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Cash back when selling property
Thatsthespirit
Posts: 107 Forumite
I don't want to come over as naive or appear to get my hopes up at all but I am trying to work out how much cash I get back to myself after the sale of my property.
I have had the EA round and he's valued it £114,950, so for arguments sake let's say I accepted an offer between £106,000 - £110,000.
Some things to first note - I am not moving elsewhere so there'll be no chain on my part. The money wouldn't be passed over to another mortgage as such. Secondly and this is where it throws me a little, I used the help to buy scheme when buying the property. Now I know they take the 20% back of what it sells for. Here are the figures...
The property was £89,500
5% Deposit - £4,500
20% Help to buy - £17,500
75% Mortgage - £67,500
In my September 2015 statement the yearly mortgage statement read I had about £65,000 left to pay. Does this sound about right?
But based on the figures I've dished out, how would I work out how much I'd get back to myself if the property sold for £106,000 - £110,000?
Also bearing in mind fee's come to £2000+
If I've missed anything out at all let me know!
I have had the EA round and he's valued it £114,950, so for arguments sake let's say I accepted an offer between £106,000 - £110,000.
Some things to first note - I am not moving elsewhere so there'll be no chain on my part. The money wouldn't be passed over to another mortgage as such. Secondly and this is where it throws me a little, I used the help to buy scheme when buying the property. Now I know they take the 20% back of what it sells for. Here are the figures...
The property was £89,500
5% Deposit - £4,500
20% Help to buy - £17,500
75% Mortgage - £67,500
In my September 2015 statement the yearly mortgage statement read I had about £65,000 left to pay. Does this sound about right?
But based on the figures I've dished out, how would I work out how much I'd get back to myself if the property sold for £106,000 - £110,000?
Also bearing in mind fee's come to £2000+
If I've missed anything out at all let me know!
0
Comments
-
My guess:
£110k Sold for
£22k goes back to H2B as they 'own' 20% of its value
£88k to you
£65k goes to the mortgage company, as per last statement
£23k goes to you - via the solicitor who takes their chunk and pays the agent fees. So you'd get about £20k in your pocket.0 -
Thatsthespirit wrote: »I am not moving elsewhere so there'll be no chain on my part
Is this a simplification for the purpose of the illustration, or are you planning on staying in the house after you sell it?0
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