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I ve had cancer and ended up at home at 40 can you help me work out how I can use what assets I have to move out.

(9 Posts)
Financialconund Sat 04-Nov-17 08:54:33

I have at flat near parents worth 160000 very nice in brilliant tourist town, I have no qualms it will sell
However I currently use it as holiday let as have three other flats in the building. I got buyer without it going on market, from over seas who wants it as holiday let and to stay in when she visits my town. The sale should have taken a month if that. It's dragged on for months and months and it's come down to a permission in lease to use it has a holding let. So that needs sorting, who knows how long chasing down owners, getting responses. Then they may not say yes.
What's easier going down this route after so long or just putting it back on market.

But I have had serious cancer very big operation, it's left me traumatised and living at home, my dp are lovely but driving me utterly mad. I have nearly slept in fields for the night to avoid going home and although funds a re short I have to book into cheap b and b to get away.
I have got job teaching ad hoc, filling in the, so that's a huge step forward. But I have a flat to buy that's perfect I can buy it out right, no mortgage for exactly same amount as will be left over from mortgaged for a the sale but the owner of that flat has been waiting as well!
Dm said she might offer me the money in the mean time to buy the flat until mine is sold. What can I do to get money now to buy the other flat, it'd falling into disrepair and it's not fair on that seller having to wait for me.
Could I start to renovate the other flat on the meantime?

cestlavielife Sat 04-Nov-17 09:01:51

Why don't you just live in one of your flats ?

LIZS Sat 04-Nov-17 09:06:50

Move into the one you are selling until paperwork is sorted? Worth doing as you'll find a similar problem in future if the purchaser is btl.

Iwantaunicorn Sat 04-Nov-17 09:09:41

I'd cancel the sale, stick it back on the market, and Borrow the money off of your parents if you can do. I definitely wouldn't even ask to begin works on your new place until you own it, as the sale could all fall apart and you'll be out of pocket.

Financialconund Sat 04-Nov-17 09:11:02

I do stay there over night when holiday let not in use but it's close to close to my parents home, they come round hounding me banging on doors sad. My dm won't leave me alone they worry about me, if I don't answer calls etc they try and send my bf round. I feel like a hunted dog. I feel very desperate I spoke to macmillan and they said they might help but there isn't that much they can do. They did say I need my own space etc. I have struggled with the mortgage on my flat and the close proximity to dp which is why I am keen to buy outright.

Financialconund Sat 04-Nov-17 09:13:16

The new place sale would be secured further if I committed to start doing works on it, I know the owner. She is out of pocket paying council tax on it, watching it fall into disrepair waiting for me to buy it.
If I started work on it it would help

LIZS Sat 04-Nov-17 09:16:33

You'd need a legal agreement to access a new property without owning it. If owner has a mortgage they would need to seek permission, likewise insurance company and your solicitor. Could you lease it while waiting to buy?

ijustwannadance Sat 04-Nov-17 09:24:17

Do not spend any money on a property you don't own. If the sale falls through for any reason you will have lost money.

If your buyer is struggling due to letting issue and you put it back on the market, would other buyers have the same issue too?

Financialconund Sat 04-Nov-17 09:41:17

There is no mortgage on the property I want to buy. Leasing it sounds interesting. There is currently no lease, my friend would have to create a leasehold, she has been Waiting for me to say, I am free to buy it so she doesn't incur extra costs in case my sale falls through as she has a shop underneath which is being rented out. She feels if this sale to me falls through she should sell the whole property. It's hundred of miles away from her and she couldn't afford or manage the build needed on the flat. So it was perfect solution for us both. She could retain the shop underneath and I buy the flat above. It's not liveable at the moment, the bathroom is unusable however it has been heating and the lounge and bedroom needs light cosmetic work. The kitchen is usable short term.

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