Moving - and clearing a mortgage!

katieowl_2

I just read the very helpful section on buying a house at the top of the threads, and this is probably a very stupid question.....but I'm going to ask it anyway

We are putting out house on the market in a couple of weeks, moving out of London, and will be buying a place outright with the proceeds of the sale. (If we can't do that we aren't moving!)

Is that going to make any difference to the process??

I've seen a couple of places advertised "proceedable buyers only" ???

And also, Estate agents asking for proof that mortgage is in place???

Is the fact that my house is up for sale at £XXXXXX sufficient?? How do I prove it....?

Regards

Kate

silvercar

Should be a quicker process as you won't be waiting on a mortgage offer.

Of course you will still want to do surveys and searches to satisfy yourself.

Generali

You could apply for a mortgage and never take it up. Get one of those agreement in principle things. It's a pain in the backside but most EAs are too stupid to understand anything that is more complex than very, very simple.

katieowl_2

Absolutely no way on the planet that we would get a mortgage offer!!! Hence the move - before the whole thing goes the shape of a pear!!!! But thanks for responding.

Doozergirl

Proceedable means having a buyer. As long as you have a buyer they have to take your word for it that the proceeds of the sale will pay for the property outright.

They like to see proof of mortgage offer because it gives them the opportunity to flog you a mortgage; "see our broker and we'll get you the offer straight away" I have never been asked to actually provide proof of mortgage acceptance by an agent but I have had to constantly repeat that I won't be talking to their mortgage man :rolleyes:

Where will you be moving to?

merlinthehappypig

I can understand someone requesting proceedable viewers only. We had no end of timewasters looking at our house when we sold, some of whom happily told us (whilst viewing) that they hadn't even put their house on the market.

As for estate agents wanting proof, I'm with doozergirl. It's simply to sell you their products.

The agent acting for the people that we are buying from has requested proof of mortgage, a bank statement showing the deposit and our passports for I.D. I've told them, politely, to get stuffed. Our solicitor needs to see this, not them.

A few houses back we used the 'in house' mortgage advisor and the sellers found out how much of a mortgage we were having.

I'd tell them that you are cash buyers, though you aren't until you sell yours, of course, and leave it at that.

katieowl_2

Thanks Doozergirl...I've been here in this place for 21 years...So long ago we bought it, the whole process seems to have changed, or I've forgotten it!

We are hoping to buy in West Wales (coastal if we can) and are going to do B&B! We want to buy outright. It's is possible for us, if we stick under the 1% stamp duty threshold, and cut a few items of the 'wish list'

OH's work 'proper' work has dried up uver the last two years (he's a cabinet maker) and I can't find a job 'cos I'm 'too old' and have been out of the market for 18 years as I've been a SAHM. I'm 48 - 12 years of work left in me as far as the government is concerned but nobody wants me LOL.

We are both fed up with trying to find the mortgage out of thin air! Shame! We get to do what we always wanted!

Regards

Kate

katieowl_2

Thanks Merlin,

Ahh, I understand. I wouldn't feel right looking at houses until mine was on the market anyway.... With the distance we are moving it's unlikely that I will go and view until I have a firm price from an EA anyway.... that will be when we go on the market.

I've had three quotes, and two of them told me the market would be 'up' in the 6 weeks (spring peak) it's going to take me to get the work here finished. They also think that I will get the price I want. The other confirmed in writing the lower price he initally said - even though I told him it was too low for us to realistically accept (I know how far I have to stretch my money!)

Regards

Kate

Trollfever

would be 'up' in the 6 weeks (spring peak)

The Spring Bounce!

And how many properties are waiting in the wings, ready to come on the market?

All the amateur BTL properties!

katieowl_2

Indeed Trollfever... But mine is a one-off