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How does it work? want to buy 2nd house
clairesolo
Posts: 88 Forumite
Now that we have a little one on the way we need to sell our house and buy one that's more child friendly. We bought our first house in May las year for £86K with us putting a £22K deposit down, the house we're looking to go for is £80K.
I have no idea of the logistics of the situation, I've tried googling and it's all geared up for first time buyers getting their first mortgage etc but I need to know how it works when you want to both sell and buy a new place, particularly how it works when the next house you want is less and also when you've previously paid a big deposit both houses are in the same area so i also gues i could get the same solicitor to the conveyencing for both ways? I really dont have a clue how this all ties up so any advice would be greatly appreciated.
I have no idea of the logistics of the situation, I've tried googling and it's all geared up for first time buyers getting their first mortgage etc but I need to know how it works when you want to both sell and buy a new place, particularly how it works when the next house you want is less and also when you've previously paid a big deposit both houses are in the same area so i also gues i could get the same solicitor to the conveyencing for both ways? I really dont have a clue how this all ties up so any advice would be greatly appreciated.
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Comments
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Not sure what you want to know.
You'll get some cash back unless you decide to reduce the size of your mortgageparticularly how it works when the next house you want is less
You find a new house to buy. You find a buyer for your house. You wait for your buyer and seller (and their buyers and sellers) to be ready. Then you sell your house and buy the new one.no idea of the logistics of the situation
same area, different area - why use 2 solicitors and increase the cost and communication problems?in the same area so i also gues i could get the same solicitor to the conveyencing for both
you'll need to either transfer your mortgage to the new house, or pay it off and get a new one. Depends what product you have, what tie-ins there are, and whether there are better deals around. Speak to your lender and then an IFA.getting their first mortgage0 -
Thanks for that, in hindsight it would've been easier for us to wait and buy the other house as first time buyers but we thought we'd buy whilst prices were fairly reasonable, it seems really complicated when you have to sell then buy somewhere not to mention its probably more expensive but thats the way it goes i guess.0
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And double check your mortgage terms - early redemption, fees, portability, etc!0
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