Selling and buying

J30

Hi,

looking for some advice. I am about to put my home on the market with a view to buying another. 

The plan is to buy another home within the offer I am hoping to get on mine. Minus 5-6k to cover the various fees etc. 

so as an example. If I get 180k I would look to buy another for max 174k - that way the difference will cover my fees. 

Never done this before.

Do I need any savings or anything like that? I know I will have to pay for the searches on the new house which will typically be £300-£400 and then a survey if I choose to have one. 

But do I need funds for anything else if using my equity to pay for the new house and to cover my fees? 

Thanks in advance

Brie

moving costs?  repeated searches if the first offer goes askew?  

I'm presuming you don't currently have a mortgage and aren't looking to get one on the new place.  So no mortgage fees of any sort.

J30

Brie said:

moving costs?  repeated searches if the first offer goes askew?  

I'm presuming you don't currently have a mortgage and aren't looking to get one on the new place.  So no mortgage fees of any sort.

I have a mortgage, which I will be porting and have been advised there are no fees for that. 

Albermarle

If it all falls through during the process, then you will have to pay some of the solicitors fees and the survey ( if you have one) before starting again.
Even if it did go through, normally some expenditure is needed when you buy a house.
So you should really have some savings to fall back on.

Larac

I am buying and selling at the moment and estimated around £3500K for conveyancing.  Where I have got 'caught' is I am buying fairly new house  (13 yrs old) - so there is the additional costs for buying the 'management pack' for the Estate, becoming a member of the 'Estate' - the list goes on.  Basically slapped another £1K on to buy a house on the Estate.  I am now budgeting £5K and that assumes it goes through without the chain falling apart and needing to look at other houses and get more searches done.

Bigphil1474

OP, we budgeted £10k all in for moving costs, and it came in a bit less than that. Don't forget you will probably have stamp duty to pay - in England on a £175k purchase it would be 2% of the amount above £125k, so £1k.

We sold a property for £180k, and bought a new property for £325k with a £50k mortgage. Excluding mortgage costs:-
Moving costs - we paid £1,200
Conveyancing - we paid £2,200
SDLT - we paid £3,750 (August 20204)
EA fees - we paid £1,950

When you choose your conveyancing solicitor ask them to not do any work until necessary. You need to think about the order you do things. A survey is a good idea in my book, although you might get away with a trusted builders opinion. If you think the property might have issues, a survey before searches would make sense - if you get the survey back and it's about to fall down, no point paying for searches. Conveyancers will have some expenses you have to pay even if the deal falls through, but there will be some that don't e.g. ID checks. You need to find out what the conveyancers charges are. We chose a local one so we could have these conversations in person if needed.