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sell first to buy later?
windowlicker_2
Posts: 2 Newbie
we've just looked into buying a place off plan but don't have the enough cash to cover the deposit (approx. £11,000). We currently have a mortgage on a flat that would free up about £50,000 equity if we sold it now, which is exactly what they advised us to do. This was so that we'd also qualify for their 'assisted move' scheme and help with paying stamp duty. The new build won't be completed until Sept08 so selling up now doesn't sound right to me at all. So I asked 'what if we did have the deposit?' and she was still going on about us selling our current property within the next 6 weeks otherwise we'd need to budget for 2 mortgages, totalling nearly £500,000 (poor wife nearly choked). We're only 2nd time buyers so still a bit green when it comes to these things but i don't trust this salesperson. Has anyone had a similar experience or can advise further? 
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Comments
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I can't offer any advice at all except: sounds to me like she's seen you coming.
It might be helpful to other people (ones WITH advice) if you could say why you want to move and why off plan appeals to you though.
My personal (unqualified) opinion is that house prices will drop significantly in the coming years. So she might be trying to get you to sell now and lock yourself into their flat at its current price. Because she "knows" that by the time it's built it will be "worth" a LOT less.0 -
thanks for your response...the reason for moving is that we currently live in a 1 bed flat in London and wish to move to a 2 bed outside London, which is roughly the same price. Reason we looked at buying off plan was that we thought the value was still more likely to go up than down by the time it was completed as we've been hearing the market's due to crash since we bought this flat 4 years ago.0
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Sept 2008! There's no way I'd see selling now and buying in 2008 as a good idea if the price is fixed now.
From what I've read on here, new builds typically cost more to buy than they are "worth".Happy chappy0
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