So, this is the plan...

[babysimon]

At the weekend I'm going to put my flat on the market. When it's sold, Trish and I are going to rent a 2-3 bedroom flat in N7 or somewhere similar, for six months to a year while we practice living together, at the end of which we either agree not to live together but carry on going out (pretty unlikely), buy somewhere similar (if it's enough space), or buy somewhere larger and further out (e.g. terraced house in E17).

We plan to have quite a few parties.

Comments

[aegidian]

Yikes! Well done you, for taking this step.

But why sell your nice flat? Why not let it out for 6-12 months, so that it'll still be there if you need or want it, providing an income that'll pay the rent on your new place. Despite the scare stories it's highly unlikely to decrease in value relative to any place you might want to buy afterwards. Have a chat with your accountant, bank manager or a financial adviser about your options, given the amount of money involved, it'd be worth paying for some professional advice.

[babysimon]

* I want to be able to separate selling the old and buying the new.
** It'll be less stress that way.
** Lack of chain == selling point, plus I can hold out for a higher price rather than accept the first offer I get.
* I think prices *are* going to fall (unlike the rest of the world).
* I don't particularly want to be a landlord.

[aegidian]

Arguing once, just to make clear, otherwise it's your decision.
* I want to be able to separate selling the old and buying the new.
obviously I can't speak to your psychological needs
** It'll be less stress that way.
Hah! It'll be stressful either way
** Lack of chain == selling point, plus I can hold out for a higher price rather than accept the first offer I get.
True, but it doesn't apply if you choose to keep the place
* I think prices *are* going to fall (unlike the rest of the world).
That's why I said "unlikely to decrease in value relative to any place you might want to buy afterwards", whereas the mortgage you are paying now will be less than the one you can expect to pay later.
* I don't particularly want to be a landlord.
I gather there are these people called letting agencies...

Don't get me wrong, I'm not pushing for you to change your mind on what you're doing for any personal reasons. I'm worried you might make a financial misstep you'll regret later. That's why I think you should talk to a professional adviser, after all I could be wrong (I've been told it may have happened before).

[babysimon]

The relative price thing isn't the issue. If prices fall, and my equity is in the bank, it's better than if prices fall and my equity is in the flat, no?

[babysimon]

> Arguing once, just to make clear, otherwise it's your decision.

PS: thanks for this. We need a shorter phrase for this concept so people can say it more often. How about...

No, I'm not bloody naming anything again. Suggestions welcome.

[thekumquat.livejournal.com]

Obligatory devilish advocacy?

Shortened to ObDevvoc...

A couple friends of mine are trying to do what you're planning, except that they're both living in small one-bed flat. Tidying up each time they have people coming round to look is becoming a right pain - it's been 3 months and no offers yet. Might be worth getting potential rent figures as well as potential sale prices when you let the agents in?

[adjectivemarcus.livejournal.com]

Devilling.

"Just devilling", "Don't mind me if I devil, but..."

[trishpiglet.livejournal.com]

Isn't that something you do to eggs?

[ciphergoth.livejournal.com]

This was my reasoning also, plus the fear that the tenants will trash the place...