selling and buying a house

just wondered if anyone knows anything about selling and buying houses, me and my partner are in the middle of putting his house up for sale, ive seen a really nice house i think would be perfect for me him and out daughter to move into. its got no chain and its a bargain, what i want to know is if we went to view it and said we wanted it how would it work with our house not being sold yet, and what if it took months for our house to sell, does that mean we wouldnt be able to get the new house? i dont want to get my hopes up but i so want it lol. any advice would be grateful as ive never bought/sold a house and my fellas only bought the house were in but he got it from auction,

11 Comments

Banned

1. View house
2. make offer
3. agree entry date allowing for a reasonable period for selling your house

If you cant sell your house you can apply for a "bridging loan" until yours is sold (alomost like 2 mortgaes) BUT bridging is extremely expensive.

Depends how confident you are of selling your house quickly

And you are being a typical woman - totally irrational thought chain coupled with "I want it sooooo bad"

You're best off speaking to a (reputable) estate agent, and ask them (perhaps the one you're using to sell your partner's house)

you d really need to sell your own house first before you put an offer on the other house
or see if you could get a bridging loan to pay for the new house till you sell your house but these are quite expensive
the other option could be renting your house out to pay for the new one and then later putting on the market

Hi. good luck with buying your new home. I have bought and sold many homes and have a bit of experience. I understand the feeling that u want it sooo bad.

My advice would be to speak to a reputable estate agent and put your house on the market asap. put an offer on the new house. work out a move in date. get your mortgage organised. if fo some reason u cant sell your house at least a month before the move in date, put your house on the market for rent. if u have a mortgage on it, make sure its interest only mortgage and convert the new mortgage to interest only as well so that it reduces your outgoings. keep the house on the market for sale even when its rented and get rid of it as soon as u get a reasonable offer.

good luck

Original Poster

dimebars;7581231

1. View house2. make offer3. agree entry date allowing for a reasonable … 1. View house2. make offer3. agree entry date allowing for a reasonable period for selling your houseIf you cant sell your house you can apply for a "bridging loan" until yours is sold (alomost like 2 mortgaes) BUT bridging is extremely expensive.Depends how confident you are of selling your house quicklyAnd you are being a typical woman - totally irrational thought chain coupled with "I want it sooooo bad"



haha yes im a pain for wanting something now, its just a shame as i know in reality we probably wont get it, its just annoying as its so perfect for us exactly what were looking for and i know when we do sell ours that we probably wont find another house as good for the same price. i wasnt sure if there were ways round of buying a house before we sold ours as we cannot afford a second mortgage.

Banned

pink-ka;7581346

haha yes im a pain for wanting something now, its just a shame as i know … haha yes im a pain for wanting something now, its just a shame as i know in reality we probably wont get it, its just annoying as its so perfect for us exactly what were looking for and i know when we do sell ours that we probably wont find another house as good for the same price. i wasnt sure if there were ways round of buying a house before we sold ours as we cannot afford a second mortgage.



No way round it - you cant own 2 houses and not pay for them either outright or by mortgage. If you cant afford a mortgage and bridging loan then you will have to let it pass unfortunately.

That said, speak to a reputable estate agent about selling yours and see how long they think it should take

Have you got a mortgage to redeem on your existing property?

Or, do you have enough cleared funds to purchase the new house outright whilst still waiting for your sale to go through?

As, if you are reliant on the sale of your existing house it will depend on the sellers whether or not they are willing to wait for you.

How far into the process of selling your house are you?

Have you got a solicitor to represent you yet and have you have the Home Information Pack done?

That can take some time as the search provider will have to come round to assess your house for the EPC (Energy Performance Certificate).

Even when you get a buyer things may not go as smooth as you planned. There are all sorts of things that can hold you up. Have you made any alterations to the property etc?

I wouln't think the people who own the house that you want to buy will be willing to take it off the market seeing as yours isn't sold yet, so I wouldn't count on getting that one. You could always offer them some money to take it off the market for x months to try and get yours sold, or a better thing to do would be to get yours sold before you look at houses that you want to buy.

Banned

its really going to depend on seller of house you want, if they are in no hurry then thats good, if they are in a chain then you may hold things up, but you do need your house on the market, the best otions are usually to sell yours and rent short term till you find what you want, you are then out of the chain and in a much better postition

unless of course the mortggage is in his name and you can get one on your wage alone, then your all sorted

If you've only got a small mortgage you could remortgage your existing property to pay for the other property (if it is of less value).

Then you'll only have one mortgage and you can just redeem that when you sell.

But, it depends on how much equity you have in your existing property and how much the other property is on the market for.
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