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  • FIRST POST
    • Littlebobo1981
    • By Littlebobo1981 13th Jan 18, 10:26 AM
    • 180Posts
    • 271Thanks
    Littlebobo1981
    Proceeds of sale
    • #1
    • 13th Jan 18, 10:26 AM
    Proceeds of sale 13th Jan 18 at 10:26 AM
    Hi,

    Can anyone help me?

    I am in the process of completing forms for exchange that have been supplied to us from our solicitors and need to advise the proceeds of sales of our current home (net mortgage).

    Do we need to consider the fact that we are considering extending the house we are looking to buy? We have no real idea of costs so not sure whether these should be included in this amount, looking at gov.uk online calculator it has mentioned that we should factor this in.

    Given we are not intending to do this for at least a year i think it's most likely not relevant but wanted to check before i do/don't add it.
    Last edited by Littlebobo1981; 13-01-2018 at 11:40 AM. Reason: Grammar wasn't acceptable for forum members
Page 1
    • GrumpyDil
    • By GrumpyDil 13th Jan 18, 10:51 AM
    • 178 Posts
    • 139 Thanks
    GrumpyDil
    • #2
    • 13th Jan 18, 10:51 AM
    • #2
    • 13th Jan 18, 10:51 AM
    What are these forms for. Presumably a mortgage application?

    If the money you are looking to use is for a later planned extension which may or may not happen I wouldn't mention it but without knowing what forms I don't think people can really give any suggestions.
    • eddddy
    • By eddddy 13th Jan 18, 11:00 AM
    • 6,496 Posts
    • 6,381 Thanks
    eddddy
    • #3
    • 13th Jan 18, 11:00 AM
    • #3
    • 13th Jan 18, 11:00 AM
    Your post is very hard to understand.

    You mention filling in some forms.
    - Are you applying for a mortgage?
    - Are you trying to find out what size of mortgage you could afford?
    - Are you trying to find out how much you can afford to pay for another house?
    - Or something else?

    (Breaking your post into sentences with full stops might make it a lot easier to understand!)
    • Littlebobo1981
    • By Littlebobo1981 13th Jan 18, 11:42 AM
    • 180 Posts
    • 271 Thanks
    Littlebobo1981
    • #4
    • 13th Jan 18, 11:42 AM
    • #4
    • 13th Jan 18, 11:42 AM
    Apologies, it's a confirmation form (source of funds) from our solicitor.

    I have since amended the original post, sorry if my grammar is not the best I am not used to etiquette required for posting on here
    • davidmcn
    • By davidmcn 13th Jan 18, 11:47 AM
    • 7,863 Posts
    • 8,042 Thanks
    davidmcn
    • #5
    • 13th Jan 18, 11:47 AM
    • #5
    • 13th Jan 18, 11:47 AM
    Apologies, it's a confirmation form (source of funds) from our solicitor.
    Originally posted by Littlebobo1981
    Yes, but what are they actually asking you? If you are simultaneously selling and buying then they'll know about the funds coming from the sale. Are they asking about savings which you're contributing to the purchase? How you fund any future extensions etc is up to you, nothing to do with the solicitors as the money isn't passing through them.
    • Littlebobo1981
    • By Littlebobo1981 13th Jan 18, 12:07 PM
    • 180 Posts
    • 271 Thanks
    Littlebobo1981
    • #6
    • 13th Jan 18, 12:07 PM
    • #6
    • 13th Jan 18, 12:07 PM
    They are asking about any savings we have but all of the money towards our home is coming from the proceeds of sale..does that make sense ?
    • davidmcn
    • By davidmcn 13th Jan 18, 12:39 PM
    • 7,863 Posts
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    davidmcn
    • #7
    • 13th Jan 18, 12:39 PM
    • #7
    • 13th Jan 18, 12:39 PM
    They are asking about any savings we have but all of the money towards our home is coming from the proceeds of sale..does that make sense ?
    Originally posted by Littlebobo1981
    Yes, it does now! They are only interested in your savings if you are sending them money from your savings. If you're not, then it's not applicable to you.
    • Littlebobo1981
    • By Littlebobo1981 13th Jan 18, 7:48 PM
    • 180 Posts
    • 271 Thanks
    Littlebobo1981
    • #8
    • 13th Jan 18, 7:48 PM
    • #8
    • 13th Jan 18, 7:48 PM
    Great thanks
    • G_M
    • By G_M 13th Jan 18, 9:25 PM
    • 44,484 Posts
    • 52,824 Thanks
    G_M
    • #9
    • 13th Jan 18, 9:25 PM
    • #9
    • 13th Jan 18, 9:25 PM
    They simply want to know how you will pay for the puchase they are involved with. IIt sems to be 3 sources
    * your sale
    * your mortgage
    * some savings.

    It is where the savings come from that they want to know about.

    Your future plans after you hve bought the property are of no interest to them.
    • Thrugelmir
    • By Thrugelmir 13th Jan 18, 11:25 PM
    • 58,979 Posts
    • 52,304 Thanks
    Thrugelmir
    They are asking about any savings we have but all of the money towards our home is coming from the proceeds of sale..does that make sense ?
    Originally posted by Littlebobo1981
    Where are funds for exchange coming from?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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