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Is it possible to move house without having any money to relocate?

(12 Posts)
confusedperson Tue 21-Jun-11 15:31:34

I have a house which I hate, let's say worth 200k. I would like to sell it and buy a property worth 180k. I have no money for selling/buying fees/relocating, hence would need to borrow approx. 10k and repay once having moved.
Is it possible or more like illusion?
P.S. I will never save the needed 10k with 2 small children and DH out of work...

catpark Tue 21-Jun-11 15:51:17

Each time we've moved the estate agent took their fees out of the sale of the house so didn't have to pay them upfront. Only thing we payed in advance was any surveys we got for the house we bought. We live in Scotland so not sure if estate agents are the same in England etc. though.
We didn't get a removal company either, we hired a van and moved the stuff ourselves.

SparklePrincess Tue 21-Jun-11 15:55:04

If you sell for 200k & buy at 180k, even with allowing for fee's & stamp duty at a way ott 10k you should still have a surplus of 10k to do the new place up. smile

nulgirl Tue 21-Jun-11 15:55:05

I think that you can pay most of the fees once you have sold but would you qualify for a mortgage if your dh is not working? Mortgage companies are much stricter about qualifying now for mortgages. How much capital do you have in your current house?

SoloIsAHotCougar Tue 21-Jun-11 15:58:25

I thought £10k was about right for selling up and moving with a £200k sale...hmm

confusedperson Tue 21-Jun-11 16:01:10

My mortgage is on my name only and I have good 30% in equity, and my mortgage is portable, and my credit score is excellent - shouldn't be any problems in there.
I am hoping for quick sale so would take let's say 190k. This is because I have found the property I like, yet my house is not even on the market. The biggest problem is where to get the money to pay upfront, for the surveys, mortgage transfer, removal etc...

SparklePrincess Tue 21-Jun-11 16:11:12

Why the hmm SoloIsAHotCougar? I personally like to shop around. smile It all depends on how much you pay your estate agents, solicitors & removals really as to the moving costs. EA can be between 2400 & 4800 1 or 2%. Survey 300 to 600. Solicitiors (inclusive of searches) around 1500 to 2k. Removals 500 to 800. Stamp duty 1800. At the highest figures it totals around 10k, the lowest 6500. You have to shop around. smile Its best to overestimate than under.

SparklePrincess Tue 21-Jun-11 16:14:26

You will need a bit of money upfront confusedperson. Not huge amounts though. Could you not just tighten your belts & pay for searches & surveys as & when? Or stick it on a 0% credit card! As for removals, you can always just hire, or better still borrow a van & do the whole thing yourself. It is possible to do it on a budget. smile

confusedperson Tue 21-Jun-11 16:46:56

Oh no, that means basically I am stuck...

SoloIsAHotCougar Tue 21-Jun-11 17:38:39

The hmm was just because maybe I'd got it wrong...

ThunderboltKid Tue 21-Jun-11 17:45:42

The costs we have had to pay up front are:

£325 - homebuyers report
£295 - to solicitors for searches etc

Mortgage valuation was free (have a mortgage which I'm porting over, but borrowed an additional £10k and they gave me a free mortgage valuation plus £250 cashback on completion)

Ishani Tue 21-Jun-11 17:49:32

Somebody would lend you £600 for the sake of a few months surely, the estate agents paid my searches when i was taking too long to get my act together and I paid them back after i'd completed.
You never know, ask everyone you can think, not like they don't know you're good for £20,000

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