General housing advice: selling a house
Owners sell properties on the open market for a variety of reasons. It may be that
they are moving to a new property they have purchased to live in, moving location
or area, or downsizing to release capital that is tied up in the property.
Should I sell my house if I am struggling to meet my mortgage repayments?
Selling a property to downsize to a smaller, more affordable home, may be an option
if you are struggling to meet mortgage repayments. However, you should always seek
independent financial advice on this before you make any decisions and consult you
mortgage provider. The process of selling your property and purchasing another will
cost you money.
Mortgage to rent scheme
If you are an owner and struggling to meet your mortgage payments, one option for
you may be to access the government's mortgage to rent scheme. The scheme arranges
for a social landlord or housing association to buy the property and then rent it
back to you, and in effect, you become the tenant at the property.
If you are interested in the mortgage to rent scheme you should contact the Ayr
Housing Aid centre in the first instance at:
Ayr Housing Aid Centre
1st Floor, 7 York Street,
Ayr
KA8 8AN
ayr_hac@hotmail.com
Tel: 01292 288111
Fax: 01292 880851.
What is involved in selling my property?
You should always speak with your current mortgage provider in the first instance,
as there may be mortgage implications if you sell your property, especially if you
are planning on buying another property, or if you currently have a fixed term mortgage.
Selling your property will normally involve getting an estate agent or solicitor
to market and advertise the property on your behalf. They will also help you to
establish what the property is likely to be worth in terms of the local housing
market, and help you to determine an asking price. A valuation survey should be
carried out on your property before you determine a price so that you are aware
of any issues with the property, which may affect the price you will obtain for
it. The estate agent or solicitor will normally arrange viewings of your property
and act as the point of contact between yourself and the prospective buyer.
You will need to pay for the services of the estate agent or solicitor. When you
have accepted an offer for the property you will agree an entry date with the purchaser,
and you will need to hire a solicitor to handle the process of the sale. You will
also be required to pay for this service.
What if I own my property but it no longer meets my needs?
If your property no longer meets your needs, it may be an option to sell and purchase
a property that does. However, you should always seek independent advice first.
It is important to note that renting a property from the Council, which meets your
needs can take a very long time, and you must take this into account if you are
thinking of selling your property to rent from the Council or a Registered Social
Landlord.
If your property no longer meets your medical needs, you may be eligible to apply
for an aid or adaptation to be installed in your home by the Council. The suitability
of your property will be assessed by the Occupational Therapist and he/she will
decide on any aids or adaptations you may require to allow you to remain in your
home.
You may also be eligible to join the Homestake scheme, which would provide you with
assistance in finding more suitable accommodation to meet your needs. Homestake
is a shared equity scheme run by the Scottish Government. The scheme is aimed at
helping people on low incomes, who wish to become homeowners but cannot afford to
pay the full price for a house, and also people who require to purchase housing
that meets particular needs. A Registered Social Landlord funds part of the purchase
price of the property using a Homestake grant offered by the Government, reducing
the purchase price you pay, and your equity share in the property.