Can we buy before selling, or do we need to wait?

[Weaningworries]

We’ve seen a house that we’d like to buy but unfortunately we’re not in a proceedable position.

House we want to buy is £750k. Our house is worth £650k and we have £250k equity if we sell at this price.

Our Mortgage affordability (on top of any deposit) is approx £900k.

We’re going to talk to a mortgage advisor, but is there anything that could be done here that isn’t just waiting for ours to sell before making an offer? Seller isn’t willing to wait for ours to sell.

Would a bridging loan work here? We have no additional savings that could be used. How would this work?

If you buy before selling your current home you may be liable for increased stamp duty on second house.

When we moved our estate agent wouldn't allow viewings by anyone who couldn't prove they were proceedable and that they could afford the price. Anything else is just a huge waste of time.

You can claim it back.

I’ve viewed the house and my offer has been accepted in theory - they just won’t remove the property from the market until we’re proceedable which is understandable.

I think you’ll need to hope no one else likes it.

Unfortunately I don’t think it’ll be the case! We’ve viewed off market and it’s super competitively priced for the area as they’re looking for a fast sale!