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What price flat should I look for?
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Doodles
Posts: 413 Forumite
Hello - this is probably going to sound a stupid question, but although I bought my flat 5 years ago, I have no experience of selling AND buying a home at the same time.
I am thinking of moving flats next year, within the same area. As a ball park figure, estate agent valued it on Saturday between £180,000 and £190,000. Mortgage is about £67,000 left to run over the next 20 years.
My estimation on moving costs (ie. stamp duty, solictors and est agent fees) will be about £6,000. I am right in assuming that upon completion the solicitor will take all those fees in one go from the transaction?
I am not keen in increasing the mortgage if I can possibly avoid it, as I want to keep my monthly payments the same so by my calculations, if I sold my flat for £180,000 I could only look for property with a max price of £174,000? ie. take off the £6grand which would leave £174,000 left to purchase?
Is my logic correct or am I way off?
Grateful for any advice that you could give, many thanks.
I am thinking of moving flats next year, within the same area. As a ball park figure, estate agent valued it on Saturday between £180,000 and £190,000. Mortgage is about £67,000 left to run over the next 20 years.
My estimation on moving costs (ie. stamp duty, solictors and est agent fees) will be about £6,000. I am right in assuming that upon completion the solicitor will take all those fees in one go from the transaction?
I am not keen in increasing the mortgage if I can possibly avoid it, as I want to keep my monthly payments the same so by my calculations, if I sold my flat for £180,000 I could only look for property with a max price of £174,000? ie. take off the £6grand which would leave £174,000 left to purchase?
Is my logic correct or am I way off?
Grateful for any advice that you could give, many thanks.
0
Comments
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Logic seems right. I guess I'm puzzled why you want to move to a similar size place (likely for the same money) in the same neighbourhood. I'd spend the 6000 decorating!Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0
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