• Dear Guest, Please note that adult content is not permitted on this forum. We have had our Google ads disabled at times due to some posts that were found from some time ago. Please do not post adult content and if you see any already on the forum, please report the post so that we can deal with it. Adult content is allowed in the glory hole - you will have to request permission to access it. Thanks, scara

Buying/Selling house question

M

MK2 Spurs

Gregorz Rasiak
If i'm selling a house for 230k and have a mortgage that will get paid off of 70k, leaving 160k, can I use say 140k of said 160k as the deposit on a new house costing 200k, get a mortgage for 60k and use the 20k left to pay fees etc etc

Any solicitors out there ?

ta
 
Errr... Not sure you need a solicitor to answer that question. Arithmetic works pretty well!

Yes, just get the timings of cash flows right. That's what the solicitor should be able to do for you.

£60k mortgage... GHod! I wish!
 
lol its your money you can do as you like.

As Boonie said that's a lot of fees.

I used Penningtons solicitors for my legal stuff, they were pretty good. Would recommend them.
 
Where the frig can you buy a house for £200k?

Bloody northeners, stinking up the internet.

If you've got so much equity and such a small mortgage, why not go bigger?
 
MK2 Spurs said:
If i'm selling a house for 230k and have a mortgage that will get paid off of 70k, leaving 160k, can I use say 140k of said 160k as the deposit on a new house costing 200k, get a mortgage for 60k and use the 20k left to pay fees etc etc

Any solicitors out there ?

ta
Click to expand...
Not a solicitor but a recent mover ! It's your money, and with that sort of deposit (you're only borrowing about 30% of the value) you should be able to get a very good deal on the mortgage.

£20k is a good amount to keep back, but your fees shouldn't be anywhere near that much. Stamp Duty is 'only' £2k on a house that price. I reckon you'll get easily away with a good bit of change from £10k, let alone £20k.

It's your solicitor's job to tie all the loose ends together money-wise if you're planning on buying/selling in one transaction.
 
MK2 Spurs said:
If i'm selling a house for 230k and have a mortgage that will get paid off of 70k, leaving 160k, can I use say 140k of said 160k as the deposit on a new house costing 200k, get a mortgage for 60k and use the 20k left to pay fees etc etc

Any solicitors out there ?

ta
Click to expand...

Can I ask what reason there would be for not being allowed to do that ?
 
You must log in or register to reply here.
Back