pllzzz help reg moving into new home

ayeshasi

ok, i have just purchased (well shook hands) on a house. I have got my house quoted and the for sale board will be up tomorrow. Now, the thing is, my entry date into the new home is end of march. Do i have to move in the same day? Would i have to get the new home done up after im in it? If i move in after 2 weeks, would i have to pay both houses mortgage? What if the people buying my home cant move in till say June? I am quite confused by these questions and was wondering if anyone can help me out.

Also, when do i start looking for furniture, beds sofas etc etc....and when should i start packing stuff? I am getting an extenson done so therefore dont have many sizes lol

silvercar

your solicitor will sort it all for you but basically you will need the money from your sale to pay for your purchase I presume. You will therefore exchange on your sale at the same time as you exchange on your purchase.

ayeshasi

ok, but what about the mortgage in between?????

Doozergirl

I think you need to go and speak to a mortgage broker, pronto! Have you done so yet?

How have you got an entry date for march? Is it new build?

ayeshasi

no, its not new built...enrty date hasnt been fixed but will be end of march.

Doozergirl

Are you in Scotland? There'll be different advice if you are!

ayeshasi

yes im in scotland.

Cazza

You will continue to pay the mortgage you have already until the day you complete. On this day, the people buying your house will have to get their money to your solicitor. He will then use this money to pay off your existing mortgage and put the rest towards buying the new house. The difference between the amount you're putting down and the the amount you're buying for will come from your new mortgage.

You don't start paying for the new mortgage until this time, because you havn't had the money before this, so there's nothing to pay back. You will pay for the mortgage you have already until this day too, because you won't pay it off until the day you complete.

You don't have to more into the new house on the day that you complete, but if you sell your house on that day, unless you have somewhere else to go, you may have a problem!!;)

ayeshasi

Cazza wrote:

You will continue to pay the mortgage you have already until the day you complete. On this day, the people buying your house will have to get their money to your solicitor. He will then use this money to pay off your existing mortgage and put the rest towards buying the new house. The difference between the amount you're putting down and the the amount you're buying for will come from your new mortgage.

You don't start paying for the new mortgage until this time, because you havn't had the money before this, so there's nothing to pay back. You will pay for the mortgage you have already until this day too, because you won't pay it off until the day you complete.

You don't have to more into the new house on the day that you complete, but if you sell your house on that day, unless you have somewhere else to go, you may have a problem!!;)

So does that mean i wont have to pay for 2 mortgages at the same time since i wont have money from selling my home yet? Sorry, just a bit thick!

Cazza

Your mortgage that you have at the moment will HAVE to be repaid when you sell that house. You won't have the new mortgage until you buy the new house. You only have to pay for mortgages where you have the money they've lent, so unless you own two houses at the same time, you won't have to pay two mortgages! HTH!

ayeshasi

yes, i understand i will have to repay the remaining amount of mortgage after selling. Us and the existing owner of the new home have agreed for an entry date for end of march. so he movies into his new home end of march and we have the keys for our new home end of march. Does that make a differnce?