buying a new build, when will all money be taken?

cressey1984

Hi guys,

Accepted an offer on our house for 85k, we have 68,500k left on current mortgage with NRAM.
Put a deposit of 500 down to reserve a new Barratt home that is up for 268k!! Need to give a deposit of 15300 with help to buy and Barrats gave us a 3% gift.

Anyway, we know we have a lot of saving to do as we will have to fork out for our own stamp duty and some other fees. The panic I'm having is, when will all thee fees be taken?! We will be moving in with my parents until completion of new build in mid September (kind of hoping it gets delayed so I can save more)

So, on completion of the sale of our current home I understand all monies will go to the solicitor and he'll sort out what everyone needs. So I assume at that point it is EA fees and solicitors sale fee. What happens to the equity at that point, does it go straight to the new lender or does it come to me?

I'm assuming solicitor doesn't take my 'buying' fee until I complete with Barratts?

I'm just worried I'll loose track of how much I need to get together and for when!

Mortgage application went to TSB from our broker yesterday so fingers crossed for that.

I am such a worrier!

kingstreet

Presumably completion of the sale and exchange of contracts for the purchase will be simultaneous.

So, the sale proceeds ill come in, repay the existing mortgage, EA fees and possibly the solicitor for the sale.

Then, the deposit for the purchase will be sent on to the builder's solicitor and anything left over will be passed back to you.

cressey1984

Thank you, sounds like I probably just have to have a little bit in my bank I cover what the equity won't for the moment.

Then I'm aware my stamp duty doesn't have to be paid until completion of the new build sale so I'll be living on jam sandwiches until then ;-)