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House sale fallen through AGAIN - we are stuffed

(9 Posts)
Gomez Wed 03-Aug-05 12:59:55

Any advice greatly received:

DH and I were selling our house to release equity to finance my return to Uni and retraining as a lawyer. First sale fell through in May 2 days before we were due to purchase new smaller house. We coughed up the deposit, drew down both loans and re-marketed our house. Sold again, reduced price entry for next month. We moved into smaller house last week - day after new buyer pulls out too! We now have two mortages, no savings as we have used them all for deposit. stamp duty, expenses to-date etc. and I have no job as had resigned (3 month notice period) in June!

Resigned to the fact the Uni ain't happening this year I am franticlly looking for a new job - which will involve a commute and the need to arrange additional child care. Been looking at market for rental and is pretty slow too!

Any ideas? And don't commiserate or I will cry!

AlmostAnAngel Wed 03-Aug-05 13:03:48

could you rent the house out? and sorry but i have to do it [[[[[[[[[[[[[[[hugs]]]]]]]]]]]]]]]]]

AlmostAnAngel Wed 03-Aug-05 13:04:35

dont give in just keep thinking uni will happen dont let it not!

Gomez Wed 03-Aug-05 13:20:00

Thanks AAA.

Uni won't happen this year but perhaps we can get it all sorted for next! Just need to be able to get over the next few months without being declared bankrupt!

tassis Wed 03-Aug-05 13:36:35

I know you don't want sympathy, but I'm really sorry to hear this Gomez. It's really rubbish.

Both ja9 and I rent property in Aberdeen to students. Could this be an option?

Keep us posted...

What are your thoughts for a new job? Can you withdraw your resignation? How's the new house?

Gomez Wed 03-Aug-05 14:02:15

Hi Tassis. Withdraw of resignation would be difficult as I am currently interviewing bods for my replacement.... And to be fair if I am going to be working my socks off for the next 12 months I would prefer something I actually enjoy... Seem to be a fair few around but all of course in Edinburgh or Glasgow and would involve longer hours and full time working, etc.

We are looking at renting one of them out but there are lots of houses available. Original house is quite big with 4 beds but also lots of living space so not sure if price appealing to students. Would also need to furnish it.....
New house smaller, nearer Uni and we could furnish it much quicker. What is the situation with HMO licences if you let to students? Am I correct in thinking that if 1 of them holds the lease as opposed to individual agreements then you don't need one? Need to check that out actually.

And some sympathy is nice so thanks...

tassis Wed 03-Aug-05 14:12:17

HMO licences? Sorry, can't think that that is...

THere are various things you need to do to set up house for renting - fixed fire alarms, can be funny about fire excapes if on 2 floors or do't have a back door, have to get gas and electric things checked etc

I think this is due to multiple occupancy rules and you can get round some of this by having a family in rather than, say, 3 students. We have a PHD student and his family in our old house in Abderdeen and 3 students in our flat.

Lawyer drew up lease for us. They all sign one lease to say they toghehter will pay the amount per month.

Actually dh deals with it all so I'm a bit vague, but if you have any questions I can ask him or feel free to CAT me.

Furnishing and setting up a house can be done dead cheap. We got furniture from the local paper and equipped the kitchen from asda.

In terms of which house to rent out, you charge students per room. In Aberdeen they'd pay around £250 each per month so the 3 bed house would get you £750, the 4 £1000. From what i gather students mostly have cars here so will travel. THe uni might have an accom unit that would help you find tenants.

Gomez Wed 03-Aug-05 16:43:42

House in Multiple Occupation Tassis - all the good stuff you outline for me. Thanks.

I am now off on holiday for a couple of weeks and have got no internet at new house yet so thanks again and hopefully by the time I get broadband again I might not be bankrupt!

sweetkitty Wed 03-Aug-05 17:10:31

Gomez know excatly how you feel we are in a smiliar situation except because we couldn't complete on time for our new house (Scottish system) we are having to pay interest penalities per month, we have got a loan and hopefully we will move in a few weeks and our flat will sell this time.

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