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  • FIRST POST
    • DiDums
    • By DiDums 12th Oct 16, 2:51 PM
    • 2Posts
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    DiDums
    Buying new house but need old house for bigger deposit
    • #1
    • 12th Oct 16, 2:51 PM
    Buying new house but need old house for bigger deposit 12th Oct 16 at 2:51 PM
    Hi All,

    I looking to buy or upgraded to a bigger house, my mother has given me a deposit but it not big enough.
    The only way I can get enough of a deposit is if I sell my current home, which I have a mortgage on. I can't just sell my current home, as I get around in a wheelchair so I can't move to a temporary place while I get the money from the sale of my current home.

    What advice would you give?

    Thank you in advance
    Last edited by DiDums; 12-10-2016 at 2:52 PM. Reason: better gramma
Page 1
    • spadoosh
    • By spadoosh 12th Oct 16, 2:57 PM
    • 3,736 Posts
    • 4,783 Thanks
    spadoosh
    • #2
    • 12th Oct 16, 2:57 PM
    • #2
    • 12th Oct 16, 2:57 PM
    A fairly normal process is for you to put your house on the market. Find a house you wish to buy. Get an offer for your current house, put in a offer for the future house. You get a move in date, you get a move out date, ideally you work this in your favour so that you move out of one house in to the other. You will recieve the money from your buyer at say 10am and then you will give your money to the person you are buying your new home from at 12pm. During this time youre normally in a solicitors office or an estate agents sorting out keys.


    I can imagine youre not the only person who has been in such a situation. Timing is vital for the above scenario and will no oubt be a bit hectic. Another option is going on a holiday for a few weeks while everything is going through. So you dont need to stay in your old house and it gives you time to get things put in place in your new house so it suitable for your needs when you get back from holiday.
    Don't be angry!
    • rtho782
    • By rtho782 12th Oct 16, 3:05 PM
    • 626 Posts
    • 405 Thanks
    rtho782
    • #3
    • 12th Oct 16, 3:05 PM
    • #3
    • 12th Oct 16, 3:05 PM
    This is normal, it's where the term "Chain" comes from. At one end is someone selling an empty property or buying a new build, at the other a first time buyer or BTL landlord.

    Able bodied people generally can't move into temporary accommodation either - tenancies are usually for 6 months minimum.
    Deposit Saved since 01/12/15: £13,000 / £15,000 House Bought!

    Debt Cleared since 01/12/15: £6,000 / £7,500
    • eddddy
    • By eddddy 12th Oct 16, 3:10 PM
    • 3,842 Posts
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    eddddy
    • #4
    • 12th Oct 16, 3:10 PM
    • #4
    • 12th Oct 16, 3:10 PM
    To put it more simply - you would sell and buy on the same day.

    This is what 95%+ of people do.

    On that day, you simply move out of your current house, and move into your new house.

    Estate Agents, Solicitors, Buyers, Sellers and everyone else will see this as normal. It's not something you need to worry about.


    ... Unless you're saying that you cannot move into a new house until work is done on the new house - perhaps adaptions for your wheelchair. Is that the case?
    • DiDums
    • By DiDums 13th Oct 16, 11:00 AM
    • 2 Posts
    • 0 Thanks
    DiDums
    • #5
    • 13th Oct 16, 11:00 AM
    • #5
    • 13th Oct 16, 11:00 AM
    Thanks to all who responded so quick.

    So basically I put my house on the market, look for a new place to live ideally a new development, or somewhere where its bit more wheelchair friendly ie ground floor and the doors are much wider

    Does it become complicated when I get an offer for my house but I still haven't found somewhere new to live, or I found a new place to live but haven't got any offers.

    Sorry for being stupid, but this is all so new to me as I don't like to keep people hanging if they want to buy my place, and I don't want to lose my new place if I don't have the fund for it
    • glentoran99
    • By glentoran99 13th Oct 16, 11:03 AM
    • 3,717 Posts
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    glentoran99
    • #6
    • 13th Oct 16, 11:03 AM
    • #6
    • 13th Oct 16, 11:03 AM
    Thanks to all who responded so quick.

    So basically I put my house on the market, look for a new place to live ideally a new development, or somewhere where its bit more wheelchair friendly ie ground floor and the doors are much wider

    Does it become complicated when I get an offer for my house but I still haven't found somewhere new to live, or I found a new place to live but haven't got any offers.

    Sorry for being stupid, but this is all so new to me as I don't like to keep people hanging if they want to buy my place, and I don't want to lose my new place if I don't have the fund for it
    Originally posted by DiDums
    You generally wont be able to offer on anywhere until you have found a buyer for your house
    • saajan_12
    • By saajan_12 13th Oct 16, 11:16 AM
    • 69 Posts
    • 34 Thanks
    saajan_12
    • #7
    • 13th Oct 16, 11:16 AM
    • #7
    • 13th Oct 16, 11:16 AM
    Hi All,
    The only way I can get enough of a deposit is if I sell my current home, which I have a mortgage on.
    Originally posted by DiDums
    You link your purchase and sale in a chain, so the 10% deposit from your sale gets passed up the chain to your purchase on exchange. You can top this up with your mum's gifted deposit if your purchase costs more. If its still not enough, you can try to negotiate a lower deposit e,g, 8% on your purchase, or last resort, exchange and complete on the same day. This way you have your full sale proceeds, not just the deposit to put towards your purchase. However I wouldn't recommend this, as before exchange you don't know if its really going ahead and presumably you'd want to have removals booked on completion (i.e. moving day)
    • eddddy
    • By eddddy 13th Oct 16, 1:02 PM
    • 3,842 Posts
    • 3,482 Thanks
    eddddy
    • #8
    • 13th Oct 16, 1:02 PM
    • #8
    • 13th Oct 16, 1:02 PM
    Thanks to all who responded so quick.

    So basically I put my house on the market, look for a new place to live ideally a new development, or somewhere where its bit more wheelchair friendly ie ground floor and the doors are much wider

    Does it become complicated when I get an offer for my house but I still haven't found somewhere new to live, or I found a new place to live but haven't got any offers.

    Sorry for being stupid, but this is all so new to me as I don't like to keep people hanging if they want to buy my place, and I don't want to lose my new place if I don't have the fund for it
    Originally posted by DiDums

    Usually, you would wait until you have an offer on your house, then find a place you like and put an offer on that.

    As you say, your buyer will have to wait whilst you look for somewhere - but that's usual, and most buyers will expect that.


    It's slightly more complicated if you decide on a new development, because there could be a long wait until it's finished. Your buyer might be happy to wait, but it might put some buyers off.
    • G_M
    • By G_M 13th Oct 16, 1:17 PM
    • 37,062 Posts
    • 40,988 Thanks
    G_M
    • #9
    • 13th Oct 16, 1:17 PM
    • #9
    • 13th Oct 16, 1:17 PM
    Can I suggest:

    https://www.amazon.co.uk/How-Buy-House-Phil-Spencer/dp/0718147340

    Being a wheelchair use does not alter the process. Most people cannot afford to buy a bigger/better place without selling the place they currently live.

    It all hapens on the same day.
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