Selling home before 6 months....possible?

HBOwen1986 · 2022-07-26T15:13:36+00:00

Hi all. I've been a longtime lurker, but I need some advice. Purchased my first ever home with DP And DD. everything was going smoothly, we wanted the house, and started doing home improvements. To find that now, due to some major issues with my family, we need to leave and love closer to them. We currently live in Birmingham, and will need to look at moving back to Nottingham to be able to provide care due to an M.S diagnosis. We have had the house 3 months, but DP agrees that if it needs to be done, then it needs to be done. I'm probably guessing that we won't be able to break even, even though we've done some extensive home improvements. Is it possible to move? I'm guessing we will be out of pocket as took out a 5 year fixed term mortgage we were that sure of moving..are we going to have to wait a year at least? Unfortunately, we will have to get moving faulty quickly, but all our money has gone into the house, so guessing we will hardly even break even with the fees 😭😭😭😭 Do we have to wait a year to sell at all? Any sort of advice would be helpful, unfortunately, we do need to move back for family purposes.... Thank you xxxxx

Greenleevses · 26/07/2022 16:16

No advice but just wanted to say I'm sorry. Life can be a proper shitshow at times.

Original poster

HBOwen1986 · 26/07/2022 16:19

Also, I'm sorry for the typos - using a phone and being emotional doesn't really help haha xx

OP posts:

orangeisthenewpuce · 26/07/2022 16:22

Why would you have to wait a year?

Original poster

HBOwen1986 · 26/07/2022 16:26

orangeisthenewpuce · 26/07/2022 16:22

Why would you have to wait a year?

Hi.

Just to be able to get some money back? As it is, all the money has gone into the house.

OP posts:

orangeisthenewpuce · 26/07/2022 16:29

Get in touch with your mortgage company and ask what the early settlement figure is. I can't see how you can't lose money unless you make a massive profit on your home

Woodlandarchitect22 · 26/07/2022 16:29

I had this problem (under a different name) a few years ago. With the reassurance from Mumsnet we went ahead and sold our house within 6 months. No problems!

Buyers mortgage provider didn’t ask any questions. We had already explained why to our solicitor who told their solicitor.

By the time it all went through, it was almost 6 months anyway! (Conveyancing is always slower than you expect!)

Hope it works well @HBOwen1986 x

PeekabooAtTheZoo · 26/07/2022 16:30

We’re selling at a loss after 18 months for similar reasons. Hopefully you can get a quick sale. We’ve had to move into rented.

Woodlandarchitect22 · 26/07/2022 16:32

Also we painted the walls. And bought new vinyl for the bathrooms (it was only a tiny 2 bed) and tidied the garden up.

The estate agent valued it at £5k more which our buyer happily paid. This covered the cost of conveyancing and estate agents and we broke even!

Life happens OP. X

Ilikewinter · 26/07/2022 16:32

Can you port your mortgage, weve been able to do that when on a fixed mortgage in the past, any additional we borrowed went through as a seperate mortgage.

I had 6 months in mind but maybe thats lender specific?

Dodgygeezer · 26/07/2022 16:33

Its potentially a problem for your buyer. Some mortgage companies stipulate you need to have owned it for 12 months. Experiences may vary, good luck

Original poster

HBOwen1986 · 26/07/2022 16:34

Woodlandarchitect22 · 26/07/2022 16:32

Also we painted the walls. And bought new vinyl for the bathrooms (it was only a tiny 2 bed) and tidied the garden up.

The estate agent valued it at £5k more which our buyer happily paid. This covered the cost of conveyancing and estate agents and we broke even!

Life happens OP. X

We've completely renovated the bathroom, put new flooring down in the bedroom and lounge, we've even purchased new interior doors last week until the diagnosis! I doubt that will make up for the money mind you...

OP posts:

Woodlandarchitect22 · 26/07/2022 16:36

You never know. Get the valuation and go from there.

Our reason was also an MS diagnosis (mine)

Narcheska · 26/07/2022 16:37

The first house I purchased was being sold before 6 months since previous purchase. There was a note on the details saying that buyers may encounter difficulties obtaining a mortgage (I think to do with money laundering issues) but we had no issues.

the owner had been offered a job in another part of the country and needed to sell 🤷🏻‍♀️ Timing wasn’t ideal but life happens and it didn’t cause me the buyer any issues

Original poster

HBOwen1986 · 26/07/2022 16:37

Ilikewinter · 26/07/2022 16:32

Can you port your mortgage, weve been able to do that when on a fixed mortgage in the past, any additional we borrowed went through as a seperate mortgage.

I had 6 months in mind but maybe thats lender specific?

Hi, I believe we can after 6 months, but the house prices are so much more expensive back in Nottingham by about 50k so I doubt that would work :(

OP posts:

Motnight · 26/07/2022 16:38

Op I am coming at this from a different angle.

You have said that you need to move due to a MS diagnosis. Is it essential that you move now? My dh was diagnosed with MS nearly 10 years ago. He doesn't yet need additional help or support. MS is a bastard of a disease, but lots of people do live with it for many years without needing too much additional help.

TinaYouFatLard · 26/07/2022 16:40

It sounds like you’ve had a big shock with this diagnosis and are in a bit of a panic. Have you considered renting out your home for a while until things have settled?

Original poster

HBOwen1986 · 26/07/2022 16:42

Motnight · 26/07/2022 16:38

Op I am coming at this from a different angle.

You have said that you need to move due to a MS diagnosis. Is it essential that you move now? My dh was diagnosed with MS nearly 10 years ago. He doesn't yet need additional help or support. MS is a bastard of a disease, but lots of people do live with it for many years without needing too much additional help.

Thank you for this. Unfortunately it is essential due to the issues they have with their mental health as well. Currently on medication anyway due to MH issues, and needs a LOT of help and unfortunately, no relatives are near her now other than us...ish.

It's to the point where they are also buying drugs like amitriptyline online to go with their doctors medication..

OP posts:

Motnight · 26/07/2022 16:42

That sounds so hard, Op. I wish you all the best.

BrieAndChilli · 26/07/2022 16:45

Could they move closer to you? Or move in with you if they need that much care?

BunsyGirl · 26/07/2022 16:45

You should be able to port your existing mortgage and then borrow the extra from your current lender (assuming you meet their criteria for additional lending). It’s probably the best thing to do from a financial point of view as the rates will have gone up since you bought the home. You will effectively have two different mortgages running but when your current fixed rate expires you should then be able to re mortgage the whole property so you only have one mortgage.

Original poster

HBOwen1986 · 26/07/2022 16:49

BrieAndChilli · 26/07/2022 16:45

Could they move closer to you? Or move in with you if they need that much care?

Would absolutely love to, however, they have a support system there - going to groups (art therapy, therapy in general) not to mention the friends she has from the group. At the moment, the neighbour and nurses help out. We didn't even know how bad the issue was until we want over 3 weeks ago and saw first hand - the house is a pig sty. She also boards things and it took us a week to clear everything out - hence when we found the medication online etc.

We think it would cause more harm than good in her moving to us.

OP posts:

Original poster

HBOwen1986 · 26/07/2022 16:50

BunsyGirl · 26/07/2022 16:45

You should be able to port your existing mortgage and then borrow the extra from your current lender (assuming you meet their criteria for additional lending). It’s probably the best thing to do from a financial point of view as the rates will have gone up since you bought the home. You will effectively have two different mortgages running but when your current fixed rate expires you should then be able to re mortgage the whole property so you only have one mortgage.

Thank you for this - does this also mean that we'd have two large mortgage payments? We can't do that unfortunately :(

OP posts:

Original poster

HBOwen1986 · 26/07/2022 16:55

HBOwen1986 · 26/07/2022 16:49

Would absolutely love to, however, they have a support system there - going to groups (art therapy, therapy in general) not to mention the friends she has from the group. At the moment, the neighbour and nurses help out. We didn't even know how bad the issue was until we want over 3 weeks ago and saw first hand - the house is a pig sty. She also boards things and it took us a week to clear everything out - hence when we found the medication online etc.

We think it would cause more harm than good in her moving to us.

Show quote history

To add to this - we were always told that other family members were helping her. Only when we went to visit did she tell us the true story - only the neighbour was helping etc.

OP posts:

BunsyGirl · 26/07/2022 17:03

Well say your current house has a mortgage of £150k and the one you buy costs £50k more, you will end up with a total mortgage of £200k. It will just be split into two payments; your existing payment plus the payment for the additional amount. Given the recent rate increases it will probably be cheaper than getting a new £200k mortgage as the whole £200k would be at the new higher rates. Does that make sense? Plus you will have to pay a redemption penalty if you redeem your old mortgage before the fixed term expires. As to whether the lender will agree to it will depend on whether you meet their financial criteria including having enough equity in the new house. If you don’t meet the criteria, you will have to pay the redemption penalty and start afresh, or port the mortgage to a smaller (and cheaper) house or flat.

Original poster

HBOwen1986 · 26/07/2022 19:26

BunsyGirl · 26/07/2022 17:03

Well say your current house has a mortgage of £150k and the one you buy costs £50k more, you will end up with a total mortgage of £200k. It will just be split into two payments; your existing payment plus the payment for the additional amount. Given the recent rate increases it will probably be cheaper than getting a new £200k mortgage as the whole £200k would be at the new higher rates. Does that make sense? Plus you will have to pay a redemption penalty if you redeem your old mortgage before the fixed term expires. As to whether the lender will agree to it will depend on whether you meet their financial criteria including having enough equity in the new house. If you don’t meet the criteria, you will have to pay the redemption penalty and start afresh, or port the mortgage to a smaller (and cheaper) house or flat.

OK. Hopefully, can arrange this and sell the house pretty quickly....

Thank you for this

OP posts: