Sell and buy a year later?

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/82079255#Comment_82079255

That depends how realistic you are with your pricing.

We put ours on the market at the back end of November last year, had a suitable offer from first time buyers the week before Christmas, had an offer accepted on a property we wanted to buy in November and completed Mid March this year. We could have completed earlier but the people we were buying from had set dates in mind due to emigrating.

It can be done but you do need to be realistic and price seinsibly.

jackieblack

https://forums.moneysavingexpert.com/discussion/comment/82079439#Comment_82079439

And have a co-operative conveyancer, and have a buyer with an equally co-operative conveyancer…

It's not impossible, but it is optimistic

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82079218#Comment_82079218

Plus the OP is selling a one bed maisonette. In general one bed flats are difficult properties to sell, although a maisonette with a garden may be a more attractive prospect for buyers.

sheramber

You need to

Make sure you and your mother are on the same page regarding you staying with her, what expenses you will cover etc.

That way there will be no arguments over who pays for and does what.

Going back to

Living with a parent after being your own boss is not always easy.

Alex_thompson

https://forums.moneysavingexpert.com/discussion/6677363/sell-and-buy-a-year-later

It sounds like you've put a lot of thought into your plan. The only thing I'd add is to leave yourself a bit of flexibility with the timeline, as selling and buying don't always go exactly to plan. Keeping in regular contact with your estate agent, solicitor, and mortgage adviser can really help keep things moving and avoid unnecessary delays.

Wild_flower

Thank you everyone for your comments.

It’s true that there are a lot of variables in my plan and it’s not easy doing all of this solo. The physical and the mental. The responsibility feels huge. I’ve never had trouble finding work so I’m pretty confident on this side of things. I am considering studying AAT bookkeeping for future more flexible work. The part-time job I have now is fully remote and flexible but these are few and far between so I’d expect the job in West Sussex will be more rigid but I don’t want full-time. It’s really important that I’m not losing time with my son. This can adapt once he starts school in a few years. I will definitely speak to a mortgage broker about the second job issues. I didn’t know about that, thank you.

Re. Timings, I was aiming for a March sale just so it aligns nicely with the end of mortgage term. My property definitely does look better, especially with the gardens, outside of the winter months. And I hadn’t considered the slow-down on the market due to Christmas. I guess I’d be better off biting the bullet with the early exit fee to get a good sale? Or do I get a variable rate without exit fee and start the process in the Spring? I am also trying to get everything to align with wanting to apply for schools too.

It has always been difficult to get comparisons with my property on the market as there isn’t really anything else like it. It’s a ground floor maisonette (freehold on the table to buy) with good sized front and beautiful back garden, both mine. Also has 2 small outbuildings, one a utility.

I will have roughly £220k to spend, 100k of which mortgage. I’ve been looking at properties nearer my mums and it’s not impossible. There’s definitely more options from £250k.

Re. my mums. I worry about the stress of this. Especially when I’m sleep deprived and I know it’ll be a lot for her too as she mostly lives alone. She lives between there and her partners in london and goes on a lot of holidays so I’d hope this would offer respite for us both. It’s certainly not lost on me how big of an ask this is. I’ve put a budgeting plan together that includes paying her £450 pm to cover utilities and groceries. I’ll be saving £800-£900 a month after outgoings which will mostly go towards a new car- with 5 doors! I’m going to see her in a few days so we are going to talk about it in person. I won’t be expecting a great deal of childcare from her. I’m used to doing everything solo now. But, maybe to drop off my son/ pick him up from nursery if needed. It really is just so I can configure the relocation re. work/ salary/ mortgage/ nursery etc. It’s such a lot to think about.

I am feeling really unsure about it all. Mostly the staying with my mum aspect as I hate to rely on others. If I could find another fully remote, fully flexible job then this would allow me to do the move without the moving in with mum. I will keep looking in the interim.

If I do go ahead with the plan and I hold off on putting my place in the market until spring 2027, what’s my best option with the end of current mortgage deal? Ends Feb 28th.

Thanks so much.

Yorkie1

If you stay with your current lender, there won't be any further checks on affordability etc. Most fixed rates will have an early redemption charge if you sell within the fixed period and don't port the rate over to a new property at the same time (or shortly thereafter). Often, tracker products don't have a tied-in period. So they may be worth considering at the time.

mlz1413

I ported my fixed rate. Be careful of timings, mine had to be moved within 6 months which was good because there ended up being a two month gap between selling and buying.

But if you plan on a long gap it may be better to be on a SVR.

Any fixed rate mortgage will default to SVR if you don't renew. But be careful you can still afford to get a new mortgage at a higher rate.

thegreenone

You are only moving two counties over, so would your current employer let you carry on? If you are fully remote and flexible, I can't see an issue. My eldest son's employer lets him work from India a couple of months a year (London based).

Once you get to West Sussex you can look at options then ie change jobs or second job.

Jenniefour

It may be very helpful to get in a couple of estate agents in now and ask them what the market for properties like yours is like, get a couple of valuations and ask what they anticipate should there be an interest rate rise in autumn when the impact on UK of the Iran/USA war is clearer. You may have done that already and, if not, it might help you with your planning.