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Selling my flat how much deposit will i have for my next property?

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Joeread
Joeread Posts: 54 Forumite
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in House buying, renting & selling
Hi

I am looking to buy a house and i was just wondering how much deposit i would have if i sold the flat i own 50% of as it is housing association. I have £117,000 left on the mortgage and my flat is worth £340,000.

Thank you

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  • eddddy
    eddddy Posts: 16,445 Forumite
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    Joeread wrote: »
    I am looking to buy a house and i was just wondering how much deposit i would have if i sold the flat i own 50% of as it is housing association. I have £117,000 left on the mortgage and my flat is worth £340,000.

    If you sell the flat for £340,000 - you will be due 50% of that which is £170,000.

    You'll then have to pay back your mortgage of £117,000 - so that will leave you with £53,000.

    Then you need to allow a few thousand for buying and selling costs.

    If you have any savings, you can add those to your deposit.
  • SG27
    SG27 Posts: 2,773 Forumite
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    If you have a flat worth 340k then I assume houses will be a fair bit more so you will need to tale into consideration around £10k stamp duty to pay, around £1700 solictor fees, possible mortgage fees, about £4000 EA fees, £500 survey. Plus then removal costs.

    So up to about £16k on fees!
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