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Downsizing with no money.
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I have a 3 bedroom flat which is worth approx. �135K . I have seen a smaller 2 bedroom flat in the same area for �125K which I am interested in. I have an interest only mortgage which is �50k. My problem is that I am out of work and have no money. Is there any way I could sell my own flat and purchase this 2 bed flat ,( or even something cheaper), without any money in the bank? Thank you.
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Releasing just �10k in equity by doing this transaction seems a bit pointless - if that is the only reason for doing it (i.e. you are not moving from one area to another).
Although you have no stamp transfer tax, by the time you've paid an estate agent to sell your house, paid for a solicitor/licensed conveyancer on the sales/purchase and moved your possessions, we will have spent about half of the �10k on 'professional services'. Only some of these things can be done DIY
Although you have no stamp transfer tax, by the time you've paid an estate agent to sell your house, paid for a solicitor/licensed conveyancer on the sales/purchase and moved your possessions, we will have spent about half of the �10k on 'professional services'. Only some of these things can be done DIY
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