What have I done?!?!?

TheChicken

sammiea1976 wrote: »

The Chicken - I have worked my !!! off in life to give me children what they want and need, I am now lucky to be at a time in my life where my partner wants me to be a stay at home mum to our 2 young children and one on the way - just because i have received my inhertence early doesnt mean i dont work for what i want and have!

Hi Sammie,

I am not saying you don't work for what you want in life - otherwise you wouldnt have it! I am saying though that if you really want it and your OH wants it you will work for it, a £50k mortgage is not alot Maximum on a bad rate would be £300/month now thats more than the average person pays to rent, so its not alot to pay if its what you really want.
Maybe you were hasty in the beginning to 'jump' into agreeing to the other house straight away and their price would have dropped to meaning less of a difference between prices.
Personally I am still extremley confused that you were part of a £1.2million inhertence and now your dad has to remortgage £180k to help you out but hey I don't want to know the ins and outs of your family life as crazy as it sounds.
MY true advice - pull out of the other house and only when you have a buyer buy another house, don't waste money that you are worried about, sit tight and it will work out.

Ch!ck

neas

TheChicken wrote: »

Hi Sammie,

I am not saying you don't work for what you want in life - otherwise you wouldnt have it! I am saying though that if you really want it and your OH wants it you will work for it, a £50k mortgage is not alot Maximum on a bad rate would be £300/month now thats more than the average person pays to rent, so its not alot to pay if its what you really want.
Maybe you were hasty in the beginning to 'jump' into agreeing to the other house straight away and their price would have dropped to meaning less of a difference between prices.
Personally I am still extremley confused that you were part of a £1.2million inhertence and now your dad has to remortgage £180k to help you out but hey I don't want to know the ins and outs of your family life as crazy as it sounds.
MY true advice - pull out of the other house and only when you have a buyer buy another house, don't waste money that you are worried about, sit tight and it will work out.

Ch!ck

Exactly :P, doesn't make any sense... maybe he is telling you he'd have to get a mortgage to force you to wait (as he wants..) for the House prices to drop.

If I gave early inheritance i'd keep 20-30% of my estate back... for living till an old age... So i doubt he needs to remortgage.. he will have the funds elsewhere.

But maybe because he thinks you are naive and have got a house given to you before... that he can fool you.

I just find it hard to swallow thats all, doesnt make sense. A person who has alot of money, knows how to look after said money... not throw it away by remortgaging when you have the funds or... giving away all your money in an early inheritance (leaving you with nothing to live on or for a rainy day/ holidays etc).

Also if he is old... He wont even be able to RE-mortgage unless his pension income is good. I'm sure lenders dont like mortgaging for old people... as they generally die before the 25 year term ends.

AMILLIONDOLLARS

Sounds like your dad is right, you might be possibly giving away £45K more then you need to in this current market, looks like prices are going to drop further, I'd go back to the vendors and explain that you have had to drop your asking price on your house and that unless they drop theirs you will need to pull out. I think if you did not have your father's backing you would have pulled out a long time ago, just because you have it, there's no need to squander it

tinkerbell84

I'm not an expert on your market, but from the pics on the rightmove advert, I think there is a LOT you can do to make your house more attractive for the openday.

You need to decide what kind of house this is - is it a family house (number of bedrooms would imply it should be) or an executive house for people who like to have friends over to stay?

Either way, here are some suggestions to make your house more marketable

Put some plants in nice pots outside your front door (even if just for the open day)

Put some non-black items in your living room, maybe some flowers or cushions or something.

More flowers on your dining table (something colourful) and maybe some candles? Pop a vanilla pod in your oven on a very low heat to make the room smell lovely.

Take EVERYTHING off the tops of your kitchen cupboards - it makes it look like you don't have enough kitchen storage.

Put more pots in the garden and on the patio - bright, colourful flowers. The garden looks completely unloved. Borrow table and chairs for your patio. You need to make it look like you use and enjoy that outside space. (You can take the pots with you to your next house).

Your bathrooms need sorting. What are all those bottles? If you have open shelving, you need to show any posh items and lose or hide any normal ones (baby talc, shampoo etc) in maybe some nice baskets or boxes? Same goes for make up etc. Fold fluffly towels and stack them up on a shelf or 2. Don't store things on the floor - it looks really scruffy and makes the room seem smaller.

Hope this helps, and good luck!

gfplux

sammiea1976 wrote: »

Hi All

Firstly want to say im not new to this site, have been a lurker for a long time, just never actually posted! Anyway need some advice and quick please.... heres the situation:

I have a 4 bed townhouse in Essex, house was built 4 years ago bought new at £229,000. Put on the market last year had an offer of £245,000 (was on for £249,000) but at the time i was heavily pregnant and hadnt found a property in which we liked so we couldnt accept the offer - kicking myself now obviously! Took house of market decided to stay put as baby was due. Baby now here and all was good, until I saw a house of my dreams 5 mins from my house, up for sale.
This house was up for £265,000, i sat and waited to see if there was any interest, the house then dropped its price to £249,999 - went to view it, loved it and put in a starting off offer of £242,000 - was declined, so went to £244,000 also declined, they accepted our last offer of £245,000.

The house we have now we are lucky to have no mortgage, basically it was an early inheritence from my dad but the house is in my dads name at present as currently going through a divorce (split with him nearly 5 years ago but he wouldnt agree to divorce!!) so until thats all done and dusted the house will not go into my name.

Anyway, spoke to my dad asked if he would lend me the money to buy the new house and then when i sell this house that we are in i will obvously pay him back, this would save us getting mortgages - at the beginning he said he would give us some kinda bridging loan, then he went back on his word and was telling us to hold off on buying cos of the state of the market etc, but i want this house, our townhouse is just impossible for us to live in the way its set out with 2 kids, oh and just found out we are expecting our third!!

Anyway what we have decided to do is remortgage dads house (well my dad is doing this) for £180,000 and then getting a small mortgage on the new house for £65,000 to make the total £245,000.

We have put ours on the market, been on now a month and a half and we have only had one viewing of which the woman still needed to sell her home which has been on the market since Nov!!! She didnt put in an offer anyway, have not heard back from her.

The EA keep pestering us to lower the price, it was on for £245,000 i have dropped to £235,000 and they are asking me to drop again, but i just cant, the whole point of moving was to better ourself, have a bigger home with enough bedrooms and bigger garden for kids, somewhere where we would stay til we grew old ya know. But now we have offered £245,000 and lookslike we will be lucky to get £220,000 if that for ours we will be left with a £25,000 mortgage where at the moment we are lucky enough not to have one at all.

Im so scared now that we wont sell this house and we will be paying this huge mortgage for a couple of years and it will skint us, i dont work as having recently had baby end of last year and now recently pregnant again, fella has own business and earns good money but god its gonna skint us if we cant sell this place.

I have been reading that a couple of you are in the process of exchanging, and are considering pulling out due to the recent price drops, and also requesting a drop in offer on the house you are buying - can you do this?? Sorry i cant remember the exact phrase you are using, i am useless as you can tell at all this house buying /selling stuff - alot of it goes over my head as you can prob tell, which is why i am now getting my family into debt. I am so scared, i dont know what to do for the best, the couple we are buying from are lovely and i dont wanna let them down, but i dont wanna be in debt and row with my fella and us split cos of all the stress of money worries.

Please can somebody give me some advice in what i should do.

Thanks
Sammie

Hello Sammie,
Just been reading this thread up to 68 postings now.
Good luck to you but I have one question.
As you have been mortgage free for some time (not sure how long, 5 years?) where has all the spare income gone that you would have been paying as mortgage. You do not appear to have a deposit saved up! If your lifestyle is such it has taken all this cash each month then you need to look at your monthly outgoings otherwise you will find yourself deep in debt. perhaps you need to post a SOA so we can help you. You should do this on the Debt Free board.

sammiea1976

neas wrote: »

Exactly :P, doesn't make any sense... maybe he is telling you he'd have to get a mortgage to force you to wait (as he wants..) for the House prices to drop.

If I gave early inheritance i'd keep 20-30% of my estate back... for living till an old age... So i doubt he needs to remortgage.. he will have the funds elsewhere.

But maybe because he thinks you are naive and have got a house given to you before... that he can fool you.

I just find it hard to swallow thats all, doesnt make sense. A person who has alot of money, knows how to look after said money... not throw it away by remortgaging when you have the funds or... giving away all your money in an early inheritance (leaving you with nothing to live on or for a rainy day/ holidays etc).

Also if he is old... He wont even be able to RE-mortgage unless his pension income is good. I'm sure lenders dont like mortgaging for old people... as they generally die before the 25 year term ends.

Thats right, hes saying he wont help us out with the cash as he doesnt want us to do it right now, hes telling us to sit tight! He said if we really want to do it then he will get the mortgages for us - like you say i think hes saying that so as we change our minds and wait! But i really want this house!

My dad hasnt given all of his money away to his children, im not bragging here by no means but i need to get the point across that he has no money worries whatsoever and never will, he is extremely well off. He no longer works although he does have business dealings, he is in his early 50's. He has worked his a$$ off for what he has from having lots of money to losing the lot, to being on benefits to then working his a$$ off and with his crazy ideas that worked which made him alot of money! he has his money tied up in different things and as he is no longer classed as working he gives himself an allowance each month paid from his accounts - anyway im not here to speak about my dads fortune, i came as i was worried about having to fork out for a £245,000 mortgage as my house has no interest as yet! and the quicker it sells the better!
As i said as soon as ours sells that will pay off the remortgage and some of the new mortgage

sarah_elton

Why does the Rightmove page say 'no onward chain' when you do have one?!

People viewing will be disappointed when they find out they've been told this and it's not the case.

We viewed a house listed as semi-detached and it turned out to be a mid-terrace! (misleading photo) Things like this annoy you from the start and put you right off the place.

sammiea1976

gfplux wrote: »

Hello Sammie,
Just been reading this thread up to 68 postings now.
Good luck to you but I have one question.
As you have been mortgage free for some time (not sure how long, 5 years?) where has all the spare income gone that you would have been paying as mortgage. You do not appear to have a deposit saved up! If your lifestyle is such it has taken all this cash each month then you need to look at your monthly outgoings otherwise you will find yourself deep in debt. perhaps you need to post a SOA so we can help you. You should do this on the Debt Free board.

Hi there

I still have savings which i was saving up when i left my ex, i had my own account. I have £17,000 in saving which i am using for the sale and purchase of mine and the new house, all the fees, solicitors, stamp duty etc - so im hoping to have around 5-7 grand left after those have been paid. With that i am to clear off my credit cards which are only about a grand and also i am going to pay off my partners credit card which is 2 grand and also plan to put the rest into decorating getting new bits for the new house.

I am no longer working now as having recently had a baby 7 months back and now recently finding out im expecting again. So we have been living on my partners wages basically since the Dec b4 last. So its not as if we have had mounds of cash when we was both working, so yeah we have been living comfortably, and with the new baby we did go abit overboard on things where as if we were payiing a mortgage we wouldnt have been able to.

sammiea1976

sarah_elton wrote: »

Why does the Rightmove page say 'no onward chain' when you do have one?!

People viewing will be disappointed when they find out they've been told this and it's not the case.

We viewed a house listed as semi-detached and it turned out to be a mid-terrace! (misleading photo) Things like this annoy you from the start and put you right off the place.

Because there is no onward chain, we are buying the new place non dependant wether we sell ours or not!

MrDT

Without putting too fine a point on it, if the properties are in daddies name, and then you inherit the property one day (you may live at the house now, but as I understand it it's not yours), won't you be liable to pay inheritance tax on your home?

This is a genuine question, I'm a little confused here...