Selling now?!?

[NickFRP]

Its been st at home for the last 4 months so i think its time to split from my partner. Having bought a 2 bed bungalow 2 years ago and with the mortgage coming up for renewal on the 2nd October what do you think my best options are.

The place has been on the Market for 1 week. 1 month until i go onto the Bank of England rate.

What is the rate of the Bank of England?
Renting is an option, how much of a pain in the ass is it to rent somewhere?
Do i need a buy to let mortgage?

Thanks troops

[illmonkey]

BoE rate is 5%, but will possibly change today. So your mortgage will proberly be 1.5% above that.

Renting is alot easier than buying. But you are sharing a house with someone else. So what do you do about that?

I assume you both pay the mortgage, so if one of you moves out the other is up st creak without a paddle. Put it on the market for a low price and cut your losses. Then rent somewhere on your own or try to move with mates.

If you plan on keeping the place and renting it out then you need a buy to let. But alot of people wont bother!

Edited by illmonkey on Tuesday 2nd September 08:55

[NickFRP]

Thanks.

Well i have a couple of months to see if it sells. one option is to get a buy to let mortgage with my partner and keep hold of the property and we go our separate ways and rent it out together to some one.

To buy her out i would have to giver her a % of the equity when prices in property are still high

[illmonkey]

why would you still want to have a common intrest with the other half if you are splitting up?

Best bet i reckon is to sell or buy her out. Offer her a stupidly low figure and see what she says. The market is slow at the minute and it could take a long time to sell, and she might only make a few K more waiting that you buying her out.

[NickFRP]

illmonkey said:

why would you still want to have a common intrest with the other half if you are splitting up?

Best bet i reckon is to sell or buy her out. Offer her a stupidly low figure and see what she says. The market is slow at the minute and it could take a long time to sell, and she might only make a few K more waiting that you buying her out.

Then only reason id chose to have a common intrest is so i can get out of the home quicker

[Swillsy]

Mate, I'd be renting it out right now - it is what most of the property developers are doing with their builds!

You won't get a good price on the property as people are too scared. If I were you I'd pass it to a lettings management company so it not something you'd have to deal with either.

[illmonkey]

Put it on the rental market at the same time. with month-to-month agreement. So someone can stay for just a month, which there is a market place for (other couples breaking up!).

Then you can move out as soon as you have a tentant, and hopfully it'll sell in a few months then once near exchange, boot the tentant out at the end of the month.

[trimbo]

illmonkey said:

BoE rate is 5%, but will possibly change today.

not today, Thursday

[NickFRP]

How is the renting market in general?
what happens if i rent it out partialy furnished? can i gain extra ££ by this

[illmonkey]

trimbo said:

illmonkey said:

BoE rate is 5%, but will possibly change today.

not today, Thursday

woops, thanks.

NickFRP said:

How is the renting market in general?
what happens if i rent it out partialy furnished? can i gain extra ££ by this

Its busy busy! People selling houses to get out of possible higher rates and loosing money.

Go into a local letting agency and chat to them about rental or furnished/unfurnished.

[NickFRP]

illmonkey said:

trimbo said:

illmonkey said:

BoE rate is 5%, but will possibly change today.

not today, Thursday

woops, thanks.

NickFRP said:

How is the renting market in general?
what happens if i rent it out partialy furnished? can i gain extra ££ by this

Its busy busy! People selling houses to get out of possible higher rates and loosing money.

Go into a local letting agency and chat to them about rental or furnished/unfurnished.

Thanks