We are selling our family home in order to purchase a larger home. We are sale agreed on our current home and hoping to have an offer accepted on our new home (2nd hand).
We have about 15k in cash but I am trying to work out now how we manage payment of deposits etc for the purchase when most of the deposit for our new home is tied up in equity for the house we are selling.
Can anyone advise on the process/optimum timings here. I know we’ll have to pay a deposit of about 5 to 10k as the initial deposit to the new house estate agent.
My question is - when do we have to pay the remainder of the deposit (about 90k) and how do we manage the drawdown of the new mortgage, proof of deposit etc while hopefully not leaving too much time between the sale of our current house and purchase of the new house.
How does this work in practice?
Are there any other key costs that have to be paid upfront - I have factored in the survey fee.
We have about 15k in cash but I am trying to work out now how we manage payment of deposits etc for the purchase when most of the deposit for our new home is tied up in equity for the house we are selling.
Can anyone advise on the process/optimum timings here. I know we’ll have to pay a deposit of about 5 to 10k as the initial deposit to the new house estate agent.
My question is - when do we have to pay the remainder of the deposit (about 90k) and how do we manage the drawdown of the new mortgage, proof of deposit etc while hopefully not leaving too much time between the sale of our current house and purchase of the new house.
How does this work in practice?
Are there any other key costs that have to be paid upfront - I have factored in the survey fee.