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Selling house and living with Parents for 2 months.
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Mark-W_2
Posts: 100 Forumite
Hi,
I’m sure this question has been asked before but I couldn’t find anything searching, so here goes.
My girlfriend and I are currently in the process of selling are house, we had made an offer on a house and everything was going fine. Then the seller came down with an illness and has decided to take her house off the market for the moment.
So we are in the position of not having a house to move into, we have decided to live in her parent’s annex/granny flat until something we like becomes available.
What will happen with our mortgage?
There is currently a repayment fee if we were to pay off the balance, will we have to pay this or can we still make payments?
Will we have to pay any tax on the profit we make on selling the house? (£40k)
Is there a grace period between selling one house and buying and moving into a new house?
Any info or advice greatly appreciated.
I’m sure this question has been asked before but I couldn’t find anything searching, so here goes.
My girlfriend and I are currently in the process of selling are house, we had made an offer on a house and everything was going fine. Then the seller came down with an illness and has decided to take her house off the market for the moment.
So we are in the position of not having a house to move into, we have decided to live in her parent’s annex/granny flat until something we like becomes available.
What will happen with our mortgage?
There is currently a repayment fee if we were to pay off the balance, will we have to pay this or can we still make payments?
Will we have to pay any tax on the profit we make on selling the house? (£40k)
Is there a grace period between selling one house and buying and moving into a new house?
Any info or advice greatly appreciated.
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Comments
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You need to check with your lender what "fees" are involved in redeeming your mortgage. With mine with the Abbey its nigh on a grand. However, people on the bank action group are successfully claiming these back as they do not always equate to liquidated losses:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
It gets repaid when you sell the house.Mark-W wrote:.....What will happen with our mortgage?
It gets repaid when you sell the house.Mark-W wrote:There is currently a repayment fee if we were to pay off the balance, will we have to pay this or can we still make payments?
Not if it was your Principle Private Residence, i.e. you lived their as your main home. If you have several homes you can nominate one, but if you're in that position you should have an accountant to advise you.Mark-W wrote:Will we have to pay any tax on the profit we make on selling the house? (£40k)
For what?Mark-W wrote:Is there a grace period between selling one house and buying and moving into a new house?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
A mortgage is a loan secured by a legal charge registered against the property you own - ergo, no property = no mortgage. Your solicitor will repay the mortgage [and any charges, fees or penalties owed to the lender], as Bob says, before s/he sends the balance to you.
If you're on a fixed/discounted deal with early repayment penalties SOME, but not all, lenders will refund the penalties if you get the mortgage on your new homw with them within a few months, usually 3-6. You need to check with them if you're talking about ERP's. Otherwise lenders do charge for the admin in redeeming your mortgage but if you think their fees for this have increased unreasonably since you took out the mortgage read the thread about "A&Ls Admin Fees" on the front page of the mortgage & endowments board, just above this board.0 -
Thanks for the replies, you've answered all my questions.
:beer:0 -
aint this buying and selling houses a pain lolThose we love don't go away,They walk beside us every day,Unseen, unheard, but always near,
Still loved, still missed and very dear
Our thoughts are ever with you,Though you have passed away.And those who loved you dearly,
Are thinking of you today.0
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