is it possible to get some decoration time when on a chain?

daxu

Hi,

I put my house on the market and start to look for a new place.

There is a house I really like but it needs lots of work done before I can move in.

So if I found a buyer for my house and the house I want to buy is agreed, I will be on the chain and will rely on the money I get from selling my house to fund my purchase.

Is it possible that I can first complete the purchase of the new house, and finish the sell of my house in one month time (so I can find some builder to get the work done properly).

For example:
my current house is 250k and current mortgage is 92k.
The new house is 340k.

What I want is:
Remortgage to get extra 90k.
finish my purchase first (this means the mortgage provider will transfer mortgage to the new house I guess).

I still live in my old house for one month so I can get all the work done in my new place.

after one month, I finish the work and move out from my old place and complete the sale.

Is it possible?

Many Thanks

NicNicP

My understanding is that to do that you'd have to own both properties for the month meaning you'd need a mortgage to cover the cost of both properties and be subject to second home tax.

mrginge

daxu wrote: »

Is it possible?

In order to buy the new house you need the 160k from the sale of your current one.

If you don't sell the current one at the time you want to purchase the new one, where is this 160k coming from?

marksoton

daxu wrote: »

Is it possible?

Having perused for a while on these forums i often muse where i've gone wrong in life to not be able to afford a 340K property and yet those that can ask these questions....

ognum

marksoton wrote: »

Having perused for a while on these forums i often muse where i've gone wrong in life to not be able to afford a 340K property and yet those that can ask these questions....

And the answer to your musing is?

Lemonsqueezer78

marksoton wrote: »

... i often muse where i've gone wrong in life to not be able to afford a 340K property...

Too much time spent dishing out thinly veiled insults on internet forums?

Cakeguts

To buy the new house you need 340k. If you remortgage to get 92k then you will only have 92k because the rest of the money will still be tied up in the house that you are living in for the extra month. So you are going to be £238k short for the new house. Remember you can't get any money out of the house you live in until you sell it and the mortgage on the house you are living in is still going to be part of the way you are buying that house not the new one.

marksoton

ognum wrote: »

And the answer to your musing is?

I didn't study enough at school / Uni
I chose the wrong original trade ( This is without a doubt)
I missed some brilliant investment opportunity
My parents are still alive
Up until now i've chosen badly with partners

.. Hell the list goes on. I'm not bitter one bit but i am intrigued as to how so many people afford such properties. Any tips welcome...

Apart from those referring to me doing the opposite of any of the above!

marksoton

Lemonsqueezer78 wrote: »

Too much time spent dishing out thinly veiled insults on internet forums?

How very dare you.

I never thinly veil anything.

Lemonsqueezer78

Well, I can't help you then.

I never went to college or university, haven't inherited a penny from anyone and never professionally qualified in anything.

I chose a good company to work for and basically started at the bottom and worked my way up - and now I'm in my late thirties, buying a £400k house (Well, 40% of it at this point). I did manage to make quite a lot of money on my first flat over the last 4 years though, so I guess that counts as having been a good investment. So maybe that's it.

Interestingly I have a number of friends that went to Uni...and barely any of them earns what I do. Conversely, I also have number of friends that, like me, didn't go to Uni and several of them make very, very good livings. So make of that what you will.

G_M

Apply for several 0% credit cards with a limit sufficiently high to cover the cost of purchase.

Buy new property and renovate.

After a month, sell old property and use the money to pay off the credit cards.

Let us know if you manage it......

I've done it, but that was before the crash when credit card limits were .... limitless.