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Author Topic: Had a 'phone call this afternoon...  (Read 6096 times)

spandit

  • Joined Mar 2013
  • East Sussex
    • Sussex Forest Garden
Had a 'phone call this afternoon...
« on: May 23, 2013, 10:32:55 pm »
...our house buying chain has broken down, our buyer's buyer has pulled out  >:(

However, after some in depth discussion with our mortgage broker, we might be able to let-to-buy our current house  :fc: :fc:

Going to make things extremely tight financially but we're determined to buy our dream property!
sussexforestgarden.blogspot.co.uk

mojocafa

  • Joined Sep 2012
  • Angus
Re: Had a 'phone call this afternoon...
« Reply #1 on: May 24, 2013, 05:36:33 am »
Ooohhhh, good luck, I hope you get things sorted
pygmy goats, gsd, border collie, scots dumpys, cochins, araucanas, shetland ducks and geese,  marrans, and pea fowl in a pear tree.

happygolucky

  • Joined Jan 2012
Re: Had a 'phone call this afternoon...
« Reply #2 on: May 24, 2013, 06:34:22 am »
Hope it works out, its not a great situation but at least you will get an income. I was chatting to some one yesterday about rent to buy and its a good money earner, there are lots of people who cannot get morgages, but with that scheme they can own thier house, if they default on payments the house is back with you and no money lost......so, I shall watch with great interest!

Clarebelle

  • Joined Jan 2013
  • Orkney
Re: Had a 'phone call this afternoon...
« Reply #3 on: May 24, 2013, 08:07:45 am »
I hope it works out! We had to let a house we found go as would couldnt get a large enough mortgage, it was heart breaking! It's good that your brokers are open to trying to work around things. Good luck!

lachlanandmarcus

  • Joined Aug 2010
  • Aberdeenshire
Re: Had a 'phone call this afternoon...
« Reply #4 on: May 24, 2013, 08:08:41 am »
I thought from reading the post that the OPs scheme is for the old house and just means they will take on a buy to let type mortgage on that with the tenants rent servicing the mortgage, and an ordinary one for the new place, OP is it that or is it the special scheme where people get a place and buy a percentage and pay rent on the rest and work up to full ownership?


Sounds like a good idea OP, rental demand and returns are strong because of the state of the market so you might even decide to keep that idea going longer term! It's an ill wind. Good luck with the move, hope th plan comes off!

Orinoco

  • Joined Dec 2012
Re: Had a 'phone call this afternoon...
« Reply #5 on: May 24, 2013, 08:47:03 am »
Hi

it coud be a very good idea if house prices go up but not such a good idea if mortgage rates go up, try and fix the rate for as long as you can.

K

happygolucky

  • Joined Jan 2012
Re: Had a 'phone call this afternoon...
« Reply #6 on: May 24, 2013, 08:57:24 am »
Some years ago my parents did a buy to let type thing but it turned bad as the man gutted the house but then got taken into prison, the house was gutted, no plaster, no stairs, no doors etc and my parents had to sell it like that and lost money!!! So  make sure the legal side is sorted.
It was suggested to me to sell our garage, as it has planning passed, as a doer upper on that basis, that way we would get an income and the garage/cottage would be done up,  not sure my husband would even listen to that idea....we still would have parking but no garage, they would also have a little garden and 2 bedrooms......anyway, thats my idea :innocent:

spandit

  • Joined Mar 2013
  • East Sussex
    • Sussex Forest Garden
Re: Had a 'phone call this afternoon...
« Reply #7 on: May 24, 2013, 09:22:06 am »
The plan is to keep our current house and rent it out, after releasing some equity for the deposit for the new house. I know there are risks but incidences of people gutting houses are few and far between

If the market picks up in a few years we might sell the house or just keep it on our portfolio :D
sussexforestgarden.blogspot.co.uk

Bionic

  • Joined Dec 2010
  • Talley, Carmarthenshire
Re: Had a 'phone call this afternoon...
« Reply #8 on: May 24, 2013, 09:28:34 am »
spandit, I think you are doing the right thing. When I was trying to sell, my mortgage broker said that a lot of people were having to let their old property as they were finding it difficult to sell. I didn't have to in the end but the option was there if I needed it.
 
On the renting side, so long as you choose your tenants carefully you should be ok. Make sure you have good references and do's and don't are laid out.
Life is like a bowl of cherries, mostly yummy but some dodgy bits

happygolucky

  • Joined Jan 2012
Re: Had a 'phone call this afternoon...
« Reply #9 on: May 24, 2013, 09:43:06 am »
 :thumbsup: , more and more people will be renting the way things go, so go for it!

spandit

  • Joined Mar 2013
  • East Sussex
    • Sussex Forest Garden
Re: Had a 'phone call this afternoon...
« Reply #10 on: May 24, 2013, 01:41:03 pm »
Going to make things extremely tight for a few months but going to see some estate agents this afternoon to get a clearer picture  :fc:. Must take the  :dog: :dog: out first - they've been very patient!  :raining:
sussexforestgarden.blogspot.co.uk

happygolucky

  • Joined Jan 2012
Re: Had a 'phone call this afternoon...
« Reply #11 on: May 24, 2013, 02:09:21 pm »
Estate Agents?  :rant:

hafod

  • Joined Jan 2013
Re: Had a 'phone call this afternoon...
« Reply #12 on: May 24, 2013, 02:56:18 pm »
We bought our small holding at auction, couldn't sell our current house in time (I think you have 28 days after the auction to complete) and so had to let our old house out. It has it's ups and downs but doesn't everything when you are dealing with people!!
We went through an agent on a full management service (they run checks on prospective tenants, collect rents and do 3 monthly checks on the property, they are also the tenants first point of call) We have had to keep on top of the agents to make sure they are doing what they should, send us relevant paperwork etc (are they a different breed? :rant:) but it does lift some of the weight from our shoulders. They take 10% of the monthly rental for doing this. If we were to do it again I would probably employ an agent to advertise and do tenancy checks but would then take on the management myself. I guess it depends how close you are to the property and how much time you have.
Happy to help if you have any queries!
Good luck

Carl f k

  • Joined Aug 2012
Re: Had a 'phone call this afternoon...
« Reply #13 on: May 24, 2013, 07:36:03 pm »
Good luck Spandit  :thumbsup:

spandit

  • Joined Mar 2013
  • East Sussex
    • Sussex Forest Garden
Re: Had a 'phone call this afternoon...
« Reply #14 on: May 24, 2013, 08:00:46 pm »
We'll use an agent to find and check a tenant but manage it ourselves... It's going to be exceedingly tight financially... just hope we can actually do it!
sussexforestgarden.blogspot.co.uk

 

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