Can I sell my house if I still have a mortgage on it?

McKneff

h240 wrote: »

We’ve only been in our house 2 years we put down £30,000 deposit so we get that back, the sale of the house has been accepted and that has increased £10,000 since we bought it 2 years ago so obviously that will pay off our mortgage and leftover from mortgage amount is £8,000 the solicitor will have all this money we won’t see it as it’s all going to the new house we are buying but we’ve come out with around £48,000 in total with deposit, equity and capital if that makes sense

What makes you think you get your deposit back.
Never heard of that before.
As far as i know it comes off the cost of the mortgage

h240

Well we’ve just sold our house and the deposit we put down is our capital and we are using that towards a bigger deposit for our new house. Just sent the current mortgage redemption to our solicitor and that’s what’s happening

fewcloudy

h240 wrote: »

Well we’ve just sold our house and the deposit we put down is our capital and we are using that towards a bigger deposit for our new house. Just sent the current mortgage redemption to our solicitor and that’s what’s happening

What you are calling your 'deposit' is actually called 'equity'. But maybe you know that, it's not clear?
Yes it is more money than your original deposit was, because presumably when you sold your house it sold for more than you paid for it. But that sum of money you were left with is not called your deposit anymore. It is now called equity.

The effect is the same whatever you are calling it though. You bought the house for X and sold it for Y.
After various fees and expenses are taken away you were left with some money. And it sounds like you are using this money as the deposit on your next house. That is what most of us do, so quite normal.

h240

Yes that’s what I mean, I was told that is called the capital because it was put down to get the mortgage not the equity that’s what we’ve made on the house but either way I was trying to explain the money we’ve come out with. As the question asked was can I sell my house with a mortgage on it and short answer is yes

TBagpuss

h240 wrote: »

Well we’ve just sold our house and the deposit we put down is our capital and we are using that towards a bigger deposit for our new house. Just sent the current mortgage redemption to our solicitor and that’s what’s happening

I think the reason to flag up that you aren't really getting your deposit back is that there's no guarantee that you would. If house values fall, or if you have to sell soon after buying, then you can come out with less than you originally put down.

It's not like renting where you are entitled to your deposit back in full unless you have caused damage.

h240

Of course it’s not guaranteed but I was asked For some numbers and I just said with our situation which isn’t the same for everyone. It’s only been 2 years since we bought our current house but it has gone up in value and we get the original deposit put down used as “equity” in the house to go towards bigger deposit for new house.

Daniel87

it's almost one year since i open this topic but i bring it back to life with another question because it's related.
In Romania (country from where i am ) you buy an apartment and after some time you can sell it at the price you want  + transfer the what is left from your mortgage to the new buyer.
Example:
The house cost you 70.000 you put a deposit 15000 and make a mortgage for 25 years, pay evry month 350 *10 years = 42000
and after 10 years you look at the prices in the market and you set your own price so you i am thinking i could get 42000 that i paid over 10 years + 15000 deposit + if the price increase a little bit is a bonus, off course there are some taxes that must be paid + fees, i don't have an ideea about how much these taxes will be, i know the prices could also drop, so maybe nobody will offer me the price that i want we could negociate about it.
So i could ask the to get 50.000 and the buyer will pay what is left 15 years * 360 monthly 
So the question is , here can be done same thing?

MWT

Daniel87 said:

So the question is , here can be done same thing?

No.

Your mortgage is paid off from the proceeds of the sale and the buyer must get their own mortgage.

davidmcn

Are you even sure that's how it works in Romania? I would have thought the bank would want a say in who their new borrower was - in which case it's effectively the same as in the UK i.e. the new owner needs to apply for their mortgage.

Daniel87

davidmcn said:

Are you even sure that's how it works in Romania? I would have thought the bank would want a say in who their new borrower was - in which case it's effectively the same as in the UK i.e. the new owner needs to apply for their mortgage.

Off course the bank must aprove the new burrower, so he must prove he have a source of income and can afford to pay the mortgage.
I show you an example advertisment posted by the current home owner , my english is not the best and i am not sure how to translate some terms but i hope you will understand

I hand over the mortgage to the developer for the apartment in Fusion Tower, Nicolina 120. The apartment is handed over exactly as you see it in the pictures, fully furnished with absolutely everything new. Starting with September 15, the apartment is rented for 350 Euros per month, so it is a good investment.The required advance represents the furniture costs and the rates paid from February 2020 until now. The rate is 605 euros per month for a period of 15 years.