2007-01-09 23:01:42 · 10 answers · asked by daza74 1 in Business & Finance ➔ Renting & Real Estate
yes and you will still be able to buy your house back,and get your loan back without fuss , if you decide to come back from the uk to the uk???? (makes sense dosent it)
2007-01-09 23:18:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hi there, Downsizing doesn't always release a lot of funds; as you say. I do understand where you are coming from. However, have you really truly considered all your options? There has to be a way of downsizing your mortgage - whether that's choosing a smaller place or an area that isn't number 1 on your list. It all depends on your flexibility. For example, my boyfriend and I have just sold our 2 bed apartment. We were going to buy a larger, nicer apartment that would have cost about the same. Instead, we've decided that we want more disposable income and have opted for a cheaper studio apartment. Sometimes the only way is to compromise. But the cheaper mortgage means that we can spend the extra money - or save it if we wish to buy a bigger place again. Not to be offensive, but the risk with leaving your mortgage now is that if you changed your minds in a year, you may find it difficult to be approved for a mortgage in the future due to your age. My Dad never had a mortgage and when he hit 45 nobody would give him one. Have you thought about inheritance and things like that? Is it something that concerns you, or not? It's just another thing to think about - as obviously if you live until you're 70 and you then own the home, your children could receive all of the money from your house. If you do rent, and you have no money remaining from the sale of your home, there will nothing to give them. Not that this is really the be-all-and-end-all of course! The main thing to think about is the future. Think forwards to when you're 65 and ready to stop working. If you own the house at this point, you could have a very comfortable retirement indeed! If you are renting, you'll have to make sure you are getting enough money from somewhere. The other thing to think about is to extend your mortgage term to decrease your monthly payments. I know you said there's no point as you might be dead by the time you pay it all off (lol!), but whatever's left will be paid when the house is sold, and you'll also have a little more disposable income. Overall though, I think you are very intelligent to think about quality of life over quality of dwellings. I would seriously look into more options in terms of downsizing and trying to get a smaller mortgage. One final thing to consider is the reality of renting. Some landlords will not allow you to paint or hang anything on the walls. Most landlords visit at least once a month. Many landlords unfortunately do not allow pets or smoking (if these apply to you). When I was growing up, we lived in a rented house. We lived there for 15+ years and the landlord was happy for us to treat it as our permanent home and never visited for spot-checks. He also had no problem with our 3 cats! So sometimes it can work out. But as an adult, I've found that I just can't settle when renting. I'm renting a place at the moment and we aren't allowed to have pets (although we have 2 cats - we weren't going to give them away!!), we aren't allowed to smoke inside the flat, we aren't allowed to hang pictures or paint, etc. I personally can't wait until we own our own place and can do whatever we like. Don't take your current freedom for granted, is all I'm saying. It might seem like there's a mountain to climb, but my advice would be to try and stay on the ladder somehow - unless selling your home will give you a big lump sum of money that you can invest for the future for inheritance for your children / extra money when you are retired / etc. Good luck with whatever you do! xx Emmie
2016-05-23 03:25:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
When you sell your house the mortgage that you took out to buy it has to be repaid at the time of sale. The mortgage company will not release the deeds or allow the change of ownership unless it is repaid. Your solicitor has to make sure that this is done. Once these formalities are complete and the house changes ownership then you (and your mortgage company) have no more interest in the house.
2007-01-09 23:10:29 · answer #3 · answered by JACKIE 2 · 0⤊ 0⤋
Can't see why not, distance and time differences might make it a little more complicated if you wanted to deal with all the aspects of it yourself.
Speak to a good property solicitor as they would be able to advise you and could actually act on your behalf once you've emigrated.
2007-01-09 23:09:10 · answer #4 · answered by bengimog 2 · 0⤊ 0⤋
The re-payment of the mortgage is done by your solicitor. Instruct a solicitor in the UK and when the your purchasers's solicitor forward the money to your solicitor, they will then re-payment your mortgage and will then send any balance to your bank account.
2007-01-09 23:14:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes.
2007-01-09 23:10:45 · answer #6 · answered by Away With The Fairies 7 · 0⤊ 0⤋
That sounds very silly
2007-01-09 23:19:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Not planning on going far then!
2007-01-09 23:11:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I'm following the logic of SPARTACUS ???????.
2007-01-09 23:11:42 · answer #9 · answered by Mika K 4 · 0⤊ 0⤋
how can emmigrate to and from the same country?
2007-01-09 23:07:12 · answer #10 · answered by Anonymous · 0⤊ 1⤋