Best options?

CashMoney

Hi, wanting to move to another area but don't known how.
A little background on my situation...Want to move to another area where the properties are currently approximately 380k-400k. I have had my house valued at 320k-340k. Now as I live with elderly in laws, my wife would like us to purchase the new property first, do the basic work in there which may take anywhere between 4-8 weeks and then move our stuff and move in then sell current property.
So what are my best options for moving? I have been to a mortgage broker and can get no more than 160k and I have 60k in savings. I earn 20k a year.
In an ideal world I would have liked the estate agent who would be selling my property to lend me the money to purchase the other property and then sell mine.
Also I really wouldn't need a mortgage as my current property's value and my savings are enough to buy a property in the area we want to move into but the majority of the money is tied up in current property.
I have looked into bridging loans but they seem very expensive.
I have no mortgage on current property.
Would love to hear people's thoughts and ideas.
Thanks

NewShadow

CashMoney said:

which may take anywhere between 4-8 weeks and then move our stuff and move in then sell current property.

In an ideal world I would have liked the estate agent who would be selling my property to lend me the money to purchase the other property and then sell mine.

I have looked into bridging loans but they seem very expensive.

So... you want an estate agent - who, btw, is basically just a salesman who gets maybe 1% from the sale price for his work - to loan you £400k...and for you not to have to pay the fees and interest associated with a bridging loan? 

You have £60k saved and are anticipating 'basic work' taking two months... so we're talking more than a lick of paint - how much of your £60k are you expecting your 'basic work' to cost? 

Plus... two months to do the work, plus then maybe 6 months to actually sell your existing property - assuming it even sells... some houses sit on the market for years and it's not like you're building in a lot of flexibility for dropping the price given you'll have already spent the money on a new house. 

Would love to hear people's thoughts and ideas.

All in all - in a word - just to be clear...

No. 

SameOldRoundabout

As far as I can see a bridging loan would be your only option. If most of your money is tied up and you cannot get a mortgage you have no other option apart from the one everyone else uses of buying and selling at the same time. Also, being as you haven’t found a property yet you cannot know what works will be needed or the time it’ll take. Same with selling, the way things are right now your house may not sell for months and months! Maybe you could sell your house and rent while you purchase and fix a new one?