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  1. #1

    Tricky situation re: House and return to studies

    Hi - i'm really not sure what advice i'm after here but I thought I would post my situation and see if anyone has any enlightening thoughts

    At the start of the year I decided that I had had enough of my career and that it was time for a big change. So i applied to go back to university and do a Masters (aged 34 and a third ). I was accepted on the course early March and I immediately put my house up for sale - this is was my only option as 1. both my shared equity scheme and mortgage provider said no to letting it out and 2. I need some of the equity for my year at university.

    Before anyone replies about the financial or career 'logic' of doing all this : "You shouldn't do studies without a plan for afterwards", "You'll never get back on the housing ladder", "It will look bad on your cv" etc etc, I've listened to all of them, consider them and decided 'sod it'. I know that it's probably not the most sensible choice but I feel as though I have to fundamentally change my life and this was as good a step as any.

    Ok, so my problem is that I've yet to sell the house. I've had plenty of viewings and a couple of serious offers that I accepted but both fell through. I've now changed estate agents in the hope that will help (I was previously using PurpleBricks). But i'm now facing the situation that I have just over two months before I leave to go to university and my house is very much still on the market. I have some savings to get my through the first term, maybe second term as well; but if I don't sell and I'm paying mortgage on my house as well as renting at uni I'm going to go through quite a lot of money. This is pretty different to my original plan which was to hope it sold quickly and then move back to my parents for a couple of months before uni so I could save more towards it and not use too much of the house sale amount (which is increasingly looking lower then I hoped).

    I'm trying not to worry about this too much as there's not much I can do about it - in fact i'm trying to put it out of my head and just carry on with my life at the moment. But if worse comes to the worse and the house doesn't sell i'm really not sure what I will do.

    Any ideas?

  2. #2
    You might have to drop the price to below its true value to push a quick sale if you need to release the capital in a rush.

    The other option is to go for the renting out regardless of the T&C of the mortgage, but if that goes belly up you'll have a black mark on your financial affairs pretty much the rest of your life. Maybe you could negotiate in changing it to a mortgage that will allow subletting?

  3. #3

  4. #4
    Would offering an Air B&B style service contravene the no-letting-out rule?

  5. #5
    Either that or just dont tell them the house is being let out...


 

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