just about to buy...

james3333

grimsalve wrote: »

How much bigger?

If it were me I'd go for the 140/115 deal - who knows what will happen in the future.

TBH, I'm surprised a builder is offering a part-ex deal like that (mine insisted on a two-thirds/one-third split a couple of years ago). Tough times.

YEH, getting a great deal, i have managed to squeeze a garage, kithcen of my choice, all flooring of my choice, lawned garden etc and 15k off the marked price of 155k:money:

grimsalve

james3333 wrote: »

YEH, getting a great deal, i have managed to squeeze a garage, kithcen of my choice, all flooring of my choice, lawned garden etc and 15k off the marked price of 155k:money:

BUY IT NOW!!

Sounds like you're a really good at haggling so you shouldn't have any problems with the re-sale value anyway.

chewmylegoff

At the higher price, there is more risk that your mortgage company's valuer will disagree with the valuation and that you will therefore have difficulty getting a mortgage, but I expect that you will then be able to get the building company to reduce the price as all they are going to be interested in is the difference between the price of the two properties.

EA fees are obviously not an issue if you are PXing. Suggest you insist on using your own solicitor, not the one that the building company suggests.

Really2

HappyMJ wrote: »

The figures from Zoopla, Mouseprice, etc will be based on your sale price and if you have a high sale price then they can't come and say your house is valued less based on average price increases over the last xx years and basing that on the lower sale price.

We purchased a house £90K lower than an identical house. If they used zoopla for the example I would tel them to compare the two houses and the cost.

Would they rather pay £90K more for the one about 200 meters away?

I would say pay the cheapest price the cheapest sets the floor all other come down to, who's to say if you buy higher someone else doesn't go and buys at £140K?

If people use zoopla they will see an identicle house sold for £15K less.

I think most think zoopla values are a joke. If i put in all my house data it shoots the value up £100K.

james3333

Really2 wrote: »

We purchased a house £90K lower than an identical house. If they used zoopla for the example I would tel them to compare the two houses and the cost.

Would they rather pay £90K more for the one about 200 meters away?

I would say pay the cheapest price the cheapest sets the floor all other come down to, who's to say if you buy higher someone else doesn't go and buys at £140K?

If people use zoopla they will see an identicle house sold for £15K less.

I think most think zoopla values are a joke. If i put in all my house data it shoots the value up £100K.

mmmm its a tricky one this........ not sure what to do
PS does this affect the LTV at all ( dont know much about LTV?) but if it puts me into a different bracket that might be a BIG factor??.....can anyone tell me what my LTV is?
i owe 79k on my existing house which is 'worth' either 115k or 130k depending on all the above....
thanks!

james3333

james3333 wrote: »

mmmm its a tricky one this........ not sure what to do
PS does this affect the LTV at all ( dont know much about LTV?) but if it puts me into a different bracket that might be a BIG factor??.....can anyone tell me what my LTV is?
i owe 79k on my existing house which is 'worth' either 115k or 130k depending on all the above....
thanks!

Can anyone help me with this?

Really2

james3333 wrote: »

Can anyone help me with this?

At 115K you have £36K equity

That means against £140K you have 25.7% Equity. Should be fine for all the best rates.

Rinoa

james3333 wrote: »

Can anyone help me with this?

I'd go for the £155k option. It's going to cost £25k to swap. Add on your existing mortgage of £79k so you're borrowing £104k to buy your new house costing £155k.

Your LTV is around 66%. Not a problem I wouldn't have thought.

Edit for cr*p maths

Mallotum_X

Whats the value of your current house on the open market, and is the local market moving? Had you tried selling it previously.

Reading your post, are you sure you have negotiated 15k off the price you are buying, as it seems you have to drop the selling price of your current place to get that 'deal'. Either way you give your house plus £25k cash, so I cant see what the difference other than a bit of stamp duty. You ought to check with your solicitor if there are any implications on stamp duty/other fees etc, probably safer to rely on asking them than to base your decision on a forum.

Good luck which ever deal you choose.

james3333

Rinoa wrote: »

I'd go for the £155k option. It's going to cost £25k to swap. Add on your existing mortgage of £79k so you're borrowing £104k to buy your new house costing £155k.

Your LTV is around 66%. Not a problem I wouldn't have thought.

Edit for cr*p maths

so, what sort of deals could i 'tap into' ...had a quick look at halifax ( my current lender) would i be talking around the 4%APR for a 5 year fix as a rough guide?