Bought a house before but now thinking of selling - best way to go about it?

[Paul the 6th]

What's the most cost effective and efficient way to sell your house?

Someone suggested gumtree today and my first reaction was but then they said loads of people are doing it to save on estate agents fees?

Is there really a need for estate agents to be involved now that we can use the internet to market our wares?

I know I'd need a solicitor to do the paperwork and various inspections (valuation, survey, energy efficiency report of some sort??), is there anything else?

Decided I've had enough of York after 4 years of stubborn persistence. It's great for a weekend away with historic buildings and lots of pubs to choose from, but that doesn't nessecarily mean it's a great place to live. Not sure what my next steps are yet but I'm sure I'll figure it out at some point.

Oh and what's the job market like for graphic designers at the minute? Thinking of jacking in self employment because the hassle of it all just doesn't carry the benefits & rewards it used to. Time to shake things up a bit.

Hi Paul,
Long time no speak x
Some advice from me, take it or leave it:
The house market is bad for selling at the moment, it's a buyer's market and people just aren't getting the prices for the property that they will do when the financial slump is over.

Perhaps you should consider renting it out?
You can always remortgage and buy a second property as long as you remortgage the first as a 'buy to let' and the second as your 'residential home'. That way you take advantage of the buyer's market, you have someone paying off the first property and if things all go horribly wrong you could rent out the second property and move back to the first or sell up when things improve and buy a larger property with the profits from the sale of the other two.


I have 3 houses at the moment and would never consider selling at this time.

[Paul the 6th]

Hiya Jen, hope you're well?

well my friend said a similar thing to me "why not rent it out and then find somewhere else to live, then sell when the time's right?" - it's an option, but with cashflow the way at it is, I don't want to tie myself in financial knots and then end up in an even worse situation when it all goes wrong.

It feels as simple as 'sell house to get rid of mortgage and get equity back > find somewhere else > start again' rather than faffing around finding tennants and a letting agency and then having to put money in to maintain the property, plus I would have thought obtaining a 2nd mortgage would be tricky with already having a first one, not to mention the reduced cashflow possibly reducing my borrowing capability.

D'ya know, if I could hit the restart button on life I don't think I'd own anything I couldn't carry..

Not at all, I can put you in touch with a mortgage adviser who will not charge you a penny and if you buy a property as buy to let it doesn't get held against your earnings so to speak.

I appreciate that you want to get rid of any financial burdens but selling now would be a disaster. You would lose so much money and most houses are in negative equity at the moment.

I advertised my 3rd property on Gumtree and we got an awesome Aussie Moto X champ who hires Tris to be his mechanic at world events. They are hardly in the property as they tour all over and when they are here we spend a lot of time with them and have become great friends.
I think you should certainly explore your options. Advertise on Gumtree, see what kind of people apply, there are legal ways to draw up contracts online to be a landlord and I can give you as much advice as you want. I think you would be cutting off your nose to spite your face if you sold up now.

[Paul the 6th]

Are you thinking along the lines of house prices rising in the not too distant future?

tbh I bought at the right time in Oct 2008 because the house had been for sale for 12 months and went from it's starting sale price of £189,000 to £179,000 down to £165,000 and then the seller was going bankrupt so had to sell sharpish, managed to get it down to £145,000.. Quick estimate from Zooopla reckons it could sell for around £150k, so wouldn't be in negative equity but probably won't have chipped away at the interest much in 4 years so will probably only get a couple of grand on top of my original deposit money.

Must admit the fact I've been locked in at 6.6% for 5 years is annoying because the interest rates were dropped to 1.5% > 0.5% a month after I got the house, so I'm still paying as if interest rates are much higher while everyone else is running round with extra money in their pockets.

I've got a year left on that deal so would that stop me from switching to a B2L deal with someone? D'ya mind sending your advisers details through on pm plz? thank u

You forgot to include solicitors fees and estate agent commission in your estimate!
I am just going to put the horses to bed and I will pm you x

[dizzyblonde]

Originally Posted by Paul the 6th

Hiya Jen, hope you're well?

well my friend said a similar thing to me "why not rent it out and then find somewhere else to live, then sell when the time's right?" - it's an option, but with cashflow the way at it is, I don't want to tie myself in financial knots and then end up in an even worse situation when it all goes wrong.

.

Its also dependant on your mortgage lender allowing it too. Dependant on what product you are on determines wether you can go and let your house out.
I've looked into it with my mortgage provider, and I have no tie ins, so can go on to let my house, BUT and this is the big but, they don't tell you, is that they make sure you end up on a massively extortionate rate. Its not the same as a 'buy to let' if you are trying to let out your current home in favour of buying a new one its 'let to buy' theres different rules etc. The Halifax call it a really stupid name, and I can't for the life remember what its called!

If you were to think of letting it out, have a read of this might help

http://www.telegraph.co.uk/finance/p...your-home.html

[Paul the 6th]

Originally Posted by Von Teese

You forgot to include solicitors fees and estate agent commission in your estimate!
I am just going to put the horses to bed and I will pm you x

no worries, be careful getting them up the stairs!

Yeah that's the thing if I can market the house myself via rightmove/gumtree/whatever then the estate agents can whistle (as long as I can get a suitable check list to make sure I stick to a conventional way of doing it all)..

[Paul the 6th]

Originally Posted by dizzyblonde

Its also dependant on your mortgage lender allowing it too. Dependant on what product you are on determines wether you can go and let your house out.
I've looked into it with my mortgage provider, and I have no tie ins, so can go on to let my house, BUT and this is the big but, they don't tell you, is that they make sure you end up on a massively extortionate rate. Its not the same as a 'buy to let' if you are trying to let out your current home in favour of buying a new one its 'let to buy' theres different rules etc. The Halifax call it a really stupid name, and I can't for the life remember what its called!

Cheers for pointing this out diz, it's not something I know much about so that kind of info is exactly what I'm fishing for..

[dizzyblonde]

oh.....consent to lease. Have a ganders on google. Consent to lease, allows you to rent out your property 'short term' if you need to say move to the opposite end of the country due to employment etc.

You can have a consent to lease for any time period up to a maximum of three years IIRC or subject to lender, again also subject to mortgage product too.

guff to read, thats general info, a bit old, but relevant to give you an idea

http://www.lovemoney.com/news/proper...-as-a-buytolet