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Selling existing house and buying new house

  • 18-10-2015 8:33pm
    #1
    Razzen
    Registered Users, Registered Users 2 Posts: 152 ✭✭


    We weren't really looking to move, but We just saw a house come on the market that we're interested in. So just curious about the sequence of events.

    Would we have to sell our current house before being able to put an offer on the one we saw?

    Do we need to cancel/pay off our existing mortgage and then move to a new one or can we transfer or mortgage to the new house etc.. guessing we'd have to get a new mortgage.. sorry just very unsure of what bits have to happen etc.

    all help and suggestions greatly welcomed.


Comments

  • #2
    April 73
    Registered Users, Registered Users 2 Posts: 846 ✭✭✭April 73


    You would have to pay the mortgage off your current house when it sells. Then you take out a new mortgage for the new house.
    Do you have a tracker mortgage by any chance? You need to think about the possible implications of losing this if you do sell your house.

    If you are serious about making an offer you need to be ready to get your own house on the market. The EA selling the other house would probably prefer if you were already sale agreed on your own house first.

    However it is possible to agree on the house you want to buy & then put your house on the market. We did that at the end of last year. It helped that the same EA handled both sales.

    You also need to have a solicitor lined up. It can take weeks to get the title deeds back from the banks.


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