Buying a new house

jigsaw07

Hi.

Wife and myself are thinking of selling up and buying a new house for ourselves....currently in our first house since 2008, as we have little savings, I'm wondering can we use the profits from the sale of our current house as a deposit for a new one?

Thanks in advance.

lalababa

Any difference in price between buying and selling your main residence (occupied for at least 1 year) is tax free.
? Not sure about op question
Op should clarify

Moonbeam

It is your cash in your hand so yes of course you can, but not before the house is sold.

TattooedLady

jigsaw07 wrote: »

Hi.

Wife and myself are thinking of selling up and buying a new house for ourselves....currently in our first house since 2008, as we have little savings, I'm wondering can we use the profits from the sale of our current house as a deposit for a new one?

Thanks in advance.

We are doing this currently. We had the 5k deposit to give the estate agent when sale agreed. As for the 10% deposit usually handed over when signing contracts our solicitor talked to their solicitor and there didn't seem to be an issue as the people we were buying from knew we were selling. From what I've gathered this is the norm when trading up and is generally accepted by sellers and their solicitors but maybe we were just lucky!

Green Mile

Yes is the answer. You can use the full equity release as a deposit. Solicitor/ Stamp duty and Agent Fees are approx €10,000 for both buying and selling so best to have that saved up separately