Am an O A P I own a 1st floor flat cost effective way to swop for bungalow a new mortgage is not an option?

Answer 1

Well you either need to go thru traditional channels of selling your flat and buying bungalow. or find a bungalow owner who wants to swap to first floor flat. But whatever you do there will be search fees, Land Registry fees and Stamp Duty, possibly estate agents fees - possibly Capital Gains Tax. It is difficult to say what these will be without knowing the value of the property you would be buying.
Unfortunatey little in property is cost effective so whatever you do its going to cost you at least £5,000 in fees/taxes etc - which is £5k less to spend on a bungalow. The other thing is your flat is probably leasehold (even if you have a share in the freehold) and therefore your landlord would look after things like the upkeep of the building (not inside your flat) and the roof, gardens etc. A bungalow is likely to be freehold and the upkeep would fall to you - do you want the responsibility or cost of that?? Then you've got security, on the first floor you can have your windows open, in a bungalow you have to consider the security. Might be cheaper and safer to stay where you are.

Answer 2

Can you not sell up and buy a new bungalow with the proceeds? It could be difficult to find someone who would swop with you, plus there are bound to be legal implications. Maybe speak to an estate agent for some advice, though bear in mind they may not be impartial. Good luck!

Answer 3

go into a old folks home