I have a new job in North wales and I have to move up there at the end of November. Our house in Pembrokeshire is on the market, but we have had one viewing in the first month. Generally, houses do not seem to be selling.

My girlfriend and I are now considering what options we have. I suppose we are in a fortunate position in that we have overpaid on our mortgage and could leave the house empty for 2 years without having to pay the mortgage – however, this would cost me £11000 if it doesn’t sell within this period. I don’t really want to use the overpayment as we have worked hard to reduce the term of the mortgage. I believe the options we have are:

1) Drop the price of the house to below what it is worth to get rid of it.
2) Rent in North Wales whilst keeping the house in Pembs on the selling market. I don’t think there are any positives to this scenario as I believe renting is a waste of money but it does mean we are not tied into another Mortgage.
3) Stay with the inlaws until the Pembs house is sold. However, they live in Manchester and it would mean a 1 hour each way commute every day. Financially, this would mean that we don’t have to pay for accommodation in North Wales but there is the toll of a long commute and the cost of travelling.
4) The cost of houses in North Wales are lower than in Pembrokeshire. Take out another mortgage to buy another house in North Wales and rent out our existing house until the selling market picks up. However, although this makes good financial sense to me, I am very wary of renting our house. This is mainly due to getting bad tenants and the financial aspects such as paying tax on the rental income, the costs associated with being a landlord ie certificates, insurance etc and finally the issue of having to pay capital gains tax when the house does sell as it wouldn’t be our main residence.
5) Rent in North Wales and rent out our Pembs house.

This is really beginning to affect me now, as each week the end of November is getting closer, and I am not sleeping well due to worrying about what to do. It is good to have options available to us, but because we have a number of options, I don’t know which is the best.
Has anyone else been in this position? What would you do?

Where in Manchester are the parents?

The traffic round here is pretty horrendous in the mornings, I live less than a mile from the bottom of the M56 and it can take 10-15 mins to get there in the mornings if you drive.

I’d also have a chat with your mortgage provider about letting your house out as they’ll have to approve that. You’ll also need to get all the safety certs done pretty sharpish.

Interested in this too.

We’re in the process of moving and although we’ve had people falling over themselves to buy our place I’m scared that a previous run in with a knob of a neighbour might scupper it so had toyed with renting as the house is in a really good place to rent (the knob next door is renting too).

Financially its not an issue as theres no mortgage on the current place but it’d mean taking a fk off big mortgage on the new place if we didn’t sell it and I’m not sure I can be arsed with the burden of having to look after two houses – part of the reason we’re moving is to live in a new(ish) house thats 100% done and would mean more family/biking time instead of DIY, looking after another house etc.

4 or 5 are your best options I’d say, probably 5 being best unless you can pick up a bargain. It’s unlikely you will purchase and complete by November now so a 6 month let might tie you over till the new year, when you will know how much you like the job and area and be better able to buy what you want, and selling should pick up in the spring.

The let of your house should be cost neutral unless you get a really bad tenant, hopefully it would cover the mortgage and you don’t need to worry about cgt as long as you sell within 18 months, and even if you don’t it’s only due on the time after that, which would hopefully be paid for out of the rental income.

I’d do #5, at least to begin with until you’re happy with the new job & new home area

Capital Gains might not be an issue depending on a) the price it sells for an b) how long you did live in it as your main residence

Income tax is payable on rental income profit ; the interest portion of your mortgage payment is a cost that you can deduct from the gross rental income to produce that profit figure.

2) Rent in North Wales whilst keeping the house in Pembs on the selling market. I don’t think there are any positives to this scenario as I believe renting is a waste of money but it does mean we are not tied into another Mortgage.

With houses forget what you believe and work out the numbers

Rent both (5) seems like the best option, personally before committing to buying a house you won’t be able to sell again live there for 6 months, make sure the jobs are right and decide where you really want to live.

North Wales within an hour commute of Manchester? Wrexham? Forget it and stay in Pembrokeshire.

I would go for 5) too – until you are 100% about the new job and location.

Use an agent for the rental unless you know the tenants. They are all useless and incompetent sharks, but they are at least a filter between you and any rubbish tenants. Take anything you care about out of the house.

1) Drop the price of the house to below what it is worth to get rid of it.

How can it be worth whatever you think it is worth if you can’t sell it at that price?

Use an agent for the rental unless you know the tenants. They are all useless and incompetent sharks, but they are at least a filter between you and any rubbish tenants.

I really don’t get this. Using an agent means you’re more likely to end up with rubbish tenants. I’d rather vet and choose the tenant myself rather than an agency accepting the first that turn up with the deposit.

Our house in Pembrokeshire is on the market, but we have had one viewing in the first month. Generally, houses do not seem to be selling.

1) Drop the price of the house to below what it is worth to get rid of it.

Has it occurred to you that your house (or others around the same area) might not be what you, or the estate agent (eager to get your business with a high valuation) thinks it’s worth?

If you’ve had no interest, then you might have to consider dropping to whatever someone else (e.g. a prospective buyer) thinks it’s actually worth paying?

I’d say option 5 makes more sense, at least until you’re sure you want to stay in N.Wales.

Option 5 – make sure you’re happy with the location. I know from experience relocating is hard to do if you can’t bimble around the area and get a feel from it. Certain places that on paper look great just don’t click, others it’s the opposite. If you rent you can take whatever fits on paper and find a better long term bet.

No house I have ever lived in has been correct on paper, but it works for other reasons. Renting in the area makes this far easier, and takes the hassle out of it. Also you get the luxury of selling your place, knowing you won’t be homeless. Being in a chain, even if it’s just you, is a pain and a hassle when you throw distance in

North Wales within an hour commute of Manchester?

When? At midnight on a Sunday? No chance, I’m afraid!

Oh… and a house, like anything else, is worth what someone else is prepared to pay you for it. You’re on a hiding to nothing if you think otherwise.

OP – re the value of your house and why its not selling, in our experience estate agents sometimes really don’t have a clue what a house is worth. When we stuck ours on the market we had 3 agents around to value it.

One said £170k for a quick sale.
One said £190k for a quick sale.
One said he’d start it at £150k and see how it went.

Theres a house a fair bit smaller than ours with a tiny garden and yard just sold for £165k and one at the end of our road with less outdoor space and a bit of a weird indoor layout for £230k. All different agents…

Maybe get some more people around to value it – could be that the agent you’re with has just got it crazy wrong.

Speak to more agents. I went with one that was 20k higher than all the others, but crucially said he had 2 couples that he wanted to view and would be prepared to stretch to that price. When you go with an agent, you should ideally be buying them for their client book not for what they think it’s worth. It’s one of the few things an estate agent actually has as an asset!

Rent it. Cost’s aren’t that expensive as in landlord’s insurance, gas safety cert. Why sell if you can keep it as an investment. Don’t treat tenants as a cash cow and in my experience they are ok. Commute Manchester to N Wales daily. I’d rather shoot myself in the face.

The commute from Manchester really is a last resort. The trip has taken 45 minutes door to door but that wasn’t at rush hour, so from the replies, this is likely to be a no go. So option 3 is ruled out.

We have been up for the last few weekends, trying to work out where to go and the areas we like. So if we were to buy a house, it wouldn’t be blind. The job is also the same job I am doing now, with the same company, just different location. I like my job, so there are no doubts over that.

With regards to our current houses’s worth, I believe it is a competitive price based upon comparisons with other similar properties – I also realise something is only worth what someone is willing to pay. However, nothing is selling, not just mine. I could drop the price further and try to pass on the loss on the property I buy

We have been up for the last few weekends, trying to work out where to go and the areas we like. So if we were to buy a house, it wouldn’t be blind.

To be honest that is still fairly blind, there is nothing wrong with renting and if you need to start your new job a lot easier than picking the house that gets 7/10 because it was the only one you could find. Take your time, find somewhere you like. The stamp duty and fee’s on the wrong place will probably cover you 6 months rent and looking.

45 minutes? Must be Queensferry or that area. Seriously, stay in Pembrokeshire. I was born and raised in North Wales and would never consider living in that area.

lol on the 45 mins thing, last 2 times I was on the Manc ring road on a week day 45 mins would get you a 1/4 turn…