Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Selling a House with no mortgage and buying with no mortgage

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 :)


  • user1977
    user1977 Forumite Posts: 11,765
    10,000 Posts Fifth Anniversary Name Dropper Combo Breaker
    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.
  • saajan_12
    saajan_12 Forumite Posts: 3,479
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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. 
  • BungalowBel
    BungalowBel Forumite Posts: 131
    100 Posts Name Dropper
    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 solicitor
Meet your Ambassadors


  • All Categories
  • 338.9K Banking & Borrowing
  • 248.7K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.8K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards