Get that House!

Mytchett_Mike

Hi

New poster so please go gently with me.

My partner & I have 2 houses and want to buy a specific house. Hers is under offer and mine has been up for sale with a further price reduction today.

We are going to lose her buyer (with a very good offer plus extra to move like now).

Due to good equity but poor NHS wages we cannot raise the extra for a bridging loan / mortgage to get that house.

Due to schools I can move in with her but she cannot move to mine.

We have made an off the wall suggestion thro the estate agent that we would buy 55% of the house now and pay them rent to move in whilst I continue to try & sell mine.

Their house has been on the market for around 6 months and will appeal to a small section of the total available market (i.e. us) and they are downsizing to an already purchased property and are prepared to consider our suggestion.

Does anyone have any experience of this sort of deal and what is involved? Are we being stupid?

By the way, we have looked at in excess of 30 houses within the area and none come close to offering what this house does (we are consolidating 2 lives and 2 kids into one house).

Any advice / comments welcome

Regards

Mike

PasturesNew

Why are you going to lose her buyer?

If it's because she's waiting for your sale then that doesn't make any sense whatsoever. She can sell and rent.

Even if you lose the house you want you'll still be one step closer to selling both and buying together

The buy/rent thing might not have any mileage in it - due to problems with the contracts needing to be drawn up to be very specific and the associated risks. I've only ever seen these done by formal organisations like house builders and local authorities/similar. Not individuals.

e.g. what if you buy half and expect to buy the other half and you lose your job? Or become disabled/ill? Or split up? Too complex. Seller would probably be advised against it by their solicitor.

Mytchett_Mike

We are likely to lose her buyer because they made the offer almost 2 months ago and nothing is moving. They want to move before a baby is born. This may be an empty threat as they would have to find somewhere else, however, they have offered £3k to move by end Feb.

We are unlikely to achieve such a good price if we have to re-advertise due to the changes in the market,

I have the equity in my house to more than cover the additional required to buy the property outright and, as previously stated, we cannot raise a loan for the balance.

I agree our proposal is complicated - if you have a better suggestion of a way forward I would be very interested to hear it.

We are selling two 3 bed houses to buy a 5 bed and no of rooms is as important as sq footage to us.

What we are trying to do is secure the property - my partner would rent another property for 6 months if we knew we had secured the property.

It is equally possible that my property would sell before end Feb and we could do a straight buy.

Mike

Strapped

Mytchett_Mike wrote: »

We are likely to lose her buyer because they made the offer almost 2 months ago and nothing is moving. They want to move before a baby is born. This may be an empty threat as they would have to find somewhere else, however, they have offered £3k to move by end Feb.

We are unlikely to achieve such a good price if we have to re-advertise due to the changes in the market,

I have the equity in my house to more than cover the additional required to buy the property outright and, as previously stated, we cannot raise a loan for the balance.

I agree our proposal is complicated - if you have a better suggestion of a way forward I would be very interested to hear it.

We are selling two 3 bed houses to buy a 5 bed and no of rooms is as important as sq footage to us.

What we are trying to do is secure the property - my partner would rent another property for 6 months if we knew we had secured the property.

It is equally possible that my property would sell before end Feb and we could do a straight buy.

Mike

There's your answer. Your partner should sell and rent (esp. with the prospect of a falling market). If you don't secure this house, there will be others.

No seller in their right mind would sell you a % without some very tight paperwork to commit you to buy the remaining share within a certain timescale. And even then, if you went BR or something in the meantime, they may not be able to enforce the contract. A non-starter, imo.

Mytchett_Mike

I agree with what you say - we are just worried in 6 months time we will have sold 2 properties and won't then be able to find what we are looking for.

Got to sleep - it's been a hard week but still interested in continuing the topic.

Mike

Mytchett_Mike

Well, we've proceeded on one house and convinced the owners of the one we want to take it off the market for 2 months by agreeing to pay the asking price.
Now just got to sell mine (4 viewings this week already arrnaged) but at least we've a breathing space.

We looked at another 3 houses at the weekend and still this one suits us best.

Mike

pink_muppet

Mytchett_Mike wrote: »

I agree with what you say - we are just worried in 6 months time we will have sold 2 properties and won't then be able to find what we are looking for.

Got to sleep - it's been a hard week but still interested in continuing the topic.

Mike

I wouldn't worry too much about this, at the end of the day you can't buy the property until you sell yours and you can't get away from that fact, if you lose this house there will be another you will find that will suit you when the time is right, in the current market it makes no sense whatsoever to search for a house and fall in love with it when you haven't got yours sold

I hope it works out for you though and you get an offer soon!