will, especially to pay for Covid, (except I don't get wage increases).   
  • SDLT_Geek
    SDLT_Geek Posts: 2,888 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    (My husband has his family home abroad he's in the process of getting ready to sell - the proceeds of which he would have to split with his siblings however due to complex legal matters, this might take 2-3 years to sell but when it does, this might give us £50-70k which could be used to pay off any outstanding mortgage or put towards a house depending on which option we might choose.  However, due to the complexity of matters in his country, this is not something we can totally rely upon to include when considering our options.)

    If your husband still owns the family home abroad when you complete your purchase, then if the property abroad is worth £40,000 or more, then the extra 3% stamp duty land tax will apply to your purchase.  Nor will it be recoverable if he later sells the property abroad.
  • felinefancy
    felinefancy Posts: 108 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    SDLT_Geek said:
    (My husband has his family home abroad he's in the process of getting ready to sell - the proceeds of which he would have to split with his siblings however due to complex legal matters, this might take 2-3 years to sell but when it does, this might give us £50-70k which could be used to pay off any outstanding mortgage or put towards a house depending on which option we might choose.  However, due to the complexity of matters in his country, this is not something we can totally rely upon to include when considering our options.)

    If your husband still owns the family home abroad when you complete your purchase, then if the property abroad is worth £40,000 or more, then the extra 3% stamp duty land tax will apply to your purchase.  Nor will it be recoverable if he later sells the property abroad.
    Could you please elaborate?  My husband and his siblings have inherited this property from their deceased parents.  His share upon selling it will be about £50-70k.  As an inheritance in this case, would UK stamp duty still be applicable?

  • felinefancy
    felinefancy Posts: 108 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    SDLT_Geek said:
    (My husband has his family home abroad he's in the process of getting ready to sell - the proceeds of which he would have to split with his siblings however due to complex legal matters, this might take 2-3 years to sell but when it does, this might give us £50-70k which could be used to pay off any outstanding mortgage or put towards a house depending on which option we might choose.  However, due to the complexity of matters in his country, this is not something we can totally rely upon to include when considering our options.)

    If your husband still owns the family home abroad when you complete your purchase, then if the property abroad is worth £40,000 or more, then the extra 3% stamp duty land tax will apply to your purchase.  Nor will it be recoverable if he later sells the property abroad.
    Could you please elaborate?  My husband and his siblings have inherited this property from their deceased parents.  His share upon selling it will be about £50-70k.  As an inheritance in this case, would UK stamp duty still be applicable?

    My husband advises that the property is still in his father's name.. not his.. and he and his siblings lived there after his parents passed.  When he sells the property he will only have to pay 'sales tax' in his country.  There are no capital gains, inheritance or stamp duty fees in his country (by the way, he's a UK resident..).

  • paulj2021
    paulj2021 Posts: 138 Forumite
    10 Posts Name Dropper Photogenic
    I I would go for option b, I’m in a similar situation, 50+ uprooting from London to live down south. I also have a lack of security about future job prospects but my thinking is that I’m still young enough and relatively healthy enough to forge a new life elsewhere. I feel it would be a very different situation if I waited until retirement age, as who knows about your long term health and other factors, such as leading an active life or relying on things such as public transport etc. The issue with saving for a future move is that prices are rising much faster than I could save!
  • felinefancy
    felinefancy Posts: 108 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    paulj2021 said:
    I I would go for option b, I’m in a similar situation, 50+ uprooting from London to live down south. I also have a lack of security about future job prospects but my thinking is that I’m still young enough and relatively healthy enough to forge a new life elsewhere. I feel it would be a very different situation if I waited until retirement age, as who knows about your long term health and other factors, such as leading an active life or relying on things such as public transport etc. The issue with saving for a future move is that prices are rising much faster than I could save!
    Hi Paul.. that's right - we think that if we stay in London (and I get another job) - would we be able to save enough over the next 8 years or so to be able to afford to purchase something outright (i.e. without needing a mortgage) when we are due to retire - probably not; so better to make the move now we think.  Good luck with your plans!
  • moneysavinghero
    moneysavinghero Posts: 1,761 Forumite
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    SDLT_Geek said:
    (My husband has his family home abroad he's in the process of getting ready to sell - the proceeds of which he would have to split with his siblings however due to complex legal matters, this might take 2-3 years to sell but when it does, this might give us £50-70k which could be used to pay off any outstanding mortgage or put towards a house depending on which option we might choose.  However, due to the complexity of matters in his country, this is not something we can totally rely upon to include when considering our options.)

    If your husband still owns the family home abroad when you complete your purchase, then if the property abroad is worth £40,000 or more, then the extra 3% stamp duty land tax will apply to your purchase.  Nor will it be recoverable if he later sells the property abroad.
    Could you please elaborate?  My husband and his siblings have inherited this property from their deceased parents.  His share upon selling it will be about £50-70k.  As an inheritance in this case, would UK stamp duty still be applicable?

    Yes he would own an interest in two properties. Therefore the extra 3% second home rate would apply.

    It does not matter where in the world the property is. Or how you came to own it. If your interest in the property is over £40,000 then you are classed as owning a home and would have to pay the extra Stamp Duty if you were to buy another property.
  • felinefancy
    felinefancy Posts: 108 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    SDLT_Geek said:
    (My husband has his family home abroad he's in the process of getting ready to sell - the proceeds of which he would have to split with his siblings however due to complex legal matters, this might take 2-3 years to sell but when it does, this might give us £50-70k which could be used to pay off any outstanding mortgage or put towards a house depending on which option we might choose.  However, due to the complexity of matters in his country, this is not something we can totally rely upon to include when considering our options.)

    If your husband still owns the family home abroad when you complete your purchase, then if the property abroad is worth £40,000 or more, then the extra 3% stamp duty land tax will apply to your purchase.  Nor will it be recoverable if he later sells the property abroad.
    Could you please elaborate?  My husband and his siblings have inherited this property from their deceased parents.  His share upon selling it will be about £50-70k.  As an inheritance in this case, would UK stamp duty still be applicable?

    Yes he would own an interest in two properties. Therefore the extra 3% second home rate would apply.

    It does not matter where in the world the property is. Or how you came to own it. If your interest in the property is over £40,000 then you are classed as owning a home and would have to pay the extra Stamp Duty if you were to buy another property.
    He doesn't own the property, it's in his late father's name.  He and his siblings inherited it and are now selling it.
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