Sell now and rent?(1 Post)
I’m in a bit of quandary and would appreciate some advice. I bought a house in January and have done a fair bit of work on it. I paid £402k and have done £23k’s worth of work on it. It has just been valued at £525k which I’m obviously very pleased about. The mortgage is £213k.
I am a single mother with 2 DC’s (13 & 9). I work full time and I have a DP of 6 years although we don’t live together. We are planning on selling mine and his houses in April next year and moving in together. We are moving half way between him and I into a catchment area for an outstanding secondary ready for DC2 in September 2020 (he also has 2 DC who he has 50% and are settled into their secondary school around 40 minutes from where we are going to live, DP works from home so can do the school run when he has them, not a problem) my eldest DC is at boarding school, going into Y10 in September but will transfer to the outstanding secondary near our new location for sixth form.
My thinking is that I sell mine now and rent in the new location until DP is ready to sell next April? it means I will definitely be in catchment for the new school and can also get a feel for the place. I can also go part time at work which I am desperate to do (I can’t afford to at the moment with school fees and lack of cash after doing the house up) as I feel my youngest needs me around, I am behind on all household stuff and potentially have the opportunity to work 9-3 . The reason DP and I haven’t moved in together yet is because my eldest’s school fees are means tested therefore if we move in together the fees will go up massively. If we move in together by next July/August his bursary assessment will have been agreed in the May for his final year (Y11) so all good.
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