Loadsa questions re: moving advice please

Ready2move

Hi Guys

I've been lurking on this site for quite a while and have a few questions that hopefully you guys can help me with. I'm mainly confused about a few things and the order i need to do stuff in............

We're puting our shared ownership property on the market at the end of this month. We have been there for about 18 months and are hopefully going to make a nice bit of money on it.

This leads me to one of my questions. We intend to use the money we have made on our property as our deposit for our new home. Will the solicitors expect this money to be paid upon completition of our sale or will they require the amount at any other time?

Also can we pay our solicitor fees and stamp duty upon the sale of our current property as well.

We have been in to the bank and discussed what sort of money they would be willing to lend us, so we have a ruff i dea of the price range properties to look at. From reading this forum it seems to be that once you have accepted an offer on your property it is then okay to fo ahead and make an offer on a property that you like, Is this the correct way of doing things? As my parents have informed me that we should probably start looking soon after we put our property on the market.

I think there are more questions but i cant remember them now, so i'll pop back later with those if you dont mind.

Many thanks for looking and all your help with this.

silvercar

Straight forward questions.

Provided you exchange and complete on your sale and purchase at the same time (and you will be aiming to do this, though it doesn't always happen), your deposit and funds gets passed up the chain. ie the deposit you receive for your place acts as (part of) the deposit you pay on the house you buy. Solicitors fees and stamp duty are usually paid by completion, though theoretically you can pay stamp duty upto 28 days later.

whether you make offers on other places before you have an offer on oyurs is a chicken and egg situation, definitely worth viewing potential properties.

good luck!

DougWeller

On exchange of contracts (before completion) you have to pay what is normally a 10% deposit on the house you are buying. At least some of that if not all will come from the people who are buying yours.

A few days before completion, your solicitor should give you a statement of what is owed -- any balance due on the house you are buying, solicitors fees, in our case estate agents fees, and stamp duty. That has to be paid before completion.

shazzi_b

Hi there

In my experience its worth viewing a few properties even if you havent got a definate offer on your house - that way you have an idea what type of house you would like (or not ). the only possible problem is that you find somewhere you love, put an offer in, then cant sell your old house. In that situation you have to wait and cross your fingers that your old house sells before someone else puts an offer in and buys your potential new home!
During our first sale and purchase, the estate agent told me we couldnt view anything without an offer on our house, so we took her advice and waited, but consequently when it sold, I had to madly view lots of houses in a short period of time, and really struggled to find anything suitable. we ended up buying something which was not really what we wanted, but the best of a bad bunch. it caused more hassle and we just had to move again soon after!

So, in short, my advice is - Go look at new houses - its great fun!!:rotfl: