Economy drive

[Roma]

That’s fantastic Lily! It’s such a great feeling to be in financial control isn’t it? To be able to think about buying property is amazing too!

The lease issue is frustrating Marth. Hopefully you can still get hold of the lawyer even if the practice has closed and get it sorted out. It’s definitely something they shouldn’t have missed.

Sharing the freehold might be a good option though if you have to spend the money anyway?

[nineseven]

That's brilliant - well done, Lily. I'd be tempted to pay of all your debts - you'd still have £1.5k in savings which is not to be sniffed at. Are your debts all interest free?

ETA That sounds as if I'm offering to pay off your debts myself

[Hazey_Jane]

Yes, well done but I’d do as Nince says and pay off your debts first. It never makes sense to save when you have debt

[H1ppychick]

...unless the debt is interest free and the savings are interest-earning.

[Roma]

...unless the debt is interest free and the savings are interest-earning.

I agree although psychological it can still be beneficial to pay off debts first and know there gone and all your money is yours now.

For the same reason some people overpay their mortgage instead of investing that money. They would most likely make more money out of investing, but the lure of being mortgage free is often greater.

[Marth]

Oh no, what a nightmare! How did your solicitor miss that when you bought it? Presumably the previous owner didn't extend it using the statutory route, as that reduces ground rent to a peppercorn.

The lease system desperately needs reform.

I called a few estate agents today and ended up emailing a few local solicitors with leasehold expertise. One asked me for a copy of my lease and gave me a free call. He thinks it's fine, as far as they go, its one of the better doubling rents.

The Estate agents feel I should market by Oct/Nov to take advantage of the stamp duty freeze, so I think I'm going to go for it! Lots of painting and sorting and organising to do!

[nineseven]

Well that's better news! How exciting.

[Lily]

ETA That sounds as if I'm offering to pay off your debts myself

You're more than welcome to! Thank you all, it's an incredible feeling. My debts are interest-free and while I'm tempted to use my savings to pay them off I really don't want to - I like the feeling of that cushion. Hopefully we will get a bonus, and that will cut a swathe through them. However, I'm not adding to them until my debt is gone.

Marth, I am so pleased to read that. What a relief!

[Skips]

Our current debt free date is end of December 2023 if I just make minimum payments. If I snowball my payments, I should have this clear by December 2022, but I'm aiming for September of that year. I've not had a payrise or bonus for three years so this is based on my current income not changing.

[Lily]

Good work Skips!

I'm still slowly but surely ploughing away. Finding I can survive on one income; who knew it?!