Selling and equity.

[young_bairn]

Alright PH'rs. If anybody has the time to throw some advice my way I would appreciate it.

Situation.

I have a flat. Bought for £117k 7 years ago and had it valued twice over the last 6 months. Top end (unrealistic) £110k and bottom end £90K (negative equity territory. £96k outstanding on mortgage.)

Getting married so would 'like' a house but staying in the flat wouldn't be too big an issue.

Have £30K+ saved for a deposit for said future house. Say I put it on the market for £100k and doesn't sell then what options do I have? Can I pay the difference to make up for the negative equity? Any other options apart from renting? Renting wouldn't cover the mortgage payments.

[z4chris99]

pay the difference to the lender ( worst )

or rent it out if it covers the mortgage ( better )

Or if it doesn't cover it rent it out and make up the shortfall untill the price pushes you into positive. ( not bad )

[young_bairn]

z4chris99 said:

pay the difference to the lender ( worst )

or rent it out if it covers the mortgage ( better )

Or if it doesn't cover it rent it out and make up the shortfall untill the price pushes you into positive. ( not bad )

Cheers Chris. I imagine you get hot with a penalty for paying a lump off.

[cerberaperv]

I could possibly help depending on figures.

We have a solution for people who want to sell properties with little to no equity.

Email me if you want.

[young_bairn]

cerberaperv said:

I could possibly help depending on figures.

We have a solution for people who want to sell properties with little to no equity.

Email me if you want.

Cheers will keep you in mind. Like I said I don't NEED to move but you know the pressure from SWIMBO. Getting one last valuation next week and take it from there.

[fido]

Is it worth spending a few £k or less on the flat to help it sell? Obviously only worth it if you can realize something towards the higher price by doing so - but as you are definitely selling it might be worth finding out.

[young_bairn]

Ok had another valuation and it's not good. Basically top end is around what's outstanding on my mortgage. This is because some plumb sold there flat for 85k in the same development with a home report price of 110 000k. So dont know what to do

[DSLiverpool]

What do the rent for? Surely an option