Buying and selling a house?

[cez8457]

Hiya all

I already own a house with my boyfriend well have a mortgage on it, anyway we are not happy here but havent been able to find another house that we like that we could afford. Anyway i came across one yesterday thats up for less than what we paid for ours and ive found out it had been repossessed (sp?) so thats why its quite cheap. Ive made an appointment to view it wed they couldnt do it earlier. Im trying not to get my hopes up as the house could be riddled with damp or something but was hoping someone would now abit about mortgages.

Would i have to sell my house first? i have a mortgage of 81,000 at the moment and the house im looking at is up for 77,000 i would need a mortgage of 67,500 on it. Im with Halifax, does anyone know if they have any scemes where they will give you another mortgage aslong as we try and sell our one? Or if someone took out the mortgage on our behalf until we sold ours, would we have to buy it back off that person or could the names be changed on the mortgage?

Any advice i would be grateful

 

[MrsLloyd2B]

If i was you i would get in contact with a local mortgage broker who can give you free advice and help you find the best mortgage deal.

Unless you earn enough to take out a second mortgage you would need to sell you house to pay back your current mortgage amount and take out a new mortgage on the new property (you can do this with the same mortgage company)

Sounds good though as you would be able to drop your mortgage amount and be able to lower your monthly out goings....

One thing to remember though is its not cheap to move house, you have to take into account: Solicitors fees, mortgage transfer fees, moving costs, estate agents fees, property survey costs, property search costs.... and more! (Hope i don't sound negative!)

Hope i've helped a little!

 

[Meggiewoo]

Another thing is the house prices are really low at the minute and are not shifting of the market as no one can sell - Will you definitely get enough equity when you sell at the minute to pay off your mortgage?

GOOD LUCK!!

Kim x x x x

 

[Hazel]

We've had our house on since Sept loads of viewings and not even one offer . Nothing is selling so it's a big risk as you may have to find two mortgages if you can't find anyone to rent it. It's so frustrating at the moment as we want a bigger house and have the money to do it as we have a low mortgage and the bank will give us what we want.

 

[JulesK81]

We're also looking to move asap - our house is on the market - £20k less its value last spring! BUT we'll be saving a heap on our future purchase so aren't too worried about this.

I don't have any advice re: the mortgage apart from speak to an advisor, but one thing we are planning on doing is completing the sale on our house prior to making an offer on our future one. This is because the way the market is at the moment, you can get up to £20k off the price of a house if you can do a cash deal with no chain (this is on a house valued at around £200k in current climate). Means us moving in with my folks for a few weeks, but well worth it to save the extra money!

However, we have to sell ours first, which I am not holding out much hope. We did have it on the market last spring and while it had lots of interest, no-one was in a position to put an offer in.

Good luck, hope it works out OK for you!

 

[Hazel]

I don't have any advice re: the mortgage apart from speak to an advisor, but one thing we are planning on doing is completing the sale on our house prior to making an offer on our future one. This is because the way the market is at the moment, you can get up to £20k off the price of a house if you can do a cash deal with no chain (this is on a house valued at around £200k in current climate). Means us moving in with my folks for a few weeks, but well worth it to save the extra money!
!

This is exactly what we're doing. Will move in with my mum for a few weeks then if we don't find anything we like we might rent for 6 months and just watch what the market is doing while the money from the sale of our house sits in the bank. I think this is what a lot of people are doing hence the reason nothing is selling as not many people are buying. So annoying when you want somewhere bigger.

 

[nori]

Hiya,

We are also looking to move as we are only in a 1 bed. Funnily enough i also saw a repossessed house saturday. A bargain and its a 4 bed! I think you will definately need to sell yours first as banks dont give out money like they used to im afraid. I'm trying NOT to look at any properties until i have a buyer for mine (im hoping my next door neighbour still wants to buy it!)

When i spoke to the mortgage advisor at Nationwide, it worked out that i would still have my existing mortgage and would have to take out a seperate mortgage on top (im on a fixed rate) I am also going to remortgage to free up a bit more money.

Good luck!

Claire x

 

[cez8457]

Thanks everyone for the replies.

OH says to get a estate agent to come and view our house to see how much he thinks it would go for in the current market. The only problem with selling in this area is if you still live in it they dont seem to sell well, if you paint and put new carpets etc throughout and move out and say its ready to move into they sell quite well.

Problem we got is (not sure if any one saw my post a week or two ago about my damp) When theres still damp in every room apart from LO's. All the problems have been sorted but we've been told it would take a while for the water and white powder to come out, but i have seen paint to make the water go back outside and sort of waterproof the inside. Also we have no plaster on one wall going up the stairs.

Would the estate agent give us an estimate of how much it would be worth once plastered and painted do you think?

I dont want to get us in trouble with money if the bank would let us have two mortgages. Has anyone every used a company where they say they'll make you an offer on the house? I know it would probably be lower than the market price tho.

 

[Hazel]

I dont want to get us in trouble with money if the bank would let us have two mortgages. Has anyone every used a company where they say they'll make you an offer on the house? I know it would probably be lower than the market price tho.

I had a little look into it and they said they would offer at least 80% of market value. They woould send someone out to do valuation so probably wouldn't be very high value

 

[JulesK81]

I dont want to get us in trouble with money if the bank would let us have two mortgages. Has anyone every used a company where they say they'll make you an offer on the house? I know it would probably be lower than the market price tho.

We looked into this a bit too when we were thinking of buying brand new last year. Our house was then valued at £134,995. The builder sent round three estate agents to value our property. The offer that came back on ours was around £95k if I remember rightly! Needless to say we didn't bother - you can get a better cash deal off a new house if you can sell your own property first.

If you are very desperate it may be worth looking into, but in today's climate I dread to think the 'deals' they would offer.

I was told they offer you a price where they can hope to sell your place in around six weeks, but still make a bit of profit, so that shows how teenty tiny the offer will be. As Hazel said, about 80% is the norm.