Selling two to buy one

Jb53

Hi there,

My partner and I both owned our own flats when we met and now want to buy a house together. His flat has sold and mine is just going on the market. We're in Scotland

We have found a property we love and a closing date has been set. We have Been approved to borrow £301k based on calculations which assumed the sale of both of our properties, however our agent at the mortgage centre has assured us that the lender is willing to grant a mortgage with my property still in the background. The home report value of the property we want to buy is £250k. We need a 10% deposit, so £25k. From the sale of my partner's flat we have £32k. We thought we were in a position to offer a little over the asking price but we've learned that because I have another property we will have to pay an additional £7.5k in LBTT. On top of the other fees to take into consideration we would have to pay circa £12.5k in taxes and fees for buying the house (and selling my partner's flat) which only leaves just less than £20k deposit.

Once my flat has sold we expect to have another £30k - the flat is expected to sell quickly. Is there a painless way of borrowing the extra few thousand we need to enable us to put down a 10%deposit and pay the fees? We want to be able to offer just over the asking price. We will have the money to pay it back when mine is sold in a few weeks time

Thanks for your help!