Housing: Can i consider buying when mine isn't on market yet?!

[Ilikepepper]

I have a two bedroom in lovely area but two kids - a three bedroom has came up in area which is rare. It's fixed price and reduced from May. My house isn't on market. Should I put it up or too risky/unlikely? How would I go about this?

Thank you

You could ask a solicitor to put a note of interest in, so you can be kept informed. You could theoretically put an offer in but it might not be taken seriously as you are not under offer or on the market.

Also depends on whether you could afford to cover both mortgages for a short period.

When we bought our current house, we hadn't put our flat on the market (just as well, as it took 2 years to find somewhere we both liked ) - but we knew the sort of flat we were in sold really fast.

In fact, the biggest mistake we made was not keeping the flat, as we could afford both mortgages as we should have rented it out, as that would've brought in more than the mortgage

Totally standard at present for offers to go in subject to sale of current property and mortgage approval
Obviously if they get a similar offer from someone who has sold they will take that but most buyers have to sell

The days of getting bridging loans are long gone x

It's not just the cost of having 2 mortgages that you have to consider, it's the tax implications of owning a second property for any length of time (although you can claim this back if you can show that it was temporary and for the purposes of moving / selling)

ideally you'd close after you've sold your property to avoid 2 mortgages, you haven't got much to lose by making a conditional offer via your solicitor.

Thank you for your help everyone.

The new house would take all of my savings - to the very penny. If I had a bit more cash I can see letting out the current one as a great idea. As long as it was occupied I'd probably break even on its mortgage/council tax but I would'not have any money if something went wrong with it or it was unoccupied.

So I could put in a conditionall offer and simultaneously put mine up for sale? If I don't sell I can just take mine off market? (The 3 bedrooms are rare in my area and rare to be fixed price and as affordable as one on offer).

yes you can put in a conditional offer exactly as you say, you need to engage a solicitor asap! And take it off the market if you don't sell for what you need to. I can think of 2 couples I know who had conditional offers accepted and then had a nervous ride selling their existing place but fingers crossed it works out. If you don't put an offer in it won't for 100% definite!

We sold a property last year and the best offer (by quite a bit) was conditional on their buyers selling their property which wasn't yet on the market. I thought it was a bit strange but it all worked out fine.