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Selling two properties to buy a new one?
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cdotd
Posts: 1 Newbie
Hello!
New to the forum - my partner and I are looking to move to larger house (new family) and we currently own 2 properties, a flat and a house.
The situation:
I own the house with a mortgage solely in my name through HSBC (fixed term with early repayment penalty)
My partner owns the flat with a mortgage solely in her name through Halifax (fixed term with early repayment penalty)
Can we sell both properties at the same time and port the mortgage from both to buy a new house with joint ownership?
Are solicitors able to handle potentially 2 property sales with separate chains to buy one joint property? How will this affect us as buyers in vendors eyes?
Any advice appreciated!
New to the forum - my partner and I are looking to move to larger house (new family) and we currently own 2 properties, a flat and a house.
The situation:
I own the house with a mortgage solely in my name through HSBC (fixed term with early repayment penalty)
My partner owns the flat with a mortgage solely in her name through Halifax (fixed term with early repayment penalty)
Can we sell both properties at the same time and port the mortgage from both to buy a new house with joint ownership?
Are solicitors able to handle potentially 2 property sales with separate chains to buy one joint property? How will this affect us as buyers in vendors eyes?
Any advice appreciated!
0
Comments
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No you can't have 2 mortgages on the same property with 2 different lenders.
Could you get consent to let for your partners flat until the fix ends and then sell ?
Wait until the fixed deal on your home finishes and then sell ?0 -
Having in effect two chains will complicate matters, and hence potentially delay your purchase. Naturally if your vendor is aware of his, they will be concerned that their sale may take longer to Complete than in in a situation where there is only one chain (or better still - none.)
Can we sell both properties at the same time and port the mortgage from both to buy a new house with joint ownership?
No. Ypu will need to pay off both eisting mortgages, and take out a new one in joint names.
Are solicitors able to handle potentially 2 property sales with separate chains to buy one joint property?
Yes.
How will this affect us as buyers in vendors eyes?
!0 -
You could always sell both properties and if one is proceeding much quicker than the other, agree to complete on it separately from the other sale, so that you're not keeping that chain waiting for the other chain to catch up. Obviously one of you would have to move into the other property with furniture/belongings until that sale is ready. You then get the removal van to pack the whole lot up from the one property, rather than two removal vans from both properties on the same day.0
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