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Basic selling/buying advice

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  • Basic selling/buying advice

    I was wandering if anyone can suggest basically the best way forward for the following scenario.

    I have a house worth around 180k with no money owed on it.
    I have savings of 50k that can be used.
    I have identified a property for offers over 169k that I would like to buy.

    Can I put an offer in easily without first having sold my current property? If this is possible can I use my 50k savings to fund this offer for the period until the house is sold and I can transfer funds from that? If that is ok what charges would likely be incurred?

    The house will take at least a month or so to be sold if not longer but I would like to offer for houses in the meantime.

    Any general advice much appreciated.

  • #2
    Re: Basic selling/buying advice

    I'm certainly no expert but there are ways you can do this. A colleague at work has just arranged a mortgage with the same circumstances with Nationwide. You could also look into a bridging loan.

    Comment


    • #3
      Re: Basic selling/buying advice

      Hi 83dons

      It sounds like you are in a chain. You need to sell your house to have the funds to buy the new one.

      Yes, you could buy the new one with a £50k deposit and put the balance on a new mortgage. But you will need to buy it and that is where the chain comes in. As soon as you sell your property, you can buy the other one.

      Hope this helps!

      Best

      Jason
      Jason McClean
      The Property Insurer
      www.thepropertyinsurer.co.uk
      T: 07734-113554

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      • #4
        Re: Basic selling/buying advice

        Hi, Take legal advice before committing. You could use your 50k but it would be at risk if you couldn’t sell your home but had committed to buying the other.
        Jonathan Rolande
        Director of House Buy Fast.
        The UK's Quick House Buying Company
        01903 331 588.

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        • #5
          Re: Basic selling/buying advice

          If you are selling your current home and buying a new one, you need to make sure that you are exchanging contracts on your purchase and sale at the same time. Otherwise you may find you've committed to buying a home without having sold one, or have sold your home without having one to move to. Neither scenario is good for your blood pressure.
          Lisa Jenkins
          Staff
          Cromwell Management

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          • #6
            Re: Basic selling/buying advice

            Buying property is always a good idea for anyone both in terms of investment / ROI as well as when you are thinking of owning a new property. There are rental properties / rental homes as well as ownership properties which are basically good options to look at if you are residing in UK and thinking about a sterling accommodation to own or to rent.

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