Selling and buying a house...

Andy_and_lou

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How does this work? For instance I am thinking of Selling my Affordable House and buying a bigger house with my fiance. Do you find a house that you want to buy first and then go about selling your own or vice versa.

Does anyone know?

And what is the story with Stamp Duty and Tax relief etc
 
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Normally you try and do both at the same time. You would need to have your house on the market before the agent for your intended purchase will take you seriously.
Most people then try and close the sale and purchase on the same day - so they have no bridging costs. But this can be risky as there could be a delay and you're left in the removal van with nowhere to go!
Easiest (logistically) is to close purchase and then a few days later close the sale - but it obviously costs more as you have to finance (bridge) the 2 houses for the couple of days.
Or sell first and then close the purchase - if you have somewhere to stay in the meantime. Means you're effectively moving twice!
IMHO if you can afford to bridge you should - it takes all the hassle out of moving.

Normally if you sell your PPR there's no SD clawback - I don't know if there are different rules for Affordable houses. I think there's a clawback of the discount you received on the original purchase though - check with the solicitor who looked after it (or with the relevant council).

Your new purchase will not be eligible for FTB relief as one of you is no longer a FTB (makes no difference whether your fiancee is a FTB)
 
If you call the county council they will send you a letter with the steps you need to take from their point of view.

Their solicitor will sort out the clawback etc with your solicitor.
 
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