Wednesday 4th November Daily Chat - Everyone join in!!!

spud30

postingalwaysposting wrote: »

So if you have £55k in cash in the bank do you then only need a mortage for the missing £25k? What would you do pay the vendor of your new house the £55k and then the mortgage company will pay the rest Or do you give the money to the solicitor to sort?

It's all done via solicitors. Yes, you could put a £55k deposit on an £80k house, and get a mortgage for the rest.

sallyx

It would go to the solicitors pap to sort

jinky67

Snaggles wrote: »

Think you could be right Jinky! Am very mood-swingy at the moment. :cool:


I had your avatar as a poster on my wall when I was younger.

why does that not surprise me?:D

LouiseJ wrote: »

Where are you then?

I am like the Scarlet Pimpernel, here there and everywhere, but not where I should be:cool:

LouiseJ wrote: »

He is canny Sally thanks for asking, still not much feeling on left side of his face and he still cant close his eye but he is feeling much better.

:o:o:o:o
I totally forgot to ask the other day, what a sieve head, and !!!!y friend:(

postingalwaysposting

Thanks Sally and Spud, if you were in a chain would the solicitor sort all that then. Because I presume you would only be able to 'deal' on the house you want once yours has been paid for iyswim. Is that way its all offers and can fall through at the last minute because people back out or dont have the funds? Messy old system once you learn about it :rotfl:

sallyx

Sort of Pap, once the documents have been exchanged you can't pull out, well you can but you would have to pay all the fee's so it doesn't happen very often. The whole system is a complete nightmare TBH...I remember when we sold our house in the midlands to move here how stressed I was!

Ames

Lou, sorry you're feeling like that, but the shock of it was bound to set in once the initial worry and fear were gone. I think you're dealing with it all incredibly well.

Sally, if you could pm me the Graze code that'd be great.

Oooh how long is the La Senza thing on for? I could do with some decent pj's, but don't really have money till next tuesday.

Snaggles

Pap - a mortgage is 'secured' against the property you buy with it.

Secured/security just means basically they have what's called a 'charge' on your property, which means if you don't keep up with your repayments, they can reposess your house.

So if you sell that property, you have to completely repay THAT mortgage so that the bank will release their security (take their charge off, so they no longer have any hold over the property).

When you move, the person buying your house gives the money to the solicitor, who repays your mortgage (and gives the rest to you, if there is some left over).

You would then take a completely new mortgage on the new property, most likely using the sale proceeds from the previous house as a deposit, but not always - and the bank would register a charge on THAT property.



Edit - sorry - was too slow with this - got distracted!

spud30

postingalwaysposting wrote: »

Thanks Sally and Spud, if you were in a chain would the solicitor sort all that then. Because I presume you would only be able to 'deal' on the house you want once yours has been paid for iyswim. Is that way its all offers and can fall through at the last minute because people back out or dont have the funds? Messy old system once you learn about it :rotfl:

Yes, completion on the sale and the keys only get swapped when all the money arrives in the right places. It's a very stressful process that I wouldnt like to do again :rolleyes:

spud30

Ames, no one seems to know when the La Senza offer will end. It's been on a while though - I've been trying to decide for a good few days :rolleyes:

brummiebabe

Agree totally that it's REALLY stressful....our buyer pulled out just before exchange of contracts recently......we've sold again, but bit of a chain......am SO fed up & just want to be in my new house!!:mad:

Shall go back to lurking now.......