thinking of moving house - advice please

p1tse

Active Member
so currently in a house, mortgage etc.

thinking of upgrading i.e. more space, school networks etc.
the move would mean upping the mortgage.

advice on mortgage, do you top-up the existing one or find a new deal on the difference etc.?

our house isn't on the market, is it best to put on the market, have it sold before seriously looking or putting offers in?

any advice welcomed
 

MikeP1

Novice Member
if you have a good deal on your current mortgage then port it. I am currently trying to complete a purchase & it's been a nightmare.

Ignore mortgage calculators on the banks websites, call and ask what they will lend you based on your current circumstance. I was amazed how little the bank would lend me.

If you are probably interested in new builds then the developers wont discuss anything until your house is on the market, they see that as the main sign your interested in moving. Most people wont accept offers from someone who sold STC.

If I was starting this process over, I would have got a principle mortgage arranged. Then put the house on the market.

Feb is traditionally a strong month according to the estate agent we used.

Good luck with your decision.
 

p1tse

Active Member
it's not a great current deal, so what are the options then? we fixed our for 5 years about 4 years ago, so i guess at least close to the end of the current deal.

it won't be new builds, although quite a few around me do part ex's.

so it's pretty much have ours sold before even considering things then?
 

p1tse

Active Member
it's not a great current deal, so what are the options then? we fixed our for 5 years about 4 years ago, so i guess at least close to the end of the current deal.

it won't be new builds, although quite a few around me do part ex's.

so it's pretty much have ours sold before even considering things then?
 

p1tse

Active Member
also how do people decide who to put the house on the market with?
 

MikeP1

Novice Member
First thing with a fixed deal still going is to call the bank & ask the redemption charge, at 4yrs in it shouldn't be to high.

I would sort out three valuations on your house & work out your mortgage situation, this will give you the best info to decide if it makes sense to move. If you really want to move I asked each what the selling point needs to be to achieve a 6-8wk sale, it's pointless having the house on the market at a price it will never sale for.

You can normally do viewings of other houses once yours is on the market, I only had one instance of someone refusing to let us see there house until we were sold (which made no sense to me).
 

p1tse

Active Member
coming from being from first time owners, what happens to stamp duty? do people pay this as a lump sum but through the mortgage?
 

p1tse

Active Member
First thing with a fixed deal still going is to call the bank & ask the redemption charge, at 4yrs in it shouldn't be to high.

I would sort out three valuations on your house & work out your mortgage situation, this will give you the best info to decide if it makes sense to move. If you really want to move I asked each what the selling point needs to be to achieve a 6-8wk sale, it's pointless having the house on the market at a price it will never sale for.

You can normally do viewings of other houses once yours is on the market, I only had one instance of someone refusing to let us see there house until we were sold (which made no sense to me).

all makes sense and fair enough about the viewing situation too.
do estate agents have small print in valuations? i.e. what happens if say i did your suggested with three valuations and then decided it wasn't right for us to do it now and so decided to hang on for say 3-6 months etc.

come 3-6 months time, can we do the same valuations?
also clauses of changing agencies once on the market?
 

MikeP1

Novice Member
You have to pay the stamp in full as part of completing. I don't think you can include it into the mortgage as the bank wouldn't be able to recover that money if you forfeit.

You'll also be paying legal fees for your sale & on your purchase.
 

MikeP1

Novice Member
Agents want to tie you to one if they can. They do this but charging you more if you go multi-agent rather than sole. I think it was an 8 week agreement (possibly 6).

You can come off the market sooner though, you just cant switch agent if you wanted too. We actually came off the market because we weren't selling & then had an offer a week later from someone who'd seen it early on but had kept looking around.

The valuations are what the agent is saying your house should be marketed at & then also the price you should expect to get. They are not bound in anyway to the figuire they give which is why it makes sense to do at least three, also try to avoid telling the agents what prices you were given. This tends to make them either match it without thinking or just adding a thousand in the hope giving you a higher price will make you pick them.
 

p1tse

Active Member
thanks. rather than getting stung on multi agent fee, i.e. put on market then decide to take it off and go with someone else a couple of months later, does that still apply?

i have savings to use, so guess that either offsets for stamp duty, legal or reduce mortgage or weigh up having cash versus taking out some equity etc.
 

Member 55145

Distinguished Member
no experience but in same position.

have you considered selling first, private renting till you can secure a new house

might make life easier
 

njdbaxter

Well-known Member
it's not a great current deal, so what are the options then? we fixed our for 5 years about 4 years ago, so i guess at least close to the end of the current deal.

it won't be new builds, although quite a few around me do part ex's.

so it's pretty much have ours sold before even considering things then?

could take you more than a year to sell. Im looking to buy as a FTB and I see many that have been for sale for 2 years are more, and those that are selling are usually priced below rateable value.

houses are constantly going back and forth from Sale Agreed to Sale due to people having trouble securing finance or people in the chain unable to find a buyer etc.

plus here a lot are stuck in negative equity so cant get finance to move.
 

njdbaxter

Well-known Member
You can normally do viewings of other houses once yours is on the market, I only had one instance of someone refusing to let us see there house until we were sold (which made no sense to me).

maybe there house was previously agreed for a long time and that the agreed buyer was unable to sell his property due to asking a rediculous price so owner got fed up waiting and pulled out. Maybe the owner has a agreement/offer on a property and doesnt want another time waster having an offer on his house
 

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