To sell the house or not

(13 Posts)
catadeli Sun 15-Sep-13 12:24:16

I am a lone parent of 2 years, DC 3, 5 and 7. No child maintanence and currently surviving on IS, TC and CB. Had a temp preschool contract working part time ended in July now looking to return to admin role (pay better and want to return full time when all DC in school). Current school 8 mile drive from home.
House is needing some TLC, boiler needs work. Have already accrued a credit card debit which is a feeling like a slippery slope. Do I take us off the property ladder, move closer to the school which is also closer to any work I can get. I can live off some of the capital, interest and whatever I earn and won't have to worry about house maintaneance costs etc however rent will be much higher than mortgage and doubt I will be able to afford to get foot back on property ladder unless I buy jointly. My friends and support network are all living nearer the school, I will return to work fulltime next sept when my DD is in school although will then have to meet childcare costs as well. Obv if I sell I will lose any entitlement to benefits such as TC. I have a Legal Aid charge accruing interest on the property and my ex has a charge on the property. I need to work for financial and sanity reasons and do not want to take kids out of current school. Local area is abit rough round the edges (parents walking with their kidswhilst drinking a can of lager at 11am in the morning, obnoxious kids harrassing my lot when they go to the local park not really my cup of tea).
To stay and let the house deterioate in value and LA charge accrue interest, be in a position where I can't afford to work until next September and then move kids to a school nearby.
To go take foot off property ladder lose security and benefits and eat away capital that was invested in house.
Some practical guidance please

kittycat68 Sun 15-Sep-13 17:44:56

i think only you can make the descion. sounds like you want to make a fresh start in another home nearer friends in a better location etc, owning your own home isnt always what its cracked up to be and neither can be renting if you get a difficult landlord!
However if you come off the property ladder unless your fincail situation radically improves you will find it hard to get back on. so you really have to decide what you really want. Write a list of pros and cons for both. Sometimes shortly after a relationship ends you feel the need for a fresh start, so make sure you do nothing rash and give plenty of time to make the right decision for you.

catadeli Tue 17-Sep-13 22:54:17

Thank you I know what I want to do - the house holds many bad and sad memories and I feel cut off here from the rest of my life but I am throwing its financial security aside and that scares me. My kids would also be happier elsewhere but what happens if the capital diminishes to next to nothing how do we live then

kittycat68 Wed 18-Sep-13 08:58:27

alot is going to depend on the amount of capital you have in the house.
The only problem with renting is that if the lanlord wants you out at the end of the term usually a year you have to move again and this can be quite unsettling for children especially if it happens a couple of times. Plus you would have all the stress of finding something else not to mention the removal fees.
Equally living in a home with lots of bad memories will only make you more down and unhappy. is it possible that you could rebuy another house op?

catadeli Wed 18-Sep-13 17:58:12

Can't purchase I can't raise enough on salary

kittycat68 Thu 19-Sep-13 09:51:22

you need to do what you think is best for your family short term and long term.If you are finacailly strugling in owned property and things are very tight it would make more sense to move to rented if that makes things easier for you. dont forget you will have estate agent , solicitor, removal fees to pay for. As i said before their are pros and cons to both, no one unfortuately has a crystal ball to know which is the right thing to do you just have to do what you think is right for your family given the circumstances, thats all any of can do.

notthefirstagainstthewall Thu 19-Sep-13 13:54:17

Will your house gain value in the future? How much left is there of the mortgage and how are you paying for it now?

Could you rent it out to cover the mortgage and rent somewhere smaller but closer to work (once you have a job)?

The statistics show that probably you will meet someone else in the future. If you can keep some capital saved for a deposit you would be able to consider buying again.

catadeli Thu 19-Sep-13 20:37:27

My house is needing some tlc it needs money spending on it and things are starting to go ie doubleglazing leaking conservatory. I can't rent it ex has charge on property - sore point as he has paid pittance in maintenance currently paying none. Can't afford to pay his charge off can't afford to put money into property. Think.my mind is set just not heard of anyone else voluntarily coming off the property ladder with a possibility of getting back on it. Just wavering.

kittycat68 Fri 20-Sep-13 11:54:47

why dont you get an estate agent round to get a price at least. at least then you will know what its definately worth. work out whats its going to cost and how much you will have after selling and moving fees. at least then you will have all the facts. the property may not be worth what you are thinking it is worth so best to have all the facts before making a descion. I think reting it out would not be ideal it would cost you to get all the certifcates and insurances up front plus any remedial work anyway. I would think given all you have said op that you would probably be best to sell and rent for the time being until you are in a bettr finacial postition.

catadeli Sat 28-Sep-13 15:58:44

Sold v quickly great price more than anticipated looking for our new home looking to a new future apprehensive scared but got to go for it going to make it work. Thanks for all your advice and listening.

Frenchfemme Sat 28-Sep-13 16:02:25

Great result - good luck for the future!

Sasquatch75 Sat 28-Sep-13 21:08:32

That's great. Sounds like the best thing you could've done smile

MadameLeBean Sat 28-Sep-13 21:10:49

Can you sell but buy somewhere smaller ?

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