What's left after fees etc

JoMama85

Hi all,
Hoping someone can help me work out how much hubby & I are likely to have left once we've paid stamp duty, estate agents fees, etc.
We've sold out house for £230k, our current mortgage is £135k which we are porting to the the new house, there is no charge for this.
The new house is costing £308k. We're paying a £70k deposit & taking out another mortgage to cover the difference plus £10k towards repaying existing debts (so another £113k)
We've been trying to work out what money will be owed back to us. My solicitor is a bit slow at sending out documents & I'm impatient lol!
Our EA fees are around £4k plus I'm not sure what stamp duty will be around £5400.

Hope that makes sense!

Thrugelmir

Around £14k.

ellie27

230-135=95k proceeds from sale
95+70=165k total deposit
308-113=195k total deposit needed

+ fees/stamp duty ontop of around £11k

So confused, I make it you are short of £41k

anselld

Old Place: 230-135=95k proceeds from sale

New Place:
135(port)+113(new mortgage)+70(deposit)-308=10(to pay off debts)

95-70=25 left to pay fees

Stamp Duty 5400
EA 4000
Legals ?

So yes, somewhere near 14 depending on fees.

charlamine

So you will get 230k from sale.

You will have to pay back the 135k on your previous property which will leave u with 95k

Then u will take 70k deposit from your 95k leaving 25k

Then your fees so 25k subtract 4k estate agent fees And I assume the 4k plus is plus vat of 800 which leaves £20,200

Subtract your stamp duty leaves 14,800k

Not sure on the debt bit if that is being added to the morgage or if your taking that out of this figure as well if your taking the 10k from your equity it will leave you with 4k if your adding to morgage you will be left with 14k

JoMama85

Glad it's not just me finding it confusing!
Am I wrong in thinking that the current mortgage won't be deducted from the sale because we're just moving it over not repaying it?
So it'd work out that out of the 230 from the sale, we pay 70k deposit (140), then 5400 SD, 4000 agents fees & the balance of legals which is 500, so say 12k to be generous (leaving 128)?

tberry6686

It's fairly straight forward. You are porting accross the mortgage so no change there. You owe £135k. This has already been spent so will not come off the price of your new house leaving £308K to pay.

Another £113k mortgage leaves £195k to pay from the sale of your old house.

So Sale of old house = £230k with £195k +fees to pay out so you will end up left with ~£15k

kingstreet

You are porting the rate from one mortgage to another, not the mortgage from one property to another.

The mortgage is repaid from the sale proceeds.

You will have one new mortgage and this will be split into separate sub-accounts to reflect the old rate on the first portion and the new rate on the increase in borrowing.

kingstreet

Sale

£230,000 - sale price
£135,000 - mortgage
£4,600 - EA fees & costs (inc £600 sols fees)
£10,000 - debt repayment
_________

£80,400 residual equity

_________

Purchase

£80,400 - residual equity
£308,000 - purchase price
£248,000 - mortgage
£6,400 - stamp duty and legal fees (c£1,000)
_________

£14,000 surplus remaining after completion.

JoMama85

No we ARE porting the mortgage from one house to another not just the rate. We're then adding to that with another mortgage of £113k.

kingstreet

JoMama85 wrote: »

No we ARE porting the mortgage from one house to another not just the rate. We're then adding to that with another mortgage of £113k.

That is possibly what your lender has told you is going to happen. Nationwide has form for explaining it how you are, but no, it doesn't work that way. Are you a Nationwide borrower by any chance?

Ask your solicitor what happens at completion.