Anyone sold a property after a short space of time?

(13 Posts)
phoria Sat 05-Nov-16 22:16:12

And managed to get out relatively unscathed? I'm not settling in my new flat. I know I need to give it more time but I'm seriously thinking of selling up after 6 months. Craziness I know especially with all this Brexit uncertainty. My thinking is if prices stay flat in London (as they're predicted in the next year or so) I'll still be able to buy somewhere else. Ironically I bought my place because I was scared of getting priced out at the exact moment prices start falling. Bah!

ffab Sat 05-Nov-16 23:16:07

Bought our 'final resting place' home, renovated it, couldn't stand our mega-noisy neighbour so sold up and was out in under a year. Made a bit of money but took quite a toll on relationship with DH. If your sure is just not right, then move. But if prices are flat you will lose a little due to conveyancing costs.

Molly333 Sat 05-Nov-16 23:19:26

Bought and sold in eight months- an old property then realised my ex was crap at DIY

phoria Sat 05-Nov-16 23:28:26

Ahh, encouraging stories. I realise I have to pay conveyancing costs but that would be the same if I sell up in 2 years. Hopefully I can port my mortgage. Plan B is to get consent to let but I'd rather not have the faff of becoming a landlord. Also not sure if the bank would take 'I've changed my mind' as a good enough excuse for consent.

YelloDraw Sun 06-Nov-16 13:46:11

Plan B is to get consent to let but I'd rather not have the faff of becoming a landlord. Also not sure if the bank would take 'I've changed my mind' as a good enough excuse for consent.

I didn't have to say why I wanted consent to let. Just after the 6 months consent it went onto a slightly worse rate and then I remortgaged onto a proper BTL for a few years.

phoria Mon 07-Nov-16 01:27:22

Really? I thought you had to give a reason why you were applying. Mmm... Financially it would make a lot more sense to try rent it out first.

phoria Mon 07-Nov-16 17:37:31

Anyone else? smile I think I've decided to get rid and sell (depending on market conditions next year).

QueenStromba Tue 08-Nov-16 16:43:55

If you rented it out and bought another one you'd have to pay 3% extra stamp duty on your new place. Also, from next April you will no longer be able to offset all of your mortgage interest against tax which means you could end up paying more in tax than you have left over from the rent after mortgage costs and could be pushed into a higher tax bracket, lose tax credits etc. You'd also be doubling down on your bet that house prices will increase when house prices in London look to be on the way down.

phoria Tue 08-Nov-16 17:31:04

Yeah, exactly. I want to get out while I still can. Long-term prices always go up but I've realised this is not a place I want to stay in long-term.

IceMaiden73 Tue 08-Nov-16 18:42:06

What about stamp duty costs, etc - can you afford them again?

phoria Tue 08-Nov-16 18:50:10

I can't really afford it but I'd rather just get the right place now that I can see myself in for a long time. I mean I'd have to pay stamp duty and all of those costs in 2 years anyway if I chose to sell when my fix is up. If I go back to rented I can stay at a friend's and be saving over £1k a month so hopefully it would only take a few months to earn those costs back.

phoria Tue 08-Nov-16 18:50:33

Maybe I'm just insane!

missyB1 Tue 08-Nov-16 18:56:48

We moved in here in August and I'm not settling in sad
It just doesn't feel homely, and the open plan kitchen/ diner/ conservatory which looked so great in the summer is bloody freezing now!!
Can't face telling husband how I feel, he would be totally pissed off. Planning on making the case for moving in a couple of years to get in catchment for good high school (great excuse me thinks!) wink

I think if you're not happy and can afford to move then go for it.

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