Downsizing - Some general buying/selling questions

katieowl_2

We are intending to put our place on the market in Jan 08 and move to Wales. This might seem a way off - but it's only 40 something weeks :eek:

We are busy trying to make the necessary advance plans, declutter, tart up the decor, and tackle a couple of building projects that could get us ££ knocked off.

One of the main reasons that we are doing this is that DH hasn't much work (he's self employed and 57) and I can't seem to track down a job either (been a SAHM for 17 years) We will be running a B&B/Holiday let among other things in Wales, fulfilling a life long dream and will be buying outright (no more morgage :T )

Now....Million dollar questions! This is the first house sale we have been involved in EVER (we've been here 20 years) and I need to budget. I estimate with buying, selling and the dreaded stamp duty on the new place at around £275K we will need to spend £13K on the process....but what stages will these bills need to be paid?

Obviously the stamp duty on the new place will come after our sale here, and presumably Estate agents fees, but will a solicitor want paying anything before we move? Any advice will be much appreciated as we are really strapped for hard cash! Paying the mortgage for the rest of the year is going to be difficult enough but we can't possibly move before June 08 as our son is in the middle of his GCSE's. I can see us ending up in rented accomodation in Wales as a possibility or camping out in London for a few weeks.

Is the time-scale of putting it on the market in January to be out by the end of May/early June feasable...too long...too short?

What about the Home information pack due to be launched summer 2007 - I gather that is supposed to be £600+ but do we need to pay for it up front?

Any advice or suggestions anyone could offer would be most gratefully recieved, especially from anyone with experience of downsizing!

Regards

Kate

tonydee

Solicitors can be paid from money left over. He'll take his cut, don't worry about that

benbenandme

Surveys and searches have to be paid for before completion ... this can vary in price ... the property I'm buying is £160k and the searches were £250 and the valuation was £295.

Will you be clearing your mortgage when you move or have you already done so?? If its the first then you may have a redemption fee??

courtjester

Your biggest expense outside of the stamp duty payable on your new place will be the estate agents commission. You can avoid this altogether by advertising privately - this is now a highly viable option and the better online private sale services charge only around £100-150 - potentially saving you around £5,500 on a £275,000 sale.

Google for "sell my house" and review the main results for the leading contenders - ignore the sponsored ads (right and top) which are mostly the 'buy-your-house-today-for-half-its-value' companies.

By January 2008 you will need a Home Information Pack, but the cost will vary depending on which route to sale you go down. If you go with an agent, the cost of the pack and whether it is paid upfront will depend on the agent's strategy. Some will charge for it upfront, others will include it 'free' in their commission as a marketing ploy, but don't expect their commission to be particularly low.

Sourcing it privately, you should be able to get the pack for around £450 and there will be options to defer the cost (like solicitors fees) so that this is paid for out of the completion funds rather than at the outset.

Timescale depends on your asking price and demand for your property - there is no average time, it might take a year or sell in a day....