Selling and buying new build

[justamum98]

Hi all,

we currently own a shared ownership property. We want to sell and buy a new build (it’s bigger) we now have 2 kids. I am unemployed so my partner will apply as sole applicant.

the whole timeline of things is stressing me out and just need some advice on how to go about it all.

1. our current mortgage is coming to an end in 2 months time. Ideally we would like to remortgage for 2 years. Then next year once we have reserved a plot, borrow more and do a mortgage transfer to avoid the early repayment fee. But there is always the option of selling our house now. Not remortgaging but going on the variable rate to avoid the early repayment fee should we sell very quickly and go rent somewhere cheap for a few months.
2. we need to sell our current house. Can’t do part exchange as we don’t qualify - shared ownership and all. When do we put ours on the market if we want to reserve in September 2026?
3. as a general rule. How quickly do you have to move out of your house when it sells? Do you get 30 days or is it up to you?
4. if we sell then apply for a new mortgage a few months later does that look bad?

how have everyone done this? It’s all so stressful.

I can't answer the financial advice questions (you'd be best with a mortgage advisor for those) but this one:
As a general rule. How quickly do you have to move out of your house when it sells? Do you get 30 days or is it up to you?

You have to have moved out by completion day. You can move out whenever you want if you've got somewhere else to go, but the property you're selling has to be vacated by completion. Most people get moved on the day because otherwise where does a lorry full of all your stuff go and where do you sleep?

Thanks for this. I think to avoid the stress. We will sell and rent a property instead. Then just start it all from scratch when we can reserve the plot. Thanks xx

Surely if your partner's income is high enough you can still go on the mortgage as an applicant? If you decide to transfer ownership later you'd possibly need to pay stamp duty on the share you were buying.

How much did you contribute to the shared ownership property in terms of deposit and mortgage? Surely you would need to apply the same for the new build ie 50/50 joint ownership or a defined % tenants in common. Otherwise you will get nothing if you split up.

Assuming I would get nothing if we split up is the same as saying he’s a bad and selfish person. Which he is not so I have no issues with putting the mortgage just in his name.

No one goes into buying a property thinking it won’t work out, but it’s always sensible to be a joint applicant, especially if you’re not married and have children.

I would highly recommend talking to a mortgage advisor about point 4. My credit rating has taken a massive dive after moving house (records not updating at the same pace means it thinks I don't have a mortgage, am not on the electoral role etc). Give someone like L&C a call and get some advice on how best to time things.

I'd remortgage with the same provider. If you're talking about reserving a plot then that implies it is not yet built? Timelines move a lot and I wouldn't put myself through the stress of renting (plus costs) when you can continue to gain equity in your current property.

For sales process best to ring around a few of your local estate agents and ask them about time to sell a shared ownership property in your location - because that'll give you a much better indication of the current time to sell.

Finally, assuming you used partner to mean not married/civil partnership then you absolutely should be tenants in common for the onward purchase if you aren't already?!

House sales can take a long time I haven't known any that have taken less than 2 months and that was when everything was simple.
Once searches etc have been done . You and your buyer will decide on a n exchange date after which they can't change their mind without losing their deposit and a completion date. The completion date is the date by which you must move out as the house belongs to your buyers then. Depending on what you and the buyers agree. Completion can be the same day as the exchange date or it can be several weeks later.

I think you've misunderstood - that poster means legally, they weren't saying anything negative about your other half. You legally wouldn't be entitled to anything. We aren't saying it to be nasty, we're saying it because there are threads on here every week from posters who have done the same as you, with partners they would also have described as very kind and moral and would never screw them over etc, only when the relationship breaks down the same partner pulls the 'well it's legally mine'. You can be on the mortgage even if you are unemployed, so it may be worth talking to a mortgage broker about some options as they can be really helpful in situations like this.

And what if he dies? Or what if he is in a bad accident and needs to sell the property for care needs? Or has mental illness episodes that change his personality from how it is now? Or feels scorned because you’re the one who cheated?

It’s always a good idea for legal ownership to reflect what your actual intentions are.