Moving home - can I use the profit from sale for deposit?

[hope]

I am hoping to move house but don't have the deposit or stamp duty to buy a new place. What I would like to do is put my current house up on the market, find a new place (looking at 2nd hand properties) and secure this house with a holding deposit of approx €3000-5000. Once my old house sells take the profit from that sale and pay the stamp duty and the remainder of the deposit for the new house. Is this possible?

 

[huskerdu]

This is possible, but you will have to complete the sale of your own house, to release money to pay the 10% deposit before you sign contracts for the new house. This means moving out to temporary accomodation for a while.

If you can't manage this, then there are alternatives, but they will cost.

You obviously have equity in your current house, so talk to your lender about the possibility of releasing some of it to pay the deposit, so you dont have to complete the sale. This will cost you in extra interest and remortgaging costs.

THe stamp duty is OK, because it is payable on the day you complete the sale, so if you complete both transactions on the same day, your solicitor will take the stamp duty from the sale cheque.