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House Buying / Selling Thread
- Thread starter Gareth Barry Conlon
- Start date
yeseye
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Moreover, you may also put your home in jeopardy, as it will be secured against the debts on your credit cards and loans, as well as your mortgage. In essence, avoid remortgaging for debt consolidation and see if you can pay off your existing debtsseparately instead.How would we go about taking the equity out of our house to pay debts or adding debts on to the mortgage?
Got about 25k-30k equity.
Remortgaging: The Best Deals and Debt Consolidation - uSwitch.com
https://www.uswitch.com › guides › rem...
Manc in London
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I hate being involved in the process of buying and selling. Our last house sale (two years ago) was smooth. We had 128 vistors during the open weekend, and got £20k over the asking price. However, buying was another matter altogether. Our bid matched someone elses. The owner, an old fella in his 80s, wanted to meet us before he decided who to sell to. However, he went away for two weeks so it took an age to arrange a meeting.
After he made the decision to sell to us, we had a full survey. It flagged up asbestos in the loft and 'possible' damp on the wall at the rear of the groundfloor. The owner was playing up, stating that he was not going to pay for the removal of the asbestos (estimated cost of £5k). After a lot of toing and froing, he eventually agreed. The bank were still not happy because of potential damp behind a plant pot the survey couldn't move. We told the bank there was no damp and we were going to extend anyway and that wall would be removed. It wasn't good enough for the bank. So we had to pay for the surveyor to come out again. Then when the surveyor agreed there was no damp and the bank agreed the mortgage, the owner had problems with the retirement flat he was buying (no-one had died for a while so there was no room for him). Our buyer was then threatening to pull out or ask us for a discount.
It took us six months to move in after we had agreed the sale of our place. Because of the time of year, we had to delay the refurbishment and extension plans. We had to live in a house for several months with no carpets (taken out as part of the asbestos removal) and a cracked manhole chamber in the conservatory. The house looks great now but the amount of shit we had to deal with has put me off buying another house in the future.
Oh, I forgot to say that the refurb and extension was further delayed mid build because the architect got some measurements wrong so the proposed pitch roof of the extension that was behind the garage would only have been 170cm high at its lowest point.
After he made the decision to sell to us, we had a full survey. It flagged up asbestos in the loft and 'possible' damp on the wall at the rear of the groundfloor. The owner was playing up, stating that he was not going to pay for the removal of the asbestos (estimated cost of £5k). After a lot of toing and froing, he eventually agreed. The bank were still not happy because of potential damp behind a plant pot the survey couldn't move. We told the bank there was no damp and we were going to extend anyway and that wall would be removed. It wasn't good enough for the bank. So we had to pay for the surveyor to come out again. Then when the surveyor agreed there was no damp and the bank agreed the mortgage, the owner had problems with the retirement flat he was buying (no-one had died for a while so there was no room for him). Our buyer was then threatening to pull out or ask us for a discount.
It took us six months to move in after we had agreed the sale of our place. Because of the time of year, we had to delay the refurbishment and extension plans. We had to live in a house for several months with no carpets (taken out as part of the asbestos removal) and a cracked manhole chamber in the conservatory. The house looks great now but the amount of shit we had to deal with has put me off buying another house in the future.
Oh, I forgot to say that the refurb and extension was further delayed mid build because the architect got some measurements wrong so the proposed pitch roof of the extension that was behind the garage would only have been 170cm high at its lowest point.
Gareth Barry Conlon
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How would we go about taking the equity out of our house to pay debts or adding debts on to the mortgage?
Got about 25k-30k equity.
I would advise against that, consolidate the debt on to the best personal loan you can get and stop buying things on credit.
denislawsbackheel
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It's crap in Oldham, mines been on the market since January had 4 viewings, I can't really put it any lower as we couldn't afford to move, may end taking money out of it and renting it while buying another. Where we live is ideal for town and we are right on the m60 just Oldhams rep fucks everything up.
You will of course be hit by the 3% increase in stamp duty if you do that.
denislawsbackheel
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L
I don't believe this is correct.
You can own as many properties as you like, it won't affect the purchase of your home, Ie the house you intend to live in. In such a situation there is no hike in stamp duty as long as you are selling a main residence to buy another.
There is a subtle change where anyone who purchases a house and still owns a separate house (in any way) pays a higher 3% minimum rate. So if you own a BTL your domestic move costs you more – or if you own a holiday home – or if your parents have put you on the deeds to their house etc. This change and few changes to BTL that make it less attractive came in in April and there was an expectation that it would lead to a cooling of the property market but it doesn’t appear that way.
It’s subtle changes that favours first time buyers or buyers with no other involvement in property – Poynton is the sort of place where that may have an impact.
I don't believe this is correct.
You can own as many properties as you like, it won't affect the purchase of your home, Ie the house you intend to live in. In such a situation there is no hike in stamp duty as long as you are selling a main residence to buy another.
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Manchester33
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Have you tried a different estate agent? If you've only had 4 viewings surely the current EA's aren't pushing the property enough?It's crap in Oldham, mines been on the market since January had 4 viewings, I can't really put it any lower as we couldn't afford to move, may end taking money out of it and renting it while buying another. Where we live is ideal for town and we are right on the m60 just Oldhams rep fucks everything up.
Unless your property is an 8 bedroom bungalow or something.... :P
Blue Maverick
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To be far mate I don't think it will make much difference it's Oldham and people seem to want something for nothing, in fact I don't know what they want.Have you tried a different estate agent? If you've only had 4 viewings surely the current EA's aren't pushing the property enough?
Unless your property is an 8 bedroom bungalow or something.... :P
Gareth Barry Conlon
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L
I don't believe this is correct.
You can own as many properties as you like, it won't affect the purchase of your home, Ie the house you intend to live in. In such a situation there is no hike in stamp duty as long as you are selling a main residence to buy another.
A lot of people assume this is the case and there is some exception for buying a home to live in however the change in law is quite clear. If you own any type of property and buy another the stamp duty is a minimum of 3%. There is an allowance for buying one and selling one within 3 months (i think) however you pay the 3% and can claim it back once your sale goes through.
Have you tried a different estate agent? If you've only had 4 viewings surely the current EA's aren't pushing the property enough?
Unless your property is an 8 bedroom bungalow or something.... :P
Clearly something wrong. Have you had a look round at what houses are selling for?
dickie davies
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I bought in February. First time buyer with my girlfriend, only started looking in January. The house was listed at £220k, managed to buy for £207k which I was more then happy with. It's a really nice, well sized house in a decent area so, all going well with the missus, should be in there a good few years.
If house prices continue going up I'll perhaps look at selling, but in no rush at the moment!
As a matter of interest, how much is your mortgage and how many years?