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Using equity on London flat to move out?

(12 Posts)
Looseleaf Sun 25-Jan-15 11:07:44

Does anyone know how easy this is? i wonder whether we can either buy something of smaller value in the country (we still owe about 10% of the value of our flat.) or buy a plot and build something.

Maki79 Sun 25-Jan-15 11:22:24

Yes, we did this (although we only released about 10% of the value of our London flat). With your equity this will be no problem!

It worked out really well for us. We bought a do-er upper in the country, moved here, thought we could do it up as and when but after 3 years and another dc we just culdn't afford it. In the meantime our flat went up significantly in value so now we've sold it and our house is being done up as we speak before dc3 comes along.

Where are you thinking of moving to?

Looseleaf Sun 25-Jan-15 11:36:25

How encouraging, thank you for this.
We would be interested in anywhere with ok state schools west of London or else the Banbury area. Possibly round Stroud or if we venture further even Monmouthshire

Maki79 Sun 25-Jan-15 21:35:59

Really!! We have relocated just south of Stroud!! smile
We properly love it!! Have you had a look around??

Monmouthshire is also beautiful though...and my Nan lives in Banbury. There's some lovely villages in the area.

I don't know about the schools in Banbury or Monmouthshire but depending where you live in Stroud you can be subject to the Grammar system. Personally this isn't for us hence partly why we live specifically where we do with all primary's being good and a Good Comp Secondary (Good Ofsted, but great reputation by all accounts).

I don't know what your budget is but this is the type of house you can get in the town we live in for the price of a 1 bed flat in London - this one sold a while ago (unfortunately not to us!) but I just loved it so much I wanted to share!!

www.zoopla.co.uk/property-history/15-the-knapp/dursley/gl11-4bt/29296916

Theveryhungrycaterpillar123 Mon 26-Jan-15 08:33:17

Monmouthshire is lovely! Monmouth itself is a nice little town, or try just over the boarder in Herefordshire.

Looseleaf Mon 26-Jan-15 19:16:22

maki that is such a coincidence and I only know the Stroud area from passing it but we loved it and have only heard nice things about it.
We know Monmouthshire better meanwhile and keen to explore being near Monmouth for the schools and countryside. But it's hard to find a house we like and we're also wondering about buying a plot if can find one and building!

Our budget is above the house you linked and it looks lovely.
I feel very excited we might take the plunge somehow but a bit impatient as it feels a bit daunting finding the right place.
Thanks for your encouragement!

Looseleaf Mon 26-Jan-15 19:19:13

I didn't mean that the houses round Monmouth didn't look lovely as many do, just hard to see exactly the right one. But I think we need to work out our exact budget and talk to agents in all the areas mentioned and so hard to find much time with a toddler helping

Maki79 Mon 26-Jan-15 22:32:48

Ahhh well best of luck with it all - it's daunting leaving London but how exciting to have the prospect of building your own home smile

PM me if you want any more details on Stroud!

LondonLady2014 Tue 27-Jan-15 09:32:42

I grew up near Stroud, the villages and countryside around there are really beautiful though the town itself is still a bit scruffy. Cirencester and Cheltenham are nearby though if you want to visit somewhere a bit smarter with more going on. Stroud and the surrounding areas have a lovely arty / slightly boho feel to them though and are less snooty than ciren / Cheltenham. To avoid the grammar schools lots of kids from stroud go to school at Deer Park in Ciren. There is a school bus I think...
Both Stroud and Monmouthshire have stunning countryside. You'll prob get more for your money in Monmouth though. I take it you aren't going to commute to london still? Stroud is a long drive / train ride away. Though if you live on the Kemble side the train is much faster from there.
Beautiful part of the world. I recommend it!

LondonLady2014 Tue 27-Jan-15 09:44:26

Just realised that sounded a bit more negative about Stroud town than it meant to! What I meant was that the surrounding villages are nicer than the actual town itself. Loads of really lovely walks and country pubs with great food! Great farmers market too!

Maki79 Tue 27-Jan-15 12:59:04

Dursley is the place to be now LondonLady!! A few months back some v cool famous actors moved into our terrace!!
I actually completely agree with your description of Stroud. I love visiting the farmers market and Woodruffs. But it's the people that make it special! No small mindedness here at all! smile

limner Sun 01-Feb-15 21:58:32

Hi I was just wondering if you could say a little bit more about how equity release works please? I have been thinking about how best to release some of the large-ish chunk of equity tied up in my house but am nervous about some the schemes I've heard about. I will probably look to sell in a couple of years time so that's another factor to think about.

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