Some lenders will allow mortgage to be ported with a 3 - 6 month gap. You may have to pay your early redemption penalty on the sale, and they will then refund it on the purchase. It's lender specific, so check with your lender or broker to see if it's possible.
That was brilliant. This is just the information I have been looking for and has helped me in making a decision. Not only that, but this video will explain the pros and cons of both options to the wife far better than I could have done. Thank you Charlie, I feel much more confident in putting our house on the market now.
Thank you I had never considered the ins and outs of a move beyond selling and buying simultaneously, I hadn’t considered other options,this has been a real eye opener.
Great video as always! We are currently renting in Suffolk having sold in September. The great advantage to renting is also getting to know a new area. In my experience, I'd recommend the following to anyone considering doing a split with rental - 1, Research the rental market and timescales to get a rental sorted. We asked for a 4 week exchange to completion and that helped with stress, searching, contracts etc.. 2, Ensure you find a flexible landlord, you may need the rental for longer. You may be fussy or buying may take longer than expected. Nothing worse than having to move out again! 3, Due to moving to a rental we moved out the day before completion, giving us less stress on the day.
If you bought to let, sell. If you live in a house and there is no debts or only few debts, keep it if you are happy. If you rent and want to buy - wait 3 years and go in stocks with 2,5% of your money every month and it should work out fine, no financial advice. For the constellation above: ensure there is 3 definite buyers at least and buy first, then sell or rent the one you want to buy. Another option: take a gap year abroad. Go to Bali for one year with your family and what you spend is less what you save when you wait to buy later - house prices can only go down
I sold my first home and moved back in with my mom for a few months then bought my next home and it worked out fine. There's no way I would ever do that now though because firstly I'm older and couldn't face moving back home but also I'd be too worried about being unable to get a mortgage and being stuck renting. All it would take is for Covid to flare up again, interest rates to rise or have a direct debit go wrong resulting in a credit rating issue and I'd be stuck. I'd rather have the whole chain fall apart and stay in the house I have than risk being unable to buy. My buyer is highly likely to be a first-time buyer or cash-paying investor so I most likely won't have a chain on that side. The house next door to mine is an Air B&B so I could potentially just move next door on a month-to-month basis but that could be a bit weird. I'll come back and update you on what happened if I move around this summer as I plan to.
Hi Charlie. We are in the process of buying and wonder what your expert opinion is on surveyors? Based in the Midlands....I have no idea why the prices for a Level 3 report vary so much. What factors should I be looking at? Any thanks Sandy
Hi Charlie, it's boxing day I'm getting multiple emails with multiple houses for sale it seems likely that supply is going to out strip demand in the new year judging by my experience up to 11:00 and this is before the January increase in the bank of England base rate on the 26th I can't see anything but prices falling quickly and heavily in 2023.
Correct, I realised this after I published the video, but the principle still applies to the 3 way overhead if you want a simultaneous exchange if that makes sense. There’s more than twice as many variables as a single transaction. In a single transaction there’s only one other onward chain (3 parties) in a simultaneous transaction with chains on both sides there are 5 parties involved in effect.
@@Michelle-72 as a cash buyer I think you can negotiate from a stronger position and even make lower offers when buying, because you bring a lot speed to the process. If the seller is very motivated then they will take that into account for sure. Good luck 👍
Incorrect. Most mainstream lenders offer a 3-6 month window for this to happen. Some of them will charge the early redemption penalty on the sale, then refund it on the next purchase. Worth checking with your lender or broker.
Some lenders will allow mortgage to be ported with a 3 - 6 month gap. You may have to pay your early redemption penalty on the sale, and they will then refund it on the purchase. It's lender specific, so check with your lender or broker to see if it's possible.
That was brilliant. This is just the information I have been looking for and has helped me in making a decision. Not only that, but this video will explain the pros and cons of both options to the wife far better than I could have done. Thank you Charlie, I feel much more confident in putting our house on the market now.
Glad it was helpful!
Thank you I had never considered the ins and outs of a move beyond selling and buying simultaneously, I hadn’t considered other options,this has been a real eye opener.
Great video as always! We are currently renting in Suffolk having sold in September. The great advantage to renting is also getting to know a new area. In my experience, I'd recommend the following to anyone considering doing a split with rental -
1, Research the rental market and timescales to get a rental sorted. We asked for a 4 week exchange to completion and that helped with stress, searching, contracts etc..
2, Ensure you find a flexible landlord, you may need the rental for longer. You may be fussy or buying may take longer than expected. Nothing worse than having to move out again!
3, Due to moving to a rental we moved out the day before completion, giving us less stress on the day.
Great video Charlie, very useful!
Glad it was helpful!
If you bought to let, sell. If you live in a house and there is no debts or only few debts, keep it if you are happy. If you rent and want to buy - wait 3 years and go in stocks with 2,5% of your money every month and it should work out fine, no financial advice. For the constellation above: ensure there is 3 definite buyers at least and buy first, then sell or rent the one you want to buy. Another option: take a gap year abroad. Go to Bali for one year with your family and what you spend is less what you save when you wait to buy later - house prices can only go down
I sold my first home and moved back in with my mom for a few months then bought my next home and it worked out fine. There's no way I would ever do that now though because firstly I'm older and couldn't face moving back home but also I'd be too worried about being unable to get a mortgage and being stuck renting. All it would take is for Covid to flare up again, interest rates to rise or have a direct debit go wrong resulting in a credit rating issue and I'd be stuck. I'd rather have the whole chain fall apart and stay in the house I have than risk being unable to buy. My buyer is highly likely to be a first-time buyer or cash-paying investor so I most likely won't have a chain on that side.
The house next door to mine is an Air B&B so I could potentially just move next door on a month-to-month basis but that could be a bit weird. I'll come back and update you on what happened if I move around this summer as I plan to.
Good luck! All valid points.
Hi Charlie. We are in the process of buying and wonder what your expert opinion is on surveyors? Based in the Midlands....I have no idea why the prices for a Level 3 report vary so much. What factors should I be looking at?
Any thanks
Sandy
Hi Charlie, it's boxing day I'm getting multiple emails with multiple houses for sale it seems likely that supply is going to out strip demand in the new year judging by my experience up to 11:00 and this is before the January increase in the bank of England base rate on the 26th I can't see anything but prices falling quickly and heavily in 2023.
That's the Divorce spike.
I don't think 1 and 3 ever need to communicate do they? They both only have business with 2, they won't even know who each other are
Correct, I realised this after I published the video, but the principle still applies to the 3 way overhead if you want a simultaneous exchange if that makes sense. There’s more than twice as many variables as a single transaction. In a single transaction there’s only one other onward chain (3 parties) in a simultaneous transaction with chains on both sides there are 5 parties involved in effect.
Good point Charlie
"No chain" seller , "cash" buyer is best combo
I'm now both of them after completing on my house sale last week and going into a rented property, short term.
@@Michelle-72 as a cash buyer I think you can negotiate from a stronger position and even make lower offers when buying, because you bring a lot speed to the process. If the seller is very motivated then they will take that into account for sure. Good luck 👍
@@mohmda4449 thank you. Fingers crossed 🤞
A good time to be doing this.
Exactly!
Another superb video..well done
Many thanks
Sellers could also live our AirBnB's whilst looking. No council tax, no utility bills.
That happens a lot
Buy and sell is essential in a rising market.
Or simultaneous, yes, it is riskier in a rapidly rising market.
Not possible to do this if you’re porting a mortgage…
Incorrect. Most mainstream lenders offer a 3-6 month window for this to happen. Some of them will charge the early redemption penalty on the sale, then refund it on the next purchase. Worth checking with your lender or broker.
Mortgage approvals fell to their lowest level in two years