Ideas needed for house move please

toffee'n'tom

I know this is a long shot and there is probably nothing I can do but this is the situation.

I have my house up for sale currently at £400,000 (it was 420 but just reduced it today) but realistically expecting around £350. I am separted and need to move because I can't really afford to live here for much longer. The house belongs to me and I have a £30k mortgage. I know that doesn't sound much, but I don't earn a lot and the place is expensive to run (especially with 2 teenagers).

I've seen a house I really, really want but would need to move quickly. Given that I have a large amoung of equity in my current house is there ANYTHING I can do to purchase the other property without selling mine at the moment?

I earn £16k a year and I have an overpayment reserve on the current morgage that I can draw on at any time of £16k.

I'm thinking the answer is going to be no but would be grateful for any advice so I can just forget this property,

Many thanks

Thrugelmir

Price your current property realistically so that it sells quickly. Then bargain hard on the new one.

BoGoF

If you want to move quickly why are you putting it on £50k over what you expect to get?

toffee'n'tom

Sorry - I forgot to add that the property I've seen is priced at £150k, has only been up for sale a week and has had two offers of the asking price today which are subject to mortgages etc. That's why I wanted to know if there's anything I can do quickly. As i said, I suspect the answer is no.

toffee'n'tom

BoGoF wrote: »

If you want to move quickly why are you putting it on £50k over what you expect to get?

Well - I didn't really want to move quickly until today.

BoGoF

toffeentom wrote: »

Well - I didn't really want to move quickly until today.

But you only reduced it to £400 today, why not £350 - fixed price, if that's what you expect.

toffee'n'tom

Sorry - I'm not going to go round in circles over that one - I just want to know if there's anything I can do immediately as I've explailned

BoGoF

Well, in all honesty, you don't want to move quickly.

There's nothing stopping you putting an offer on the new place, but as you are waiting on yours to sell it doesn't put you in a strong position.

GMS

You could raise finance on the current property in order to purchase the new one whilst waiting to sell but it is expensive and you would need to be sure of getting the property sold.

If the sale became protracted for any reason you would be running up costs. As has been said you may need to reduce the price to get it moved quicker

toffee'n'tom

Thanks - what method/procedure would I use to raise finance on the current property? It's just a starting point so I can investigate whether or not it's worth it.

GMS

Bridging finance. Have a chat with a broker.

Could end up costing a pretty penny in fees though. May find it as beneficial to reduce the price by the amount rather than pay the fees and potentially need to reduce the sale price too.