How does this work?

Nige64

Although I've owned several small properties in my lifetime (I'm now 64) they have always been bought for cash and when sold, the money has been banked and we have either rented or moved abroad.
My question is this: At the moment we live in a small 2 bed house that was bought for cash from the sale of a property in Spain. Due to ill health we want to move into a bungalow but the only equity we have is tied up in this house. I've been looking at bungalows in the same price range and have seen a few I like but have no capital, I would need to sell this house to be able to buy a bungalow, so how does this work? Can I put an offer in on a bungalow and then hope I can sell the house quickly or what? Do I have to sell the house first before I start looking at bungalows? I've never been in a chain before so have no idea how they work, can anyone give me a nod in the right direction?
Thanks
Nige

fishpond

Try a bridging loan.

Nige64

For the whole amount of the bungalow you mean?

Penelope_Penguin

How quickly is property moving where you are buying and selling?

I'm currently selling, and have several people who've viewed, would like to buy, but have a house to sell. It's frustrating as we now have to wait while they get their property marketed and then find a buyer.

Personally, I wouldn't accept an offer from somebody whose purchase is contingent on a sale, unless they have a buyer lined up.

However, if property is selling quickly, and you try to sell first, you may find that your house is under offer, your buyer is hassling you to move out, and you can't find a bungalow that suits you.

Your call

veryworried12

A bridging loan??? Good grief.

Nige, you need to have your house at minimum on the market before an agent will take you seriously. All the better if you're under offer.

You then need to sell your house and use the cash generated from that to put into the new bungalow. The solicitor does it all for you, really.

Jox

Speak to 3 agents to value your property and get their fees (or use an online agent which is a cheaper option), have viewings at your property and hopefully an offer will follow that you accept, view houses and when you have an offer on yours put an offer on a house, your solicitor can deal with the sale and the purchase. Good luck

Nige64

We have had Purple Bricks come to value the house and they (Obviously) want to start marketing it, we thought this new approach to selling might be a lot cheaper than high street agents.
Thank you for your replies so far, very helpful I must say, thanks
Nige

D_M_E

Do you have any friends or family who you could stay with for a short period?

If so, sell your current property and put your stuff into storage and move in with friends/family - offer a payment for temporary lodging - and then search for a bungalow when you have the funds for a cash purchase.

Or you could move into a temporary holiday let out of season which should be cheap while you look.

AnnaDanishek

if it is still a question you can check out this page https://tranio.com/spain/
they have lots of property in Spain and you will probably find something that suits you

hazyjo

Not a good idea to offer on something without having a buyer. You might want to check this thread for reasons/further info.


https://forums.moneysavingexpert.com/discussion/5505159


Jx

Davesnave

AnnaDanishek wrote: »

if it is still a question you can check out this page: :spam:
they have lots of property in Spain and you will probably find something that suits you

OP did not say they wanted to move to Spain.

Frankly, I wouldn't advise anyone to buy property in Spain, with their economy the way it is now!

Post reported.