Equity from house - what can I use it on?

[CGR12]

Hi,

I am in the process of selling my house and hoping someone can help me. I am planning to take out equity for the following: to pay the legal fees/solicitor, stamp duty, estate agents fee and removal van costs. We would also keep some money aside to do a few immediate bits in the new house.

Is this pretty standard and simple? I don’t think any of these fees would be due until the property sale had completed? Did anyone else do similar?

Thanks if anyone can help!

It should simply be paid to you once everything has been completed - into your bank

take out equity

What do you mean by taking out equity?

Is that you are using the money from your house sale to pay for x and y, or you are taking out a loan or other thing to pay for x and y prior to the sale and then will use the money from your sale to pay that equity off?

What exactly is it you are asking?

Taking out a figure of the equity/profits from the house we are selling to pay for the things I listed @AlisonDonut

Thank you @SapphireSlippers !

You solicitor will settle the estate agent fees and stamp duty however moving firms generally require at least half up front if not in total

You will need to pay a deposit to the solicitors at least and removal firm won’t wait for completion

Everything else the solicitor deals with assuming there are enough funds available

Removal van will probably need paying before you move - or at least a deposit.

But if (trying to keep the numbers simple!) You are selling a house for 100k, with 60k outstanding on the mortgage, that 40k is "cash". The solicitor will probably take their fees (minus searches etc that were paid up front) and estate agents fees from it, leaving, say 35k cash.

If you are then buying a house for 150k, so long as the mortgage and the deposit make up 150k, it could be a 20k deposit, 130k mortgage and 15k cash to your bank.
Or a 35k deposit and a 115k mortgage. The Important bit being the mortgage requirements are met.

We didn't have to pay a deposit on exchange - that passed up the chain. So only the first time buyers paid cash on exchange. Everyone else accepted less than 10% deposit.

Thank you so much everyone!