How do bridging loans work?

wymondham

LillyJ wrote: »

It isn't that easy or everyone would be doing it.

:rolleyes:

panichousebuyer

We are going to sell at a reduced rate. There is a house almost across from us for sale at £219,950 which, I think, is slightly bigger than ours. We will put ours up at £205,000 and would let it go for £200,000 and hopefully that would get us a sale.

Also we wouldn't let her stay with friends even if she could, so that is not an option. Nowadays the education board are so thorough, if there is any doubt that she doesn't really live there you are investigated. Her child benefit address would have to be there, doctor's address changed and lots of other things. It is not quite as simple as just saying she lives at a certain address.

LillyJ

wymondham wrote: »

:rolleyes:

I am not sure I understand?
You can't just send your kid to stay with a friend to get in to a school. It simply doesn't work that way. The friend would not be legal guardian and therefore social services would have to be involved in a situation where a friend or relative was informally looking after a child. That would get complicated and take time and the school are not going to just take your word for it!

panichousebuyer

I think some people do do this but we won't be. We wouldn't consider sending her to live with somebody else, like you say things could get very complicated and I think it is dangerous ground signing the rights of your child over to somebody else. Not for me I'm afraid!

Tassotti

panichousebuyer wrote: »

We are going to sell at a reduced rate. There is a house almost across from us for sale at £219,950 which, I think, is slightly bigger than ours. We will put ours up at £205,000 and would let it go for £200,000 and hopefully that would get us a sale.
.

Right, so basically, the market value is £200k.

I, and many others will offer you £170K MAXIMUM for a quick sale ..ie 2- 4 weeks
(not advertising)

What did you buy it for?

wymondham

LillyJ wrote: »

I am not sure I understand?
You can't just send your kid to stay with a friend to get in to a school. It simply doesn't work that way. The friend would not be legal guardian and therefore social services would have to be involved in a situation where a friend or relative was informally looking after a child. That would get complicated and take time and the school are not going to just take your word for it!

I did say i had'nt thought if through!

rach29

What area are you in panichousebuyer?
Are houses selling where you are?
Is catchment the only criteria for the school you are looking at?

panichousebuyer

Our house is worth, I think about, £215,000 and we would put it on the market at £205,00 hoping to get £200,000.

We bought it for £115,000, 6 years ago but our mortgage is for about £125,000 as we had some work done on the house.

The problem is we can't really go below £200,000 as we can't afford to put any more money onto our mortgage, so have to buy like for like!

£170,000 would just be out of the question.

(Sorry just registered on here and dont know how to do the quote thing, I presume you just click on the button but knowing my luck it would go wrong)!

panichousebuyer

We live in Hull ("say no more" I hear you say), catchment is the main criteria because our daughter and two younger children go to the primary that is nearby, all their friends will be going to this particular secondary school, which is the best in the area, this is not hard in East Hull because most of the schools are absolutely shocking.

Because of this they have very strict admission guidelines!

LillyJ

wymondham wrote: »

I did say i had'nt thought if through!

I know you did, I just didn't know what the roll eyes comment was for.