Selling my house

compact1

Hello, I hope somebody can help me. I am currently selling my property for £282,000. I bought the property for £220,000. The mortgage I originally took out was for £190,000. The outstanding balance is £165000. I am downsizing due to financial difficulties. Not taking into account fees, etc. how much will i actually be left with.

Thanks In advance.

Curv

Why do they put the 'thanks' button so close to 'quote'? :rolleyes:

compact1 wrote: »

Hello, I hope somebody can help me. I am currently selling my property for £282,000. I bought the property for £220,000. The mortgage I originally took out was for £190,000. The outstanding balance is £165000. I am downsizing due to financial difficulties. Not taking into account fees, etc. how much will i actually be left with.

Thanks In advance.

Not really sure what you are asking... Do you have any additional loans secured on the property? Why don't you want to include fees?

Assuming basic maths, £282000 - £165000 = £117000.

Does that answer your question?

Magentasue

Or are you asking about fees other than those charged by the building society?

You need to work out any estate agency and conveyancing costs - don't forget to add VAT if it's not included. Then removals once you've decided how you want to do it.

Will you be buying something smaller or renting?

compact1

No, no other loans are secured. Thank you for the quick reply:T

compact1

I'll be renting in the short term, because I want to see how much I've got left after redemption penalties, fees, etc.

Thanks again

LisbonLaura

compact1 wrote: »

Hello, I hope somebody can help me. I am currently selling my property for £282,000.

Thanks In advance.

A point of order if I may:-

Have you exchanged contracts, or is this just the asking price?

Thxs

jonewer

As I buyer I would have to check up on what you paid for it. If you paid £220 less than a year to 18 months ago, I would certainly not be offering £282 in todays market. £250 maybe.

Magentasue

These calculators may help:

http://www.stewarthaleproperty.com/true_cost_cal.html
http://www.houseweb.co.uk/realcost.html

compact1

This forum has some seriously good advice.

I bought for £220K around 5 years back. Original asking price was £299K, but the buyers exchange on their own property in 2 weeks, so effectively, no chain. The only proviso was they could move in when our contracts are exchanged. Just hope everything works out, as the past 2 years have been horrendous. Thank you all for your replies.

Curv

compact1 wrote: »

The only proviso was they could move in when our contracts are exchanged.

Do you mean before completion? :eek:

Have you taken legal advice on that?

compact1

Apologies. Yes they want to move in on completion