Options to buy a dream home

r4478

Hello,

My family and I live in a house (Prop01) worth appx £350,000 (at least that was before Christmas), we have also unfortunatly been left a property (Prop02) worth appx £330,000 (again, before Christmas). We have seen our forever home for appx £340,000, (Prop3). This home is in Scotland, the others are in England. We have an appx £200,000 mortgage to pay in order to be clear on Prop01. Prop02 is on the market, but there is not much interest. Prop01 will go on the market in a couple of months.

So in order to buy Prop03, what other options do people think we have? The ones we've thought of are below.

1. Wait until Prop02 is sold and clear the mortgage on Prop01. Then sell Prop01 and hope the forever home is still availabale.
2. Sell Prop02 and make an offer on Prop03, keep paying the mortgage on Prop01 until it is sold.

Many thanks for any comments.

[Deleted User]

You consider recieving £330k to be "unfortunate"?

Flugelhorn

[Deleted User] said:

You consider recieving £330k to be "unfortunate"?

if they have been left the property then it implies that someone close to them has died, healthy inheritances don't make up for the loss

user1977

How long are the sellers of Property 3 prepared to hang around for you? In case you weren't aware, the system moves (usually) much more slowly in England than Scotland, and even if you were selling in Scotland you wouldn't normally be putting in offers before you've accepted one.

cr1mson

One thing to remember is that in Scotland the system is different to once you have made an offer you are effectively committed. So really you need to know that you can go ahead.

Do you have any savings? Thinking could you do a quick sale on inherited property to get cash and top it up to buy Scottish property.

Also do you have an idea of what market is like in that part of Scotland as varies a lot. Where I live most houses go above Home Report valuation.

user1977

cr1mson said:

in Scotland...once you have made an offer you are effectively committed. 

Not quite - but you would normally be expected to be committed at an earlier stage than would be the case in England. You'd certainly be expected to be upfront about any offer being conditional on your sale progressing.

markin

Move in to prop2 and selling your main home, should be easier if its in better condition and well decorated?

Lbuk

Reading between the lines - how do you know it is your dream property if it is all the way in Scotland?

I’m sorry that you have lost someone, but a life changing event and a windfall can make people act impulsively. 

I’m currently living in my second forever dream home and I’m starting to have doubts…

What I’m trying to say is….. STOP. 

The best thing for you to do would be to get the best price for both of the properties and go live in Scotland for a year. Get a feel for the place.

Do up your current house - garden, fixing it up, paint, curb appeal etc Sell in spring.

Do up the other house. Sell in summer.

babyblade41

Don't do anything for at least 12 months.   I did the same as you & moved back 10 months later  with 3 of those going through the conveyance process to move back

ETA you could live in the most amazing house and still be miserable. Wait a good while before making life changing decisions 

Flugelhorn

Lbuk said:

Reading between the lines - how do you know it is your dream property if it is all the way in Scotland?

I’m sorry that you have lost someone, but a life changing event and a windfall can make people act impulsively. 

I’m currently living in my second forever dream home and I’m starting to have doubts…

What I’m trying to say is….. STOP. 

I agree - I have had a couple of forever homes and then things change, am in what was intended to be a stopgap but actually it is fine and will probably stay for ages.   Don't do anything in a hurry