recently re-mortgaged, now have to sell

N

nakamura

Guest
as the title says.


i have a 2 bedroom house in longwood, co meath. bought 2 year ago for €205,000, i recently remortgaged to the sum of €215,000.. unforeseen family circumstances at home in the uk has now left me in no other position but to sell up. i say no other position as the mortgage payments are just over €1,000 a month, and average rent for a 2 bed house in the area is only €800 app.

my reason for coming on here is simple really, how do i go about getting the house sold?? my re-mortgage was 3 yr fixed.

i had an estate agent out at me at the start of the week, she informed me that i am in a good position due to the majority of houses in the area being 3-4 bed properties. due to me being at home in scotland, i need to know what steps to take for coming back for a few days next week



who are the best company to go through




i hope this makes sense, am just a bit lost with the whole thing and am really on here hoping for some guidance




thank you


nakamura
 
first steps first...

ring your mortgage company and find out how much of a penalty they are going to make you pay to get out of your fixed term if any.

then get a couple of EA in to value (2-3) and pick the one you think is best.

get house on the market.

then get thee a solicitor...make sure you can afford the fees etc..

then it's a waiting game for a buyer.
 
Some suggestions
1) I don't know the full facts but maybe you could 'take the hit' on having to subsidise the property by €200 a month by renting it for the time being ? Your circumstances could change again for the better.
2) I suggest you make the property attractive by asking a reasonable (and possibly lower than other similar properties in the area) price.
3) Could you include fixtures and fittings as an added incentive ?

BTW, I hate to add to your problems but there will probably be a penalty clause for breaking a fixed rate mortgage early as well.
 

shall be a fully furnished house, and the price has been lowered slightly



mortgage company as in the bank i recently mortgaged with, or the brokers i used???

there's only really one estate agent who seem to have the market sewed up in the area am in.. the girl who seen me said the best thing for me to do is contact a solicitor first, as it can take weeks for the deeds to be released???
 
It will be the bank who will charge for early encashment. Good advice about solicitor. The sooner you have a contract and deeds in place the quicker you can move from sale agreed to contracts signed and not lose the sale. Were you happy with your initial solicitor ? If so go with him again as you know him and he will know the property as well.
 
elcato said:
Some suggestions
1) I don't know the full facts but maybe you could 'take the hit' on having to subsidise the property by €200 a month by renting it for the time being ? Your circumstances could change again for the better.
Click to expand...

Following up on Elcato's point..
Switching to interest only mortgage for a while may even mean that you do not have to subsidise at all. BUT, mind the usual Stamp Duty Clawback if applicable, CGT on resell after more than 12 months of renting, etc....

Note: i am not saying that you should keep property and rent, only you can crunch the numbers/assess risks/etc... just throwing ideas at you for your consideration.
 
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