Moving home

moveit21

Good morning,

I am looking to move house (downsizing) in the next few months.  I am mortgage free so will be a cash buyer. 

it is a very long time since I moved but want to ask as I do not have much savings to speak of.  My question is can you move without savings and payment taken out once the sale is complete.  Thank you

DE_612183

So you are selling your house and buying one that is cheaper.

You have no mortgage on your current house, and you'll get some money back once the sale and purchase goes through?

If thats the case - yes - no problem.

Keep_pedalling

Yes, if you are selling a more expensive property then the deposit your buyer pays for your place will more than cover the deposit you will need for your purchase. Hopefully there will also be ample excess to cover your moving expenses, legal and SDLT 

Flugelhorn

moveit21 said:

Good morning,

I am looking to move house (downsizing) in the next few months.  I am mortgage free so will be a cash buyer. 

You won't actually be "cash buyer" that implies someone who has the cash in the bank and is free to proceed - not someone who has to sell the house and potentially be part of a chain. 

re moving without cash - you may (or may not) need some for the deposit on the new place - it depends what you can negotiate, your vendors  may accept your purchasers deposit 

maisie_cat

The only payments I can think of apart from costs arising from the physical move are advance payments to solicitors for both buying and selling. Our solicitor wanted £1000 upfront a few years ago.

comeandgo

Please do not let your seller think you are a cash buyer, you are not, you have to sell your property before you can buy theirs, same as anyone with a mortgage.

Exodi

I think it's good to have some money spare, some stuff off the top of my head

Survey (if you want to perform one), repairs (for the inevitable leaking toilet that you find), removal costs, misc (for silly things like light bulbs because the previous owner ends up being a physchopath and took them all).

I think I'd feel more comfortable with a £1k buffer, but I'm sure it's possible without.

moveit21

thank you for your replies.  I have learned something today that I am not a cash buyer.  I am getting the house valued next week to see what it is worth.  

Exodi

moveit21 said:

thank you for your replies.  I have learned something today that I am not a cash buyer.  I am getting the house valued next week to see what it is worth.  

As others have said - a cash buyer is someone with hundreds of thousands in the bank ready to go (and it's not uncommon for a cash buyer to command a slightly lower price in respect of this, and as they may be willing to forgo some due diligence).

If you have a house to sell, or you need to borrow it from the bank, you're not a cash buyer. You wouldn't be a cash buyer by sole virtue of paying with cash as we're long past the days of buying houses with sacks of grain and cattle.