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
Financing a new joint property
Wid73
Posts: 2 Newbie
HI All
New on here, but wondering if anyone is able to advise best way forward.
I am a young widower who following the death of my wife owns a property outright that is worth £325,000
My new partner also owns a property and if sold would likely clear £200,000, so between us we have a good amount of equity.
We want to move into a joint property with my two young children, but need the equity from both sales to achieve this. Plus probably a smallish mortgage too....property being so expensive around here! Likely we are looking at £595k for 3 beds we would need.
Obviously the ideal thing would be to sale both houses on the same day and pool funds to proceed with the purchase of the new home, but highly unlikely that would happen.
Question is how do we proceed?
New on here, but wondering if anyone is able to advise best way forward.
I am a young widower who following the death of my wife owns a property outright that is worth £325,000
My new partner also owns a property and if sold would likely clear £200,000, so between us we have a good amount of equity.
We want to move into a joint property with my two young children, but need the equity from both sales to achieve this. Plus probably a smallish mortgage too....property being so expensive around here! Likely we are looking at £595k for 3 beds we would need.
Obviously the ideal thing would be to sale both houses on the same day and pool funds to proceed with the purchase of the new home, but highly unlikely that would happen.
Question is how do we proceed?
0
Comments
-
Decide which property you are going to sell first. Then proceed from there. You'll have an excess of stuff between you with two homes currently that will require disposing of.0
-
Plan was initially for GF to move in with me and kids. Kids are at local schools etc so moving to hers some miles away was never an option. Plus mine has 2 beds and hers only the one.
For reasons I won't go into here we would like to move quickly and directly into a new property together, so is there another way of achieving this, rather than her selling to release her equity, moving into mine, then selling mine and buying the new place?0 -
If you can't together pooled income reach x4.5 for affordability purposes, no other way than to raise more funds to plug the gap, either selling a house or two/ gift from family/friends"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
People regularly buy one property when selling two on the same day.
It is manageable.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
As above, you may accept offers at different times but just sort out a completion date that works for you. Even if they are a week or 2 apart, it is not the end of the world.
As a side thought, do you not think it might be a good idea to live together for a little while first? When I moved in with my Mrs she grated on me no end. Although that is probably just me as I was an only child and lived alone for a period so having to live with someone took me some getting used to. She may find living with 2 young kids is a nightmare - we have one and as much as I love her more than anything, she is a PITA at times. Just a thought anyway.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards

