A silly question I know

spirit

but I am not so good at maths and also don't want to leave anything out.

I've sold my house stc, for £235,000, to redeem my mortgage is £85,000. I'm buying another house for £185,000 and taking out a new mortgage for £42,000. Once i've redeemed the old mortgage I reckon i should have £150,000, then add the new mortgage makes £192,000 less £185,000 for the house should leave me with £7,000?

i have to pay my agent 1% and also 1% stamp duty and around £1000 ish for the solicitors fees - this is where the maths comes in -what will i be left with please?

Joe_Bloggs

House sold for £235,000. Estate agents fees @ 1% = £2350.
So Income +£235,000
Estate agent fee -£2350
Redemption of mortgage -£85000
Solicitors Fees -£1000
*********************************
Sub total +£146,500
Get mortgage +£42000

Buy house for -£185,000
Stamp duty on purchase @ 1% -£1850

Total remaining £1800
J_B.

itsakidsworld

On the exact figures you have given you will be left with £1800

virgin_moneysaver

assuming your agents fees are 1% + VAT = 2761.25

stamp duty = 1850.00

solicitors fees = 1000 (approx)

GRAND TOTAL = 5611.25

your Solicitor should issue you with a cheque for the pittance (oops! sorry - that should be balance) of £1388.75

AndrewSmith

Dont forget that the Estate Agents fee will be subject to VAT @ 17.5%

therefore 1% 2350 + 17.5% = £2761.25

You will have £1388.75 remaining.

itsakidsworld

Yes, sorry, VAT to add onto estate agent which removes another £411.25 from £1800, so £1388.75 as posted.

clutton_2

you will soon spend that on new curtains and carpets !!!!!!