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Selling a House with no mortgage and buying with no mortgage
CeePeeBee
Posts: 125 Forumite
Hi all,
Stupid question incoming!
Last time my Wife and I purchased a house, we went and got a mortgage in principal and then went house hunting.
However, we're now looking and I have a question as our circumstances have changed. We have no mortgage on our currently property; we paid it iff, it's ours outright.
Now, let's say we were to sell our property for 300k and wanted to purchase another property for 300k, how would the transfer of funds work? How would we go about "proving funds to pay" when dealing with estate agents, etc.
I suppose I'm just wondering how we manage that situation. Whatever house we buy we won't have a mortgage on it, so will be cash buyers, but ONLY when our house has sold.
Again, sorry for the moronic post
Stupid question incoming!
Last time my Wife and I purchased a house, we went and got a mortgage in principal and then went house hunting.
However, we're now looking and I have a question as our circumstances have changed. We have no mortgage on our currently property; we paid it iff, it's ours outright.
Now, let's say we were to sell our property for 300k and wanted to purchase another property for 300k, how would the transfer of funds work? How would we go about "proving funds to pay" when dealing with estate agents, etc.
I suppose I'm just wondering how we manage that situation. Whatever house we buy we won't have a mortgage on it, so will be cash buyers, but ONLY when our house has sold.
Again, sorry for the moronic post
0
Comments
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It works in the same way as selling/buying with a mortgage would work, as any mortgage buyer (in the absence of 100% mortgages these days) will also have their own funds. So the "normal" guides about this sort of thing still work, and you tell estate agents that any purchase is going to be conditional on the sale of your current property.1
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You show the listing for the property you're selling, with an asking price > £300k. If you may need a little more for the purchase (SDLT, solicitors, moving etc) then you show bank statements with the extra amount.0
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It's called 'cash sale upon completion'. My neighbour has just done it. Your buyer's money transfers to your solicitor and then they transfer it to your vendor's solicitor1
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