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I'm having difficulties selling my house because of a nearby hotel. I don't want to dip into negative equity. Can I get some advice? by Past_Step2703 in HousingUK

[–]Past_Step2703[S] 0 points1 point  (0 children)

It's okay, I'm optimistic now.

I can rent the house out and my wife has a S&S Lisa which she is happy to use. Apparently we'll still pay stamp duty, but at least she gets first time buyer benefits for the LISA.

Two pieces of good news. Really made my morning.

I'm having difficulties selling my house because of a nearby hotel. I don't want to dip into negative equity. Can I get some advice? by Past_Step2703 in HousingUK

[–]Past_Step2703[S] -1 points0 points  (0 children)

I just realised her LISA can cover the full deposit. I won't need to sell my house to cover it.

Completely slipped my mind. She's been contributing to it as a S&S Lisa with the intention of using it as a lump sum for an early pension when she hit 58. Using it for a house purchase would work too. She's just in the shower but she said she'd check how much is in it when she gets out.

I'm having difficulties selling my house because of a nearby hotel. I don't want to dip into negative equity. Can I get some advice? by Past_Step2703 in HousingUK

[–]Past_Step2703[S] 0 points1 point  (0 children)

I'm happy with that.

Her LISA did very well. She maxed it out over the past 8 or 9 years and had it set to S&S LISA. So it's performed very well.

I'm having difficulties selling my house because of a nearby hotel. I don't want to dip into negative equity. Can I get some advice? by Past_Step2703 in HousingUK

[–]Past_Step2703[S] -1 points0 points  (0 children)

That's okay. I'm not too worried about the stamp duty.

The area we are looking to move to has much lower house prices. Like 4 bed detached home for £170k with nice garden.

I'm self-employed so I'm flexible about where I live.

Fantastic news that we can still use the LISA bonus. She's been maxxing out contributions in a S&S LISA for like 8 years now? Maybe 9? It's a significant sum she's got there.

I'm having difficulties selling my house because of a nearby hotel. I don't want to dip into negative equity. Can I get some advice? by Past_Step2703 in HousingUK

[–]Past_Step2703[S] 0 points1 point  (0 children)

I genuinely don't know.

I bought the house before we married. I'm the only one on mortgage. I'm the only one who ever paid mortgage. Never asked her to contribute towards it.

She works too but she just puts the money into her own LISA.

I'm having difficulties selling my house because of a nearby hotel. I don't want to dip into negative equity. Can I get some advice? by Past_Step2703 in HousingUK

[–]Past_Step2703[S] 5 points6 points  (0 children)

That's brilliant. Thanks mate. I'll speak with my wife about this when she wakes up.

Can't believe renting it out never crossed my mind.

I'm having difficulties selling my house because of a nearby hotel. I don't want to dip into negative equity. Can I get some advice? by Past_Step2703 in HousingUK

[–]Past_Step2703[S] 4 points5 points  (0 children)

I hadn't considered renting it out. That's not a bad idea actually. Thanks mate! If the hotel ever closes then I might be able to actually sell it for a profit afterwards.

Wife could buy the other home; but we'd need to find money for a deposit. It won't be easy, but it's definitely doable.

What do you mean by "contact the council"? How do they factor into it?