Selling my flat how much deposit will i have for my next property?

Joeread

Hi

I am looking to buy a house and i was just wondering how much deposit i would have if i sold the flat i own 50% of as it is housing association. I have £117,000 left on the mortgage and my flat is worth £340,000.

Thank you

eddddy

Joeread wrote: »

I am looking to buy a house and i was just wondering how much deposit i would have if i sold the flat i own 50% of as it is housing association. I have £117,000 left on the mortgage and my flat is worth £340,000.

If you sell the flat for £340,000 - you will be due 50% of that which is £170,000.

You'll then have to pay back your mortgage of £117,000 - so that will leave you with £53,000.

Then you need to allow a few thousand for buying and selling costs.

If you have any savings, you can add those to your deposit.

SG27

If you have a flat worth 340k then I assume houses will be a fair bit more so you will need to tale into consideration around £10k stamp duty to pay, around £1700 solictor fees, possible mortgage fees, about £4000 EA fees, £500 survey. Plus then removal costs.

So up to about £16k on fees!