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?
Economy drive
- nineseven
- Posts: 41452
- Joined: Wed Feb 16, 2005 10:31 pm
- Location: London
Re: Economy drive
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
ETA That sounds as if I'm offering to pay off your debts myself
- Hazey_Jane
- Posts: 16642
- Joined: Sun Feb 20, 2005 8:13 pm
- Location: here, there and everywhere
Re: Economy drive
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
- Posts: 16656
- Joined: Fri May 29, 2009 10:29 am
Re: Economy drive
...unless the debt is interest free and the savings are interest-earning.
- Roma
- Posts: 2097
- Joined: Sat Oct 12, 2013 7:50 pm
Re: Economy drive
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.H1ppychick wrote: ↑Fri Aug 07, 2020 8:40 pm ...unless the debt is interest free and the savings are interest-earning.
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
- Posts: 46248
- Joined: Sat Dec 12, 2009 9:11 am
- Location: London - but not by the sea. Nowhere near it in fact.
Re: Economy drive
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!
Malan
- nineseven
- Posts: 41452
- Joined: Wed Feb 16, 2005 10:31 pm
- Location: London
Re: Economy drive
Well that's better news! How exciting.
- Lily
- Picker-Lily
- Posts: 52998
- Joined: Thu Feb 17, 2005 10:28 am
- Location: The Wilds
Re: Economy drive
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!
"You first have to find out who you are. Then you have to be it like mad."
My blog, if you are bored
My blog, if you are bored
- Skips
- Posts: 13576
- Joined: Mon Jul 19, 2010 10:52 am
Re: Economy drive
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
- Picker-Lily
- Posts: 52998
- Joined: Thu Feb 17, 2005 10:28 am
- Location: The Wilds
Re: Economy drive
Good work Skips!
I'm still slowly but surely ploughing away. Finding I can survive on one income; who knew it?!
I'm still slowly but surely ploughing away. Finding I can survive on one income; who knew it?!
"You first have to find out who you are. Then you have to be it like mad."
My blog, if you are bored
My blog, if you are bored