Does anyone have any experience or advice on bridging loans? We obviously want to move away from here now and logistically it would be a nightmare to do if we had to sell our house then move everything we own on moving day in one go (I have a koi pond and a very large aquarium that would be just one issue amongst others). If we could somehow temporarily keep our current house and purchase a new place it would make things a million times easier which is why I thought about a bridging loan but I’m a bit thick so don’t really know if this is an option or how they work. Alternatively I could start a go fund me .
They're hard to get and extremely costly. You'd be better of getting a bigger mortgage (or a mortgage if you don't need one after the sale) and agree to be able to pay off the amount of equity that's in your old house after the sale. That way, if the sale takes longer than expected, you won't be under pressure to pay off the bridging loan or incur the high interest cost of such a loan.
Wouldn't storage of the majority of your accumulated possessions, live out of suitcases for a few months, as well as someone nearby willing to house a Koi storage tank for a while be a better and cheaper solution?
a mate of mine had one, i think £500k, had too be paid back by a specific date or the daily charge was mental £500 or something he doing up some flats up so the pressure to get them done and sold to pay it back was massive
That’s what we did 10 years ago when we relocated here and because we had a good network of people we knew that could help out it was doable. This time I have a lot more stuff (bikes) and don’t know anyone here sadly. Paid storage for the possessions is possible, it’s just the live stock I need to work out. What ever we buy will need considerable work to make liveable so we will be camping out for a while anyway.
I was reading up last night and I think there are two types. One that has to be paid back by a set date and the other is open ended, the latter would be better but the charges are much higher from the start apparently. I may have to have a rethink.
The other thing to be aware of, is when you own two houses there is the possibility of paying CGT on the one you sell. I believe the time limit, for not paying the tax and dual ownership, is 9 months but I'm not sure of all the legal in & outs of the process. Definitely something to read up or get advice on. The other thing is that some people may not be that concerned you take time after completion to move all your livestock and belongings.
friends of ours acquired koi carp when they bought their house, the owners agreed to collect the fish after the sale but never returned to collect them You could agree similar but make it a condition of sale, alternatively make the fish an additional part of the sale and start again with new stock and pond at your new location. Seemingly you’re at the end of your tether with your neighbours, I’d favour your mental wellbeing over fish, as fond of them as you are
I think we are just looking at quick-ish exit plans really. When the neighbours find out we are trying to move they will do everything they can to mess it up, even with no for sale board up etc they will find out eventually. Last time we moved I gave up all my fish (except the koi as by luck a customer had an empty pond I could leave them in) and started again but because I’m such a soft twat for all animals I really don’t want to do that again if possible. We are going to speak to our financial advisor chap to see if we can come up with something but another added difficulty is my wife would need to find a job at another school and make it all tie in with the move. I can find work anywhere so that’s not such an issue. Slightly off topic but the police texted my wife last night to tell us of the outcome of a recent interview they had with the neighbours over the harassment and criminal damage, even after being shown the deeds and a letter from highways they say that highways and the council are wrong about the hedge belonging to us and they can cut it if they want to. Shows what mentality we are up against. We would also have to declare all the problems we have had to a buyer which is another issue.
I hear the psycho theme track whenever I hear the term ‘bridging loan’ My best mate got one to finish off a spectacular, and perhaps a tad ambitious barn conversion. It totally sunk him. Cost him his marriage, family, and every penny he’d got. Must be 20 years back and he’s still not over it…
I definitely ain’t a financial expert. Perhaps it could work for you in a certain application? But definitely go in eyes wide open…
Zeus You need to be really careful all the grief and hassle is well out in the open with your Solicitor dealing with the sale of your house. As tempting as it can be to try and hide or ignore it to help sell the house I believe there are legal obligations you have to disclose it, which your solicitor will advise on. Not doing so could land you in a heap of expensive trouble if the new owners find out the hard way.
Yeah we have to disclose it or we can be sued even years after we have left I believe. It will be a major sticking point I’m sure but I will tell any potential buyer and they can make their own mind up.
I'm currently instructed in a claim for damages arising out of alleged fraudulent, alternatively negligent, misrepresentations in the sale of a property. It concerns failure to disclose the presence of Japanese Knotweed, but the facts aren’t important to this comment. The claim is only for £30k but because it’s a 3-way bun fight (buyer, seller and conveyancing sol), the complexity and general faffology scales logarithmically, so the costs are absolutely astronomical. TLDR: you should always tell the truth but especially when selling a property.
I don’t suppose you know if there is a cut off point for disclosing any issues? I wondered if say it all went quiet with no further problems for say 3 years do you still have to tell them or maybe it’s open ended and doesn’t matter how long ago it was. Struggling to find any real information on it.
The problem if information is with held may come if the purchaser then sells on again and it's picked up then somehow in the future, you might have 2 parties coming after you. But, I am definitely no legal expert, but do have dealings at work with fairly fussy solicitors with various property sales, some will almost go out of their way it seems to find problems.
