Needing to purchase new home without selling current

AnotherJoe

Zackisback878 wrote: »

David- Thanks will make sure when we meet with Santander we won’t be penalised if we do it that way

Joe- just needing the extra space now.

Tlc- We’ve priced it at offers over £99,950 with the home report value of £120,000 but we could certainly drop 5k, would a fixed price be more attractive possibly?

Tom- thanks for the advice, i think the bridging loan option might need to come off the table

Just read some of the threads here about even the simplest no chain moves that take many months. 4, 5, 6 months for the simplest of moves.
I think April is wholly unrealistic for example, that's just not going to happen.
I think you will have to put up with some short term inconvenience for long term gain, sell the flat (of course it will sell at the right price) get a buyer for your house and only then start looking at dream houses. You were premature making an offer on this house and your vendors optimistic accepting it and obviously now realising their mistake. Selling the flat will let you get a better new houses ora lower mortage.
Forget bridging loans, you are apparently reluctant to sell your flat because you won't get what you want for it but in comparison to thata bridging loan would be like giving your flat away for 10p and a mars bar.

davidmcn

AnotherJoe wrote: »

Just read some of the threads here about even the simplest no chain moves that take many months. 4, 5, 6 months for the simplest of moves.

To be fair, most of the threads here are about England & Wales, where nobody in the process seems to be motivated to move any faster.

AnotherJoe

That's a very fair point.
Even so why would OP leave say £40k off the table (not selling the flat) when that would make a massive difference to them in terms of mortage . Auction it and get rid, it will sell if it will let, sell current house move into rented, there is always another dream house.
I think OP has focussed on what's right in front of her, new baby coming and dream house, amd is just thinking very short term.

Zackisback878

thanks all, lot of food for thought,

We've had a note of interest in on our house from FTB's needing out of their rental mid April so fingers crossed it materialises,

Again thank you everyone for the wise words