We are moving from Surrey to Nottingham this summer as DDs due to start school there in September.
It should be a breeze to buy a property in Nottingham as we aren't tied to a particular area. Our ideal place is between £450 and 500k. The problem is few viewings on our property.
The ideal would be for is to get an offer on our place tomorrow and then for us to place an offer in Nottingham, and then let the three month process work out.
Failing that, we need to come up with Plans B and C, and possibly D.
DH already has a rental, so we could go there for a couple of weeks - it's not really suitable long term.
We could rent somewhere else in Nottingham, but this is expensive (DH's place is already about £1000 pm)
We could release funds to buy a place of around £150k, selecting carefully a place that has rental potential, and then rent out our place in Surrey until it sells.
We have never viewed ourselves as property entrepreneurs, but are closing in on being desperate.
Our debt on our property in Surrey is less than 40% of its value, so we have scope to increase our mortgage, as well as dipping into our retirement account.
We are 52/50. I don't currently work but have an income potential of around 35k once we move.
Does anyone have a point of view regarding buying a place with obvious rental potential versus just renting place?
Then how to go about getting a loan on our existing property.
We never planned to be in this position, but redundancy reared its ugly head (we are really grateful to still have an income)