We are looking into this option seriously and this is what we have been quoted for a buy to let morgage, it gives us about 60k to take with us, this depends on the valuers valuation of our property which could come back lower than we hope with the market as it is.
6.49% fixed for 3 years, £999 added to the loan (lender's fee), free valuation, free legal fees, monthly payment of £710 per month on a mortgage of £130,000.
So many things I don't like about the renting out route and it will have to be for a least a couple of years until the market improves, of course there is always a risk that the market does not improve for a long time. And we still have to sell at the end of it
One options is to wait it out - NOT an option for us
or drop the price big time but when I spoke to the agent today he does not think it will bring any more people in to view unless we drop from (we have already come down from £215,000 from last year when we went on the market) £198,000 to £180,000 (which would attract the bargin hunters out there) and we just can't swallow that much of a loss, we would end up with a similar amount of money to take with us to the rent option.
It is a huge dilema and it is doing my head right in
__________________
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We are looking into this option seriously and this is what we have been quoted for a buy to let morgage, it gives us about 60k to take with us, this depends on the valuers valuation of our property which could come back lower than we hope with the market as it is.
6.49% fixed for 3 years, £999 added to the loan (lender's fee), free valuation, free legal fees, monthly payment of £710 per month on a mortgage of £130,000.
So many things I don't like about the renting out route and it will have to be for a least a couple of years until the market improves, of course there is always a risk that the market does not improve for a long time. And we still have to sell at the end of it
One options is to wait it out - NOT an option for us
or drop the price big time but when I spoke to the agent today he does not think it will bring any more people in to view unless we drop from (we have already come down from £215,000 from last year when we went on the market) £198,000 to £180,000 (which would attract the bargin hunters out there) and we just can't swallow that much of a loss, we would end up with a similar amount of money to take with us to the rent option.
It is a huge dilema and it is doing my head right in
I know exactly how you feel, we have only just thought of renting, not looked into it in depth yet, gonna give it a little longer but i really don't want to be here another xmas.( had my tree packed away twice labelled "TO GO TO OZ") LOL
Good luck
lisax
__________________ the hutchies:wubclub: visa granted 0ct 06 validated sept 07
Well last week I had 5 EA around to value my house and yesterday chose one to represent me to sell my house. I'm fortunate in that my house is in an area that is greatly in demand and of type in short supply.
All the EA said my house was very well presented would sell in the 8 months timescale I have before I go. In fact they were asking whether I could move out earlier if required, which of course I said yes!
Valuations of 3 out of the 5 were between £10K & £25K higher than I was expecting even with £15K 'haggle' room. So at this stage I'm optimistic that I will be able to sell before I leave in February and with more cash than I hoped.
The next problem is the exchange rate!!!
__________________
Happiness is a path not a destination - Silk Road fortune cookie
Well last week I had 5 EA around to value my house and yesterday chose one to represent me to sell my house. I'm fortunate in that my house is in an area that is greatly in demand and of type in short supply.
All the EA said my house was very well presented would sell in the 8 months timescale I have before I go. In fact they were asking whether I could move out earlier if required, which of course I said yes!
Valuations of 3 out of the 5 were between £10K & £25K higher than I was expecting even with £15K 'haggle' room. So at this stage I'm optimistic that I will be able to sell before I leave in February and with more cash than I hoped.
The next problem is the exchange rate!!!
Pinhead, as much as I admire your optimism, I would be inclined to adopt a more pragmatic stance. Estate Agents will tell you exactly what you want to hear in order to get your business. In a couple of weeks they'll be telling you that you need to drop the price by 30k.
__________________ Paul & Lisa
176 Visa applied for 02 Jan 08, granted 31 July 08
That may be the case but as they are suggesting listing it £40K above the amount (12%) I had originally hoped for so I am still optimistic that even with a price reduction I will still get the original amount I planned for. The EA I am listing with has factored in a £10K 'haggle' amount into the price.
Plus I only have a 2 week notice period with no lock in period so the EA would be pretty stupid to come back to me in a couple of weeks to drop the price.
At the end of the day it is only worth how much someone is willing to pay, whatever that maybe.
__________________
Happiness is a path not a destination - Silk Road fortune cookie
Hey pinhead, you must have got the same EA that we got.....we were told EXACTLY the same thing.....now, 7 weeks later, only had 2 viewings of which 1 hadn't even got their house up for sale yet. Seriously, EA's read this stuff off a script. They're big on promises but short on delivery. Nothing, and I mean nothing, is moving at the moment in this grid-locked market, so don't get too excited by the bull***t that the EA's will spin you, or you'll end up getting frustrated.....sorry to sound negative about it.
Make sure you get everything in writing with the EA and go for the minimum contract you can agree with, preferably not exclusive.
Good luck. If you sell quickly, let me know the name of the EA and I'll offer him double his commission to sell mine.
