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Selling house and buying quick maths question

ryan87
ryan87 Posts: 18 Forumite
Eighth Anniversary 10 Posts Combo Breaker
in House buying, renting & selling
Hi guys hope your all well 

Quick maths question here about selling and buying a new home 

Iv sold my house for 188k I'm buying a 270k house putting 116k down as a deposit from the sale and mortgaging the rest at 154k

So question is 

is it correct I'm left with 72k minus any fees land tax ect ect which will be payed to me on completion ?

second question is 

when would this be payed to me ? on the completion date anyone with any experience on money left over from buying a house and selling 1 

Any help would be great thank you,

RJ



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Comments

  • MultiFuelBurner
    MultiFuelBurner Posts: 2,928 Forumite
    1,000 Posts First Anniversary Photogenic Name Dropper
    Any monies left over if you are selling and buying together at the same time will be sent to you within a few days by your solicitor once they finalise your bill.
  • Brie
    Brie Posts: 14,138 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yes £72k but why wouldn't you put that against the mortgage?  Or at least most of it?  Unless it's for renovations? (nosey)
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  • ryan87
    ryan87 Posts: 18 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    Brie said:
    Yes £72k but why wouldn't you put that against the mortgage?  Or at least most of it?  Unless it's for renovations? (nosey)
    Thank you 

    Ya bit of renovation 50kish and i want some left over just encase i can overpay 10% a year if i have any left over which is the plan 

    house should be worth around 350/370 once sorted few in this area have gone close to 400 
  • propertyrental
    propertyrental Posts: 3,391 Forumite
    1,000 Posts First Anniversary Name Dropper
    obvious question but I assume there is no mortgage on the property you are selling?

    And selling at £188K? what commission rate did you argee with the estate agent? Or are you selling privately?

  • ryan87
    ryan87 Posts: 18 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    propertyrental said:
    obvious question but I assume there is no mortgage on the property you are selling?

    And selling at £188K? what commission rate did you argee with the estate agent? Or are you selling privately?

    1.5k all in to sell + solicitor fees 

    I think all in selling` and buying` fees  land tax searches ect ect around £7k roughly
  • Jonboy_1984
    Jonboy_1984 Posts: 1,233 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Our solicitor offered us repayment of surplus funds within three days via BACS for free, or CHAPs day after completion of sale for something like £40.
  • GDB2222
    GDB2222 Posts: 25,971 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    No mortgage on the present house?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • ryan87
    ryan87 Posts: 18 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    GDB2222 said:
    No mortgage on the present house?
    That's being carried over onto the new place as a part mortgage on the 154k 
  • GDB2222
    GDB2222 Posts: 25,971 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ryan87 said:
    GDB2222 said:
    No mortgage on the present house?
    That's being carried over onto the new place as a part mortgage on the 154k 
    I don’t think your maths is correct.

    How much is the current mortgage?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • ryan87
    ryan87 Posts: 18 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    GDB2222 said:
    ryan87 said:
    GDB2222 said:
    No mortgage on the present house?
    That's being carried over onto the new place as a part mortgage on the 154k 
    I don’t think your maths is correct.

    How much is the current mortgage?
    Its currently 46k roughly which is being carried onto the next house along with an additional 108k making a total of 154k mortgage
    so ill have 2 subs accounts with 2 different interest rates

    so my math is 

    sell my house 188k
    buy a house for 270k 
    i put 116k of this down as a deposit on the new place 
    i put a total 154k in as a mortgage 

    leaving me with 72k minus fees from buying` and selling to do renovations 

    This is correct ? 
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