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

marksoton

Lemonsqueezer78 wrote: »

Well, I can't help you then.

I never went to college or university, haven't inherited a penny from anyone and the only 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.

The 40% is such a big elephant in the room it's not worth further discussion if i'm honest...

marksoton

G_M wrote: »

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.

I honestly don't believe it is.

I have 50K of open credit and i'm sure i could get much more but no chance IMO.

Lemonsqueezer78

Well, I manage to console myself with the thought that I could actually live mortgage free in some parts of the country

Certainly not in these parts though.

daxu

thanks for everyone's reply.

I will ask some mortgage advisers to see if it is possible (not sure about credit cards).

warby68

Cheaper and easier surely to do the deal and live in a hotel for a few weeks while you renovate.

franklee

warby68 wrote: »

Cheaper and easier surely to do the deal and live in a hotel for a few weeks while you renovate.

Agreed. OP you can put your stuff in storage and find somewhere temporary to live for a month. Sofa surf, holiday let, bed and breakfast ... must be something.

Debtslayer

You will need money from current sale to purchase new property
Once you exchange contracts and complete on sale the house is no longer yours and you are not entitled to be there
You will most probably upset potential buyers if you try to put in this kind of stipulation .
Best to complete on sale and put your items in storage while you get work done to new house if that's what you want to do before you move in . Storage costs wouldn't be too expensive and if you can't stay with family or friends then look at other options such as staying in a b&b etc

duchy

Cost of local hotel say £50 per night possibly less as many hotels will do a long stay rate so for a month £1400 versus paying a broker and paying two mortgages plus the time taken to arrange this plus some extra legal fees . Even adding on storage costs the hotel (or staying with a friend for part or all of the time) would be the cheaper option.

Alternatively book a week off of work and spend it making one or two rooms habitable - then move in and live in the habitable rooms whilst you work on the others.

warby68

Meant to say, OP is probably talking about needing an old fashioned bridging loan where debt on property to be sold is converted to this while new property is bought with whatever the mortgage/deposit structure would be afterwards - I think they are rarer than hen's teeth these days, especially at what would be a high LTV.

AdrianC

daxu wrote: »

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?

So let's say you get the keys for the new place on 1st June, and give the keys to the old place over on 1st July.

Will you be paying for the purchase on 1st June, and your buyer on 1st July?
For that month, you will own £590k of property, yet you only expect to have £182k of mortgage, and you only have £158k of equity at the moment.
Or perhaps you were hoping to redecorate your seller's house for a month after they've moved out, before paying?
Or maybe have your buyer let you stay on as a tenant for a month after paying you for the house?

Care to extrapolate any or all of those options up and down a reasonable size chain?
Are you spotting the problem with your plan...?