managing moving house after legal separation

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1234tish4321

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I never bought or sold a house on my own before so im sorry if my question sounds silly.I am legally seperated 10 years but still in family home for various reasons but now ready to move.I am entitled to 60% of home. I am in my fifties now so not much time left to pay back a mortgage but could get one for 60000.so with my 60% I think I could buy smaller house for about €200000. I have only very small savings so the deposit and probably the legal fees etc will have to come out of proceeds of family home. What are the steps i.e. if we have a buyer and then i find a house to buy I wont have a deposit until we have money from sale of family home? I presume my solicitor will coordinate it so it falls in place at the right time? My budget is tight But manageable. Im just confused about the order that things happen in and afraid of losing out because i dont have enough up front for deposit on house
 
Not a silly question at all.

I'm no expert but...

I think it can be tricky to coordinate the sale of your current house and the purchase of another home so that the transition is seamless.
I'm not so sure that it's your solicitor's job to make this happen or that they can guarantee it even if they do take this on.
Is there any way that you can have a plan B to live somewhere else if there is some delay between the two?
Is your ex co-operative on the proposed sale and division of the proceeds?

Presumably you are banking on your 60% plus savings coming to c. €140K leaving you with a mortgage of €60K to buy another property for €200K?
I presume you'll be borrowing the €60K over c. 10 years to clear it by retirement which would mean repayments of c. €600 p.m. (assuming a rate of c. 4%)?
 
The plan B is something I will have to think about! As for ex being co-operative thats been sorted by now and its all legally agreed. The figures were kind of hypothetical but you almost got them right but my question was more to do with what order things happen in. I think I might need that plan B!
 
You will defo need plan B unless you are very lucky. It's no bad thing though as you need to find out how much you will get for it before you can start bidding on other properties anyway.
 
First step is go to a bank and make sure that they will give you a new loan. I advise selling, renting, buying when you have the money from the house. It's less stressful that way. And less likely things will go wrong. Chains can be tricky.
 
One outside the box option is that if you identify what house you want, then use the estate agent that is selling that house to also sell your own house. That way they are on both sides of the equation and can smooth things out. I managed to do this 6 years ago. The estate agency were very anxious for the "deal to happen". I managed to move from one house to the next without renting.
 
If you are staying in the area having the same estate agent on both sides of the deal can help. I was in this situation earlier this year but there were still timing problems with the chain.
We also needed to have a 10% deposit available for when we signed the contract to purchase. The 10% deposit our buyers had to pay was kept separate.

I found the chain scenario (three houses & four solicitors & four couples were involved) quite stressful because even when you do everything right there are inevitable hold-ups outside your control.

Selling first & renting gives you breathing space & will also put you in a better position to bid on houses when you're unemcumbered by the previous house.

It's a stressful time however you do it & I wish you the best of luck with the new part of your life & a new home.
 
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