Colin
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Registered: 4th Apr 02
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Late next year....maybe early 2009 (planning ahead  ) Jade & I are going to be looking for a new place together. Just wondering if theres any real gain in me selling my current place 1st. Like will there be any financial benefit?
Ive been thinking:
Move myself out.
Get the place tarted up.
Stick it up for sale & be in no hurry to sell, wait for a good offer etc.
Kip at the rents for a while, few months possibly & store all my belongings in their spare rooms.
Take our time to hunt for a new house.
Does anyone else think its a good idea or will it just add hassle Ive never been in this situation before I just want an idea of what to do when the time comes
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Cosmo
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Registered: 29th Mar 01
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It'll be good to have the money sat their waiting for you to find a house, rather than finding one and possibly missing out on it while you wait to sell yours.
Only down side is the possibility of the housing market going through a mini-boom in your area and you missing out on some extra cash - but obviously this could also work the opposite way and the amount you'd miss out on would be cut down if you invested the cash wisely.
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Robbo
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Registered: 6th Aug 02
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Yeah agreed with Cosmotron there... always good to be out of a chain + have money waiting etc. but there is a bit of a risk involved, however, all signs are pointing to the market goign down rather than up IMO
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Colin
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Registered: 4th Apr 02
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Yeah well Id only plan to have a short transitional period between selling & buying. I'll be working offshore then so possibly do it inside of a trip away - 2 to 3 weeks!
Think there would be any difference in solicitor fee's & shit? I like the idea I could set a price for mine & wait for the offer to come. Then take my time to find a new joint...tho ideally id want it wrapped up as soon as possible!
[Edited on 09-12-2007 by Colin]
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Colin
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Registered: 4th Apr 02
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Also I 'think' any money coming from the sale of my current reside will not be getting used for the next one. Im going to take the money & start from scratch. We'll both be on decent money & ive got a plan 
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Twiggy
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Registered: 15th Oct 04
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we sold ours just before the northern rock shit hit the fan....
we are renting till the market drops or at worse levels and we have saved a big deposit as the rent on the current gaff is 30% less then an interest only mortgage on what we were looking to buy and its worth 30k more!
[Edited on 10-12-2007 by Twiggy]
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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I think with the current lack of confidence in the market there are probably some good reasons to sell sooner and rent for a bit.
Even if house prices don't change, you're still in a position of not being in a chain. Far less hassle, can put you in a better position in terms of closing a deal on your next place which otherwise you might miss out on.
The only reason to hang on to it would be if you anticipated yours going up in value in the short term which by all indications is unlikely.
If you've somewhere else to go and somewhere to store your stuff it's a good idea. You might pay marginally more in fees but not all that much more - the fee for both buying and selling will be roughly double that to just do one of them anyway.
[Edited on 11-12-2007 by Ian]
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Steve
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Registered: 30th Mar 02
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it looks at the moment that house prices are on the fall.
even if they crash though, it will still take a good 3 or so years before they hit rock bottom
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Cosmo
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quote:
Originally posted by Steve
it looks at the moment that house prices are on the fall.
even if they crash though, it will still take a good 3 or so years before they hit rock bottom
its going to be fairly regional TBH, as although in some areas they are already falling I know where I am they are still rising steadily.
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AndyKent
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Registered: 3rd Sep 05
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Not sure there will be a 'crash' and as Cosmo says, not nationally. But certainly if you sold now, all that money in the back is doing no harm, and prices won't have rocketed in the mean time. If you have somewhere to stay indefinately, I'd seriously consider selling now, buying much later.
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Toby
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Registered: 29th Nov 05
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well you have time to look properly and you will have the money to buy, but then house prices coud go up leaving you short on cash
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Colin
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Registered: 4th Apr 02
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I dont believe that theres going to be a crash, not where I am anyway prices are still climbing steady.
It would only be a small transitional period between selling up & buying again so any market increase in that time should be negligible.
I was just looking for other factors tbh. What about mortgage will it be better to end one & start off again with a new deal?
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Cosmo
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Registered: 29th Mar 01
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If you've cash in hand then will be easier to sort a mortgage (and possibly a better rate) for your new place. Plus allows you to have it read to put the offer in and complete in a fast time - which can sometimes clinch you a deal over someone else.
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Colin
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Registered: 4th Apr 02
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So win win win all the way??? 
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Cosmo
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Registered: 29th Mar 01
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if you're in a position to do it then yeah, probably more benefits to it than not.
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Robbo
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Registered: 6th Aug 02
Location: London
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Money in the bank Koling
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Colin
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Registered: 4th Apr 02
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Id probably be tempted to spend it if its just sat there
Is their any mortgage lenders that take projected income into account?? Our incomes going to jump from 30k to 55/60k+ in 24 months time.
[Edited on 11-12-2007 by Colin]
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Cosmo
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Registered: 29th Mar 01
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tbh you're best asking that to an independant mortgage advisor, as Im sure they'd know certain places that will take it into account.
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Colin
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Registered: 4th Apr 02
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Yeah we will do at the time.
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Twiggy
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Registered: 15th Oct 04
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i recon sell and stick as much as you can in high interest accounts!!
i noticed A+L doing a saving account with 12% interest!!!
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Colin
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Registered: 4th Apr 02
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Is their a limit for how much you can have in that account??
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MikeD
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Registered: 18th Aug 02
Location: Whittlesey, Cambridgeshire
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why not rent your place out, the money your going to get (you stated in other posts) will cover it and a place with Jade, call it your pension???
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Robbo
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Registered: 6th Aug 02
Location: London
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quote:
Originally posted by Twiggy
i noticed A+L doing a saving account with 12% interest!!!
I investigated and it snot that simple
U must have a current a/c, pay in £1.5k per mth, and even then u can only save x PER MONTH into it (quite low) and no lump sums, its about as useful as ClaireF tbh 
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Colin
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Registered: 4th Apr 02
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quote:
Originally posted by MikeD
why not rent your place out, the money your going to get (you stated in other posts) will cover it and a place with Jade, call it your pension???
Id get hit with capital gains tax........when I came to sell it.
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Robbo
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Registered: 6th Aug 02
Location: London
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http://news.bbc.co.uk/1/hi/business/7141151.stm
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