Hi AV-1,
Agree with last two post replies, and I'll go one step further. If you want to send me a PM with your number, or ask me for mine, I'll talk to you over the phone to try to settle you down. There are many ways you can release some (or a lot) of capital without panicking by selling in a down market - if London is even a down market right now - that's debatable.
We had a visit from my brother-in-law's daughter three months ago. She wanted to buy the East London property she was renting from her landlord. Market value was £320K, he was willing to sell for £275K, but wanted some money "in hand". She could not raise a mortgage, but she had £15K in cash and a high earning job. I went through her options with her, showed her the optimum outcome in a spreadsheet I use for cash management and return on investment calcuations (it's posted somewhere on this forum), suggested a couple of brokers, and four weeks later, she had managed to get a mortgage which meant that she only had to fork out £5K of her £15K cash. She completed on the property 2 weeks ago.
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