House selling and buying nightmare and bridging loans?

ICBM

PVO_Dave said:

As a side thought, with the new stamp duty rules, having two houses (even for a small time) is likely to result in a much higher amount of stamp duty?

I'm not sure but that may be true - I last bought a house 12 years ago so I'm a bit out of touch...

grungebob

If you sell either house within 6 months you can claim a proportion of stamp duty back. Claiming and getting it are two separate things tough. 

ToneControl

a bridging loan has massive interest AFAIK

If you can, just buy the second house with a smaller deposit

When I bought my current house, I had to cash in all my savings and squeeze everything to buy it without selling the previous house, because the market for selling was very flat, and the house I was buying was so good. Not always possible to buy 2 though I realise

richardhomer

Worth remaking the point I made earlier - the bridging option is unlikely to be available anyway. All loans secured on houses are heavily regulated. Affordability - and the impact of interest rate rises - have to be assessed by the lender.

First stop is to meet a qualified, independent mortgage adviser and find out what - if anything - is possible.

NeilMcG

grungebob said:

If you sell either house within 6 months you can claim a proportion of stamp duty back. Claiming and getting it are two separate things tough. 

It's 3 years time limit and you can reclaim all of the additional penalty duty back from HMRC.

PVO_Dave

I can at last update this thread with some positive news... we finally exchange contracts today after selling our house three times in the end since January the 4th, both drop outs from first time buyers / people without a chain.

We took a hit on price to match the hit on price the people bellow us had to take for a fast sale, it was anything but in the end due to the useless solicitor near the bottom of the chain, we’ve been on the verge of exchanging for 4 very stressful days, the solicitor causing the chain grief raised over 80 enquiries on the property below us 

Now just the small matter of packing everything this weekend ahead of moving next Thursday!

octatonic

Congrats.

Luxorus

Often the client is confident in his impeccable history, goes to the bank, and is refused for reasons he does not understand. The result is wasted time and nerves. Unfortunately, the first time I wasted my time on this. But next time, I decided to save my time. To do this, I consulted with Mortgage Broker Derby. And I don't have to sit in a bank and wait in line to see a loan specialist. In addition, brokerage services are especially relevant in our difficult times. Firstly, the broker will competently and quickly advise you on the best mortgage option, advising you on all issues of interest.

Kittyfrisk

@Luxorus   You come out of nowhere, to comment on a thread over 3 years in the past & give us pseudo mystical gnomic comments?
Fair play to you, welcome to TFB, you'll fit right in