Moving house.............. Why, why, why is it so stressful?
Thanks for all the comments yesterday. I didn't really explain properly that everyone - even me- knew about the Equity Release that had been taken out on the property that I'm buying but what no one knew until Tuesday afternoon was that there would be a long delay. My Estate Agent said it might be because of them having to pay a penalty for early repaying of the equity release? There might also be a delay because they are moving to Kent which is apparently notorious for very slow legal searches.
Some of the problems are caused by the Government's Stamp Duty holiday which finishes on 31st March. For people who don't know Stamp Duty is a tax paid to Her Majesties Revenue & Customs on top of the house price..... The higher the cost of the house the more stamp duty the government get. The stamp duty holiday was done to keep the housing market afloat through Covid (and hence keeping all people like builders, carpet fitters etc employed) but it's just caused so many problems with everyone trying to get all sale and buying completions done by the end of next month.
I debated taking this place off the market but that seems silly when I know I don't want to stay as it's just too big with too much work (plus potential problems) and I have a buyer ready and waiting who I don't want to lose. They can't afford to move here if they have to pay another £15,000 Stamp duty on top of the purchase price.So I'm going into a holiday let for a month (at least) and putting the furniture in storage - all this is going to cost me a lot of extra money so it's a good job that I'm getting a really good price for this house.
My only worry is if the bungalow sellers decide not to sell for any reason or if the Equity Release thing is more complicated ................then heavens knows what I'll do. As my solicitor said "it's a risk selling without completing on a purchase". The removal man said "the most common reason for people having to put everything in store is due to house purchase delays".
At least I have a plan - 4 weeks in a holiday let until after Easter to start with and if things drag on any longer then I think I might buy a static caravan and spend my summer by the sea in Felixstowe!