Do I understand you correctly that stamp duty will be 700?
Could you elaborate on why you recommend what you do? We are essentially looking to move on the basis of the equity currently in the home?
Hi Mike,
If I understand it correctly, you'd be reducing mortgage from c. 550k to 250k, so this is about more than releasing a bit of equity?
As others have pointed out, don't underestimate the costs of moving. Or the stress! I'm in temporary accommodation at the moment between houses, and it's been a longer and more stressful process than I ever imagined at the start.
Back to your original question. It's possible to make an offer earlier, but your offer will be 'subject to sale' of your current house. That makes your offer less attractive than cash buyers, or someone mortgage approved. So, it's going to depend on the sellers circumstances. Say for example, you're selling in a very attractive area with lots of demand, and buying in slower market, it might not be an issue. But generally in the current environment, unless there's something about the house there'll be other offers there.
In my own experience, when I was starting out looking for a house, agents would only take me seriously once my property was listed for sale, but they really only took notice once I was sale agreed.
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