Iv fell in love with a house but ours isn’t even up for sale.

[Mummypig2020]

What would you do?

It’s literally round the corner from us. It’s so cheap for the area too.

Ahh no idea what to do!

How do you even sell a house? Do we need a lot of savings to sell? If we make money on our house do we have to put All of it towards a new house?

We bought ours brand new and it all happened so fast and easy.

You need enough in savings to cover stamp duty (if relevant), mortgage fees, surveyor fees and legal fees. Depending on the difference in house prices you can put as much or as little of your current house equity as you like. You usually also have to put down 10% deposit on exchange so may need to have that money free

Fab thank you! We put down 20% on this house. Could you use the money from the sale of the house to pay solicitor etc?

Usually they make you put some money down on retainer before they start any work. Usually about £500 depending on how much the house costs.

You could ring some solicitors and estate agents in your area to ask.

When we moved house we didn't have any cash at all available to us, just the equity in our house. We specified how much of a deposit we wanted to put towards our new house and then the difference between the redemption figure on our old mortgage and the selling price went to our solicitor. They kept their fee and passed the rest to us, and we then used some of that to pay the estate agent and the removal costs.

Stamp duty is suspended til next March.

You’ll need to organise a new mortgage for the amount you offer on the new house: your estate agent will try to send you to their broker, but this might not be the cheapest. Speak to your current provider about increasing the amount if needed.

You need money for a survey on the house you want to buy-basic one is about £200.

The solicitor may want conveyancing fees in advance or you can use the equity in your property to pay for the fees-ask one when they would require payment and a rough estimate.

You’ll need to pay the estate agent, but that is after the sale and some have very low fees-you can negotiate, speak to a few.

If you love the house, go for it. Is your current house worth similar amounts?