First Time Moving House - Help!! KJR1989

#1
First of all, hi everyone! I've followed these feeds for years and gained a lot of valuable advice but this is my first thread!



So my partner and I used the help to buy gov scheme around 18 months ago to buy a flat. We purchased at £149,995, and borrowed a 20% deposit.

My partner has recently come into some money, and we think we could afford to move and buy a house but have no idea where to begin. Can anyone offer some advice?



We are looking to buy a house with a max budget of £280/290. We have outstanding mortgage of £108k.

And we would need to pay back the gov loan which is 20% of value.

We estimate our flat is now worth around 180/185 (one sold above us a couple of weeks ago)



Can anyone confirm my *very rough* figures?..

Sell at 180

Pay back gov 36k

Pay back current mortgage 108k

Leaves 36k in the "profit pot"?

Buy at 280

Does this mean we'd need a new mortgage of 244k?

Our wages allow about £262,000 on the mortgage calculators.



My partner has a pot of about 18k. How would this best be used? Towards the mortgage or cover the fees?



How does the fees part work? Do you work out a rough amount and add this to amount we need to borrow?



Any help really would be appreciated. Both our parents got their mortgages years ago, no friends in same position so this really is a minefield for us!!



Thank you all!!!

#2
Hi KJR1989, it sounds like you're pretty close with your figures, some other things which you might want to consider are stamp duty, solicitors fees, estate agents fees and any other moving costs/furnishing costs. You know that you've got £54,000 to play with (your £36k equity and your partners £18k) so once you've totted up your fees/costs deduct this from your 54k and what is left is your deposit. This calculator may be useful to get a rough idea http://www.rightmove.co.uk/cost-of-moving-house.html#buyingPropertyPrice=280000&sellingPrope rtyPrice=180000&searchLocation=London&locationIden tifier=REGION%5E87490&buyingOnly=false

#4
as you used help to buy on your current property, you'll also have some additional fees other than just paying back the 20%.

I'm currently selling my leasehold flat that was purchased using HTB and I've had to factor in:

1. Cost of getting a RICS surveyor to value my flat, for a report to send to the HTB compamy so they know the sale price is correct. This cost me £180 + VAT.

2. £200 admin fee charged by HTB company to deal with the paperwork for the sale and repayment of the 20% loan.

3. Management company in the block of flats charged £250 + VAT to deal with their part of the sale and sending paperwork to my solicitor. (You haven't said if you have a management company but as you own a flat I'm assuming you do?)



This was £716 worth of fees that I didn't realise I'd have to pay at first, on top of the usual stamp duty, EA fees and solicitors! Of course your figures on the above could be different so please don't take those as gospel but perhaps give a guide! !

#5
Yes those are very good points actually, I was aware that I had to pay a fee to value etc but didnt think about the other possible charges.

Thats really helpful thank you!

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