Buying with cash from the sale of my house.

[simonneilsbeautifulhair]

Due to a dire financial situation that has occurred because my ex isn’t currently paying maintenance and I can’t support my family as a single Mum, I am Selling my house, downsizing and buying with the cash from the sale. I’ve just received initial paperwork from my solicitor and a request for an initial payment of £500 re my purchase and £50 re my sale.

Having never been part of the buying/selling process before (current house was inherited) I was unaware I would have to pay any costs upfront and so do not have this cash. I don’t have any living family members to borrow this from and due to my ex unceremoniously dumping us in the shit, up and leaving over night and not paying maintenance I have run up debts as I couldn’t cover all the bills and food on my wage. Therefore I have no credit card/overdraft to fall back on and no chance of getting one.

Even if I manage to find the cash for this what other upfront costs are there I will have to pay? As I said no mortgage and solicitor and estate agent know I am buying with cash from my sale so I assumed solicitors and estate agents would all be paid after the sale. Please can anyone advise me on anything else that I may have to pay upfront?

There are fees for searches, but these are for the property you are buying. Redemption of the mortgage also requires a fee. You will also need to pay for a survey on the house you are buying.
Stamp duty and the solicitor’s conveyancing fee are taken from the sale of your house when the buyer transfers the money.
Your solicitor usually sends a note with the costs laid out.

Just call him and explain your situation. Usually you only pay for searches upfront

I don’t have a mortgage on my property. Does this mean this £550 is all I will have to pay upfront? Obviously once the sale goes through the cash will all be there to cover anything else as the house I am buying is considerably cheaper than the one I am selling.

Obviously once the sale goes through...

What if the sale and purchase don't go through? (a fairly common occurrence) The solicitor will have paid upfront for your costs and have no easy way to get reimbursed.

Can you take an overdraft with the bank/get a credit card for it? Can be cleared completely once sold.

As I said my credit history is shit due to not earning enough to cover bills once ex left and left me with nothing.

This is a very short chain with only 3 homes involved and two buyers including myself being cash buyers. Is it really likely that it could all fall through?

Are you buying immediatley? Is there any way you could sell (50 quid) then stay with someone while you start the purchase process?

I don’t have anyone that we could stay with and I would lose the house we have are buying if we don’t proceed at the same time as the woman wants her money as she is a developer. Not sure after months of looking we will find anything else we can afford that will fit us

Talk to your solicitor, I'm sure there will be ways round this

We paid for searches up front (around £300) but the main fee on completion. You could try calling around solicitors and explain but they are a business and need to protect themselves in case you pull out

Have you ANYTHING you can sell to raise the money?

Some solicitors take credit cards could you get a 0% one, for a such a low amount you might get one even with a poor credit rating and paying it off could improve your credit rating too.

I would definitely phone the solicitor and explain the situation. It’s not usual to pay that much up front as far as I am aware.

You will also need to pay for removals upfront. Even if you just hire a van it will be a few hundred. Do you have a car you can sell?

A pay day loan could also be an option with bad credit (if they still exist??)

If you are downsizing do you have more furniture etc than you will need in the new house? Could you start selling stuff on eBay/Gumtree in preparation for moving?