Not sure how to start this , but here goes .

MovingOn64

Bookworm225 said:

by the time you have paid off the existing mortgage will you have any money left to buy a replacement property with anyway?
will your benefit claim carry over and apply to a new property?

Hi we've looked into this ,before we knew the extent of the repairs , there would have been around 40k, but now only around 8k and that is being eaten away too as SMI is building up monthly by around £365 a month . The longer it takes the less equity left . 

MovingOn64

Herzlos said:

MovingOn64 said:
I was wondering if a quick sale company would be suitable , we need to clear mortgage and the arrears . Or hand back the keys and just deal with whatever happens after the sale .

The quick sale companies work by offering you a huge chunk off the value and trying to find a buyer wanting to pay more than that. So they may offer you 70% of market and try to sell for 80%, but they won't pay you until they have a buyer. Often they'll come back and knock the price down further, because only desperate sellers use them.

So you may as well try and sell through a local estate agent at that 70% price, or whatever you need to clear the mortgage + costs, and cut out the middle man.


Is the house itself unsuitable or do you just need the repairs done? Can you remortgage with a better bank to get the money to cover the work?

Hi, we cannot re-mortgage as our mortgage has 11k arrears , we can't afford to pay them off , we have been trying since last year , and nobody will trust us . I cannot blame them , but in our defence the arrears only built up because I got cancer and my husband had to give up his business to take care of me , now he's my carer . I've looked into shared ownership with part exchange , but the house needs repairing so that's out of the question . I've looked into HOLD which is for people on long term disability , they have halted it now as too many applications . Cannot privately rent as no guarantor and I couldn't do that to anyone , we did it for our son and then he split with his girlfriend , we only got taken off as guarantor last year , it caused me stress . So we have to wait for the homeless team , the lady from the grant department was really helpful, she said the OT report was brilliant and would help us . PS our mortgage is on interest only and has 10 years left .