porting a mortgage to an existing second property

AJPF

I have a house worth £360k, with an outstanding mortgage of £22k.  I also own a flat worth £80k (with no mortgage) from which I earn a small rental income.

I am looking to move upmarket but I don't want to be part of a chain.

Therefore the plan is to sell this one, move into temporary accommodation, then look for the next property.

I can port the mortgage to a new property, but in order to reclaim early repayment charges, I would have to find the new house within 5 months (normally 3 months but extended due to Covid-19), and any additional borrowing would have to be with them.

So can I port the mortgage to the flat?  That way, I avoid early repayment charges, I don't have to worry about finding the next house within a certain time period, and I am at liberty to compare the entire market when it comes to the new mortgage.

I realise there may be a valuation fee for the flat, but is that it?  What about conveyancing fees?  Are there any other charges or considerations? 
Have I oversimplified it? 

YellowCarBlueCar

You really need to ask your lender as they may have conditions on porting.  My lender wouldn't allow me to port my mortgage to an unencumbered property (which is what you are describing).
I expect you will need to pay some conveyancing fees.  Ordinarily you will pay your solicitor to act on the lender's behalf to check that they are happy that the property is a suitable guarantee for loan, and may also need searches as well.

K_S

@ajpf As the poster above said, lenders have different criteria for porting. How much ERC would you save on a 22k outstanding mortgage? Unless it's on year 1 of a 5-year fix or something, I doubt that the ERC would exceed the costs associated with porting it (if your lender allows it).

getmore4less

You only have control over one end of any chain unless you limit yourself on the buying side on properties without a chain.

Lender,  rate,  ERC,  and any term conditions on the ERC, like it drops 1% in X months time.
even at 10% which would be extreme you are only looking at £2k that will be insignificant on a purchase over £350k where <0.3% difference in rate will recover that in a year.
What sort of LTV are you aiming at for the purchase.

if you have convenient suitable flexible accommodation, why not try to line up your  sale with a purchase you can always sell early if needed.