Buying and selling whats the process?

[Hauntedhouse2017]

We are first time sellers. (When we finally get a buyer and have our offer accepted!) What is the process? We have a mortgage for 100,000 on a tracker - it is portable. Our house should sell for 400,000 - 425,000. The house We want to buy hopefully will cost around 300,000 but needs around 100,000 for work.

So, we accept and offer, have an offer accepted, now what? Do we still need to make a new morgage application??? When we remorgaged last month they told us they would be able to lend us, a possible, extra 200,000 so affordability wont be a problem. Or do we just tell the solicitor we need to port it?

Yes, you will have to reapply for your mortgage, you can't just tell the solicitor that you need to port it.

The bank will need to make sure that they are happy to lend the amount required for the property you'll be buying. They'll need to value the property to determine your loan-to-value and your interest rate.

Oh ok, thanks. So we will still need to go through the long mortgage process after all...

But do tell your solicitor you are porting to make sure they know to comply with the requirements

Yes, we're in the process at the moment and you need to go back to square one to port your current mortgage. If you want to borrow any additional that will be a new product, so you effectively have two mortgages the original one and a 'top up'.

What about if we don't actually need a mortgage for the sale? We have 300,000- 325,000 in equity and are planning on buying a property for around 300,000 but will be extending/refurbishing to the tune of 100,000. Should we buy the new house with the equity then apply for a mortgage for the building work after? Or is it best to just do it with the sale and keep the 100,000 cash for the works?