Selling our house we've already got an eye on one...

lookstraightahead

mrsmortgage said:

I've ported before. Albeit 7 years ago. A mortgage is specific to a house so the mortgage would go to that house is put an offer on. In the meantime we'd only need a MIP. Which I'm not adverse to get but my husband for some reason only wants to get that done once we're sure on the house and we have a clearer idea if we can afford it. 

The house we're selling sell within days the type of house we're trying to buy take a bit longer.

Is there anything on your credit history which may mean you're turned down? Lots of agents won't even show people round properties without an MIP - is it the credit check he's worried about.

mrsmortgage

lookstraightahead said:

mrsmortgage said:

I've ported before. Albeit 7 years ago. A mortgage is specific to a house so the mortgage would go to that house is put an offer on. In the meantime we'd only need a MIP. Which I'm not adverse to get but my husband for some reason only wants to get that done once we're sure on the house and we have a clearer idea if we can afford it. 

The house we're selling sell within days the type of house we're trying to buy take a bit longer.

Is there anything on your credit history which may mean you're turned down?

Nothing we have no debts, only the mortgage! And a healthy joint income of £60k 

SameOldRoundabout

How much equity do you have after fees and legal? I really think you should get that MIP, we have incredibly similar income (plus tax credits and child benefits), 4 children and no debt outside of a single £150pm payment and our max lending was not enough to purchase a £400k house even with £50k equity. It’s really worth checking what you could get for sure before you mentally move or put your house on. 

mrsmortgage

SameOldRoundabout said:

How much equity do you have after fees and legal? I really think you should get that MIP, we have incredibly similar income (plus tax credits and child benefits), 4 children and no debt outside of a single £150pm payment and our max lending was not enough to purchase a £400k house even with £50k equity. It’s really worth checking what you could get for sure before you mentally move or put your house on. 

The broker told us we'd get £290k. I've got savings of my own (£30k) and depending of how much we sell this house for we have at very least £505k equity. That's the lowest of the low, but the realistic one is £65k. We also have bonuses that are not part of that calculation. I'm also in the process of selling foreign property that will give me £100k. Plus my parents are going to give us another £20k, and with our current expenses and income, we can save up to £2k if we try hard. 

sheramber

mrsmortgage said:

 

The house we're selling sell within days the type of house we're trying to buy take a bit longer.

So you keep saying so what is the problem?
They are not selling for the price you need.

mrsmortgage

sheramber said:

mrsmortgage said:

 

The house we're selling sell within days the type of house we're trying to buy take a bit longer.

So you keep saying so what is the problem?
They are not selling for the price you need.

That I would never know, unless I ask  

mrsmortgage

The point is if we can know more or less what they'd take and see if we can afford it this precise moment (or we're close) then we'd put our house on the market. If they'll take the asking price, then we just wait to either find another house. 

Keswick1uk

It's grade 2? I'd not bother. They are usually beautiful to look at but having spent 30 years living in a conservation area and AONB and all the planning needed, that's the one thing we want to move for! Honestly, it's such a drag. I assume Grade 2 will also have many hoops you have to comply with. Make sure you understand what you are taking on.

babyblade41

I wouldn't buy your house because you will only move if you can buy the one you want... I could go through the process and half way through something goes wrong with the one you want to buy and bang all gone to hell in a hand cart , with this in mind your potential buyer pool is less than others .

After buying and selling many times and just about to go on the market again I will only allow those that are proceed able  to view and I do mean under offer not just on the market .

I have been saving properties on my RM account for about 6 months and refresh every 2 weeks so I have a few pretty firm ones I'd like to view when I become under offer if they are still available.

The only way you can proceed is be under offer yourself before anything , also with your mortgage you need to know exactly what your financial position is ... .

mrsmortgage

Keswick1uk said:

It's grade 2? I'd not bother. They are usually beautiful to look at but having spent 30 years living in a conservation area and AONB and all the planning needed, that's the one thing we want to move for! Honestly, it's such a drag. I assume Grade 2 will also have many hoops you have to comply with. Make sure you understand what you are taking on.

All the remedial structural work has been done i.e. steel beams. It also had "commercial use" allowed in the 80s, that's the bit that worries me, because I genuinely don't understand what the implications could be. The house has never been used commercially though and the vendor has openly said he'd rather sell it to a family.