House sale probably fallen through - Page 2

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House sale probably fallen through - Page 2


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  #11 (permalink)  
Old 8th January 2014, 04:00 PM
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Unfortunately not we need the funds from house sale to move over and buy or we would as our son and his family would love to live here
You'll find that most people will advise you to rent first - for a number of reasons.
  • You might buy in an area/place that you later don't like
  • Now is not necessarily the best time to buy

In hindsight, I don't think we should have bought. The problem is, what happens to the property when we got too old? Or even when we die? The children, in all probability, will either not be in Spain or at best, will be living somewhere else in Spain.

Yes, I suppose, they might be able to sell it but then one day, pigs might fly!
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Old 8th January 2014, 04:59 PM
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You'll find that most people will advise you to rent first - for a number of reasons.
  • You might buy in an area/place that you later don't like
  • Now is not necessarily the best time to buy

In hindsight, I don't think we should have bought. The problem is, what happens to the property when we got too old? Or even when we die? The children, in all probability, will either not be in Spain or at best, will be living somewhere else in Spain.

Yes, I suppose, they might be able to sell it but then one day, pigs might fly!
advising people to rent is great, if they can afford to do that,, we like Janeym8 had to sell to free up the capital to buy and live, its just not viable for us to keep the uk house and rent in Spain.
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Old 9th January 2014, 08:16 AM
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advising people to rent is great, if they can afford to do that,, we like Janeym8 had to sell to free up the capital to buy and live, its just not viable for us to keep the uk house and rent in Spain.
I agree.

My advice now would be to sell in UK but still rent in Spain. In hindsight, that's what we should have done.
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Old 9th January 2014, 12:50 PM
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advising people to rent is great, if they can afford to do that,, we like Janeym8 had to sell to free up the capital to buy and live, its just not viable for us to keep the uk house and rent in Spain.
Why can't you rent the UK house out for £x and rent in Spain for €x?

That gives you the best of all worlds. You maintain a UK property which should increase in value whilst it's rented and use the rental income from that UK property to fund the rental of a Spanish property would give you the flexibility of moving around if you want to.

The most important thing being, you're not sinking a lot of money into the unstable Spanish property market which could well fall even further and not only that could and can prove almost impossible to sell.

It's a brave soul indeed who's investing money in Spanish property at the moment. Much braver than me!
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Old 9th January 2014, 01:34 PM
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Originally Posted by zenkarma View Post
You maintain a UK property which should increase in value whilst it's rented and use the rental income from that UK property to fund the rental of a Spanish property would give you the flexibility of moving around if you want to.

The most important thing being, you're not sinking a lot of money into the unstable Spanish property market which could well fall even further and not only that could and can prove almost impossible to sell.

It's a brave soul indeed who's investing money in Spanish property at the moment. Much braver than me!
Recently it was reported in the press that property prices in the UK had risen and that the Nationwide Halifax were predicting an 8% rise this year! BBC News - UK house price predictions for 2014

With wages in the UK rising below the reported inflation rate of around 2% ( BBC News - Economy tracker: Inflation ) and housing estimated to rise at 8% I would say that there is no stability in the UK hosing market, rather that it is 'heating up' again to give the feel good factor just prior to the next general election in 2015.

Soon after the elections interest rates will start to rise, people in the UK will start to watch property sales slump, prices fall and then we will really see how bad it can be as the UK bubble bursts!


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Old 9th January 2014, 03:04 PM
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Recently it was reported in the press that property prices in the UK had risen and that the Nationwide Halifax were predicting an 8% rise this year!
Don't say that! I've just sold my UK house!

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Originally Posted by oronero View Post
...I would say that there is no stability in the UK hosing market, rather that it is 'heating up' again to give the feel good factor just prior to the next general election in 2015.
I'd say you were spot on!

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Soon after the elections interest rates will start to rise, people in the UK will start to watch property sales slump, prices fall and then we will really see how bad it can be as the UK bubble bursts!
I'd say you were spot on again!

That's why I said should increase in value. It's hard to say for sure because a lot depends on where they are etc. But one thing is for sure, UK housing will be a far more stable investment than Spanish at the moment.

The UK government has said it's put measures in place to ensure the market doesn't overheat and create another bubble whether you believe that or not. I can only assume that they will squeeze the banks on their mortgage lending to slow the market down if they need to.

Prices have been rising, most sharply and markedly in London and the SE, but not an awful lot elsewhere really.

Like you, I fully expect interest rates to rise (in all honestly they should have risen already) but timing when that is going to happen is proving somewhat tricky.

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Old 9th January 2014, 04:18 PM
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A possibility that might be considered and is one that we used ourselves to enable purchases to continue while waiting for a buyer, is to extend the mortgage on the property in UK. This, of course, only works if there is sufficient equity in the UK property and you have sufficient income to support the new mortgage payments. But it is worth looking into.

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Old 9th January 2014, 06:31 PM
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Originally Posted by zenkarma View Post
Why can't you rent the UK house out for £x and rent in Spain for €x?

That gives you the best of all worlds. You maintain a UK property which should increase in value whilst it's rented and use the rental income from that UK property to fund the rental of a Spanish property would give you the flexibility of moving around if you want to.

The most important thing being, you're not sinking a lot of money into the unstable Spanish property market which could well fall even further and not only that could and can prove almost impossible to sell.

It's a brave soul indeed who's investing money in Spanish property at the moment. Much braver than me!
because i do not want the hassle of renting out my uk property, and as I said we have sold, can afford to buy and bank a substantial amount of money.

The old chestnut of the Spanish property market falling is on relevant if you see a house as an investment, for us it is a home, I do believe that there are those who want to rent and that is fine, there are those who wish, like us to buy, no one is right people do what they need to do for them selves. We are not frightened of the property market falling even further, if it rises or if it falls it does not matter its our home

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Old 9th January 2014, 08:15 PM
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We thought long and hard whether to buy or rent and decided to buy straight away although the place we wanted might be lost to us by the time our place sells so we can get the funds
We heard from lawyer today our house sale has definately fallen through so we are pretted gutted about it
Thanks for all advice/opinions

Jane x

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Old 9th January 2014, 08:31 PM
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Originally Posted by Janeym8 View Post
We thought long and hard whether to buy or rent and decided to buy straight away although the place we wanted might be lost to us by the time our place sells so we can get the funds
We heard from lawyer today our house sale has definately fallen through so we are pretted gutted about it
Thanks for all advice/opinions

Jane x
When this has happened to us in the past, my husband always says "it happened for a reason" - something better will come along and happen, you just wait and see!!!!!

Jo xxx
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