Retiree looking to buy house question

baz8755

We are currently living in a house we own outright and looking to move.

I am retired on and living on my SIPP and my wife currently has a moderately low paying job.

We have seen a house we'd love to buy but currently our house is not on the market but we will be listing in the next few months once a neighbour dispute is settled (no wish to discuss but it's over boundaries). The sale of our property plus a substantial part of our life savings could easily cover the purchase price of the new property.

The seller is looking to move quickly but obviously it make take a while to sell our current property.

So I was was wondering given our current situation and not very large single income what options we have to fund the purchase of the new property prior to completing the sale of our existing property.

Albermarle

You probably do not have any easy options. A bridging loan might be possible, but it will be expensive, especially if the sell/buy process drags on for months/years.

Probably best to get the boundary dispute sorted- put you house on the market, and then start looking for a new home.

Herzlos

Your best bet is to talk to the seller and see how long they can wait for, and then try to get your house listed for sale and sold. You can presumably sell quicker or with the dispute for a suitable discount. How much discount would depend on how much you want the other house, but unless it's unique it's potentially not worth it.