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Moving house but very inexperienced!
We have lived in our current house for 12 yrs. We were first time buyers and paid in cash so had a relatively simple move.
Since then we have had to take out a small mortgage of approx 50k and anticipate being able to sell our house for approx 280k.
We intend buying a house of lesser value to allow us to become debt-free ie less than approx 220k.
Does this mean that we will essentially be cash buyers? If so will this expedite the legalities?
I realise that these may be silly questions but as I said we have little knowledge in thes things.
Thanks for any help.
Since then we have had to take out a small mortgage of approx 50k and anticipate being able to sell our house for approx 280k.
We intend buying a house of lesser value to allow us to become debt-free ie less than approx 220k.
Does this mean that we will essentially be cash buyers? If so will this expedite the legalities?
I realise that these may be silly questions but as I said we have little knowledge in thes things.
Thanks for any help.
Answers
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Well I can't open that link, but I'm in a similar situation of having big equity and wanting to trade down. I too have little experience of moving, but I think you will only be cash buyers if you have the actual cash from the sale of your house, not the eventual sale, if you get my drift. Hard cash will be needed at some point, not promises.
As for buying though, with no mortgage to apply for or get, it will cut down the time a bit simply because you have no reason to wait like most.
I'm going to sell mine, store stuff, and then rent a place while I look.
As for buying though, with no mortgage to apply for or get, it will cut down the time a bit simply because you have no reason to wait like most.
I'm going to sell mine, store stuff, and then rent a place while I look.
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That is totally unfair kunni. I cannot see anything that says that Matt is trying to get out of paying or even that he is after grants. He is just looking for advice on expediting the legalities.
Matt, If you are very lucky, you could do it your way. It's just a matter of tying all all the dates and finding the right house. However, you can't advertise that you are a cash buyer. You can however make it clear that no mortgage is required.
Matt, If you are very lucky, you could do it your way. It's just a matter of tying all all the dates and finding the right house. However, you can't advertise that you are a cash buyer. You can however make it clear that no mortgage is required.
You refer to yourselves as "cash buyers", but even that does not alter the fact that you will not be a "first time buyer", hence ineligible for any grant(s). And your expression "expedite the legalities" seems to me to be a euphemism for "getting out of paying"?
I am fully aware that I am not a first time buyer seeing as I currently own a house. By 'expedite the legalities' I was referring to the fact that I may not need to obtain any mortgages etc that could incur further legal time.
Thanks for everyones help who took the time to read my questions properly.
I am fully aware that I am not a first time buyer seeing as I currently own a house. By 'expedite the legalities' I was referring to the fact that I may not need to obtain any mortgages etc that could incur further legal time.
Thanks for everyones help who took the time to read my questions properly.
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