want to move to new flat

joesan

Hi Just wondered if anyone could help me here.

I was just browsing some flats and found one i really liked probably gonna go down to see it asap. I currently own my flat. If i was to buy this new flat would I need to sell mine first? Do sellers actually wait for the buyers to sell?
Would it be best to sell 1st then rent then look to buy? The only problem then is that this flat i like will probably be gone. Can i get a mortgage for a few months to cover the flat and hope i sell in those few months?

Doozergirl

Put your flat on the market first. When you have an offer on your flat, you can offer on another property. If your flat isn't under offer, your offer would, 99% of the time, be rejected.

When owners wait for each other to find a buyer/new house, they create a 'chain'. This is how most house sales occur. It's perfectly normal but can get a little complicated and can only move as fast as the slowest purchase; if a house sale further up the chain falls through, yours can too as a result as your vendor has nowhere to move to.

If you sell and then rent, it puts you in a good position as a first time buyer again and you will be treated preferentially by vendors.

It is not a good idea to buy a flat whilst waiting for yours to sell. You are taking a huge financial risk if you can get a loan; the market is moving slowly and you will be pouring money down the drain every month needlessly.

Rikki

You must sell yours first or be under a secure offer.
If you've sold your you are in a better bargaining position becaue you do not form a chain.
Its like being a first time buyer again.
If this flat goes by then there may be a better one on the market by then.

sukey13

You don't have to sell. First find out if you could rent out yours after remortgaging for the money you need. If you can cover the new loan with the rent (also allow for buildings insurance and gas safety checks) you could find yourself in a good position with the start of a property portfolio.

Also as it was your main PPR you have three years to sell it, after moving, with no CGT to pay.

Doozergirl

sukey13 wrote:

You don't have to sell. First find out if you could rent out yours after remortgaging for the money you need. If you can cover the new loan with the rent (also allow for buildings insurance and gas safety checks) you could find yourself in a good position with the start of a property portfolio.

Also as it was your main PPR you have three years to sell it, after moving, with no CGT to pay.

For the purposes of a portfolio or just waiting to sell, this is not a clever idea for someone who appears to know so little about the property market, I fear.

joesan

thanks ppl!!

The portfolio idea i think mayb i am a bit too late in the market cycle for that!