We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can I try to sell my flat while applying for let to buy?
inthebubble
Posts: 39 Forumite
I was planning to sell my flat and buy another in a different city. Started viewing potential properties while getting my own flat ready to sell - just to get a feel for the market in the new place.
Predictably perhaps a really special property has come up, something that won’t come along again, so I’ve made an offer on the basis that I’ll release funds from my current home in order to finance the new purchase on a LTB mortgage (I’m early retired, have a big deposit but little income). It’s a probate property so the vendors want a quick exchange, which is partly why they favour my no chain offer.
But I’d much rather sell, although that may take too long.
Can I put my flat on the market - maybe keeping it off RMove - and proceed with a sale, whilst also setting up a LTB to bridge the gap between buying the new place and selling this one. Then I’d pay off the LTB without ever having let the first flat.I’ve looked into proper bridging loans but they’re far too dear.
My current home is in SW London, still a fast moving market, for the moment at least.
Tx in advance.
Predictably perhaps a really special property has come up, something that won’t come along again, so I’ve made an offer on the basis that I’ll release funds from my current home in order to finance the new purchase on a LTB mortgage (I’m early retired, have a big deposit but little income). It’s a probate property so the vendors want a quick exchange, which is partly why they favour my no chain offer.
But I’d much rather sell, although that may take too long.
Can I put my flat on the market - maybe keeping it off RMove - and proceed with a sale, whilst also setting up a LTB to bridge the gap between buying the new place and selling this one. Then I’d pay off the LTB without ever having let the first flat.I’ve looked into proper bridging loans but they’re far too dear.
My current home is in SW London, still a fast moving market, for the moment at least.
Tx in advance.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards