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Selling and buying a house at the same time

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  • 09-12-2018 11:55am
    #1
    u2fanatic
    Registered Users Posts: 60 ✭✭


    Hi folks,
    I am looking for advice in the best way to go about selling my current house and buying a new one at the same time.. I am not in a position to have 2 mortgages.. so I am wondering what I should do..


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    #2
    Moonjet
    Registered Users Posts: 236 ✭✭Moonjet


    Talk to your bank and get a redemption figure for you current mortgage. You'll need to reapply for a new mortgage for the house you're moving to. Also your solicitor will target the closing date for both sales on the same date (this isn't always practical so think about short term accommodation options to fill the gap).


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    #3
    u2fanatic
    Registered Users Posts: 60 ✭✭u2fanatic


    Moonjet wrote: »
    Talk to your bank and get a redemption figure for you current mortgage. You'll need to reapply for a new mortgage for the house you're moving to. Also your solicitor will target the closing date for both sales on the same date (this isn't always practical so think about short term accommodation options to fill the gap).

    Do I have to sell my house first and then apply or would the bank give approval in principle of me selling my house


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    #4
    TeaBagMania
    Registered Users Posts: 1,192 ✭✭✭TeaBagMania


    odd this thread should show up as ive been thinking about this same scenario as i might be in a similar situation in the next few years, one difference is my house will be paid for.
    Thinking about using the equity in current house as collateral for the other in order to have a few months to move and when original house sells use equity to pay off new house, houses would be about 1000 miles from each other.

    seems like it would work in theory but who knows what would happen in reality


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    #5
    xalot
    Registered Users Posts: 1,097 ✭✭✭xalot


    We bought and sold at the same time 6 months ago. Very very stressful situation. First get your current property valued, you'll need that information for your mortgage approval. We used a (useless) broker but got AIP from a few banks. I'd recommend starting selling process first, we did the reverse and it was a nightmare.

    We put a deposit on a new build, then put our place on the market. We were sale agreed within a week at 30k over asking (needed a quick no mess sale) however the buyers had mortgage issues / incompetent solicitor and our new build was completed early so it was highly stressful, the whole process from sale agreed to handing over keys was well over 3 months.

    Our solicitor was fantastic but I'd start getting your ducks in a row, get property valued, appoint solicitor, request deeds from the bank as this can take ages and then start mortgage application. I'd recommend doing all these things before you even look at a new place and as you'll be in a chain I'd advise not buying a property that is also chain reliant!


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    #6
    xalot
    Registered Users Posts: 1,097 ✭✭✭xalot


    u2fanatic wrote: »
    Do I have to sell my house first and then apply or would the bank give approval in principle of me selling my house

    the will give approval on the basis of estimated sale price and outstanding amount on mortgage.


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    #7
    HelgaWard
    Registered Users Posts: 568 ✭✭✭HelgaWard


    We did this 3 years ago. It is very stressful!! Get your own house on the market, we did but ended up getting buyers quicker than anticipated and only accepted the offer based on a closing date of about 5/6 months later as we knew it would take us that long to get a new house sorted. Our buyers were 1st time buyers so they agreed to this as it gave them several months, to save some more, buy furniture etc. Plus the house went up in value over those 5 months so they ended up getting the house for less than going rate by the time it actually closed. We went sale agreed on our new property in June and closed all mid September. Very stressful on the day itself, trying to get out in time to let our buyers get in at a reasonable time of the day. Solicitors caused the main delay, one waiting until funds actually hit their account instead of taking the word & evidence of the other solicitor that the money had been transferred. All in all very very stressful, but ultimately worth it!!


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    #8
    u2fanatic
    Registered Users Posts: 60 ✭✭u2fanatic


    thanks for replies folks,


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    #9
    catrionanic
    Registered Users Posts: 2,091 ✭✭✭catrionanic


    Some good advice here. I echo the advice to get your own house on the market first. Most estate agents, in Dublin anyway, won't even entertain an offer on a property until you are at least sale agreed on your own house.

    Also, you should expect to have a few days between your house sale closes and your house purchase closes. We made the move last month, and had to be out of our old house on a Thursday but didn't get into the new house until the Monday.

    All in all, it was a hugely stressful experience. Made even more stressful by the fact that we had a one year old and a 3 week old baby at the time! Prepare for stress, expect bumps in the road, and never count any chickens before they are hatched. Also, if you can afford it, get movers who will pack the boxes for you! Really wish we had forked out that extra few hundred for this.


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