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Probate has cleared... Advice on getting ducks lined up

  • 17-09-2021 12:11pm
    Registered Users Posts: 2,305 ✭✭✭ positivenote

    hI All,

    after a year an inherited property has cleared probate and we have approx 230k in our account. We want to buy our 'forever' home and are looking for a 3/4 bed semi-d or detatched property with a S or S/W facing back garden. Our current house is valued at 400k and we owe approx 200k on it. Basically im looking to know where we go from here?

    Do we find the house we want first, pay off our own mortgage (tracker) first, put our house on the market first, pay off some of the mortgage to bring the monthly rate down, see how much we can get re-mortgage approval for so we know what moeny we have to spend on a new house???

    We dont mind continuing to pay our monthly mortgage amount on a new house but as you can see we unsure of what way to do all of this. We have been looking at houses for over a year and only one has come up we like but we weren't in a position to make an offer at the time as the probate hadnt cleared and our house wasnt even on the market.

    Any advice on this would be greatly appreciated.



  • Moderators, Science, Health & Environment Moderators Posts: 23,062 Mod ✭✭✭✭ godtabh

    put your house on the market first.

  • Registered Users Posts: 371 ✭✭ SupaCat95

    Property crash coming soon, get your stuff sorted. Check out the Shennighans at Evergrande Property in China. Chinese Govt arent going to bale them out. The Crash is going to be Spectacular.

  • Registered Users Posts: 178 ✭✭ pummice

    did you do the probate yourself or get a solicitor to do it?

  • Registered Users Posts: 1,993 ✭✭✭ GooglePlus

    Any analysis I watch on Evergrande advises of a Chinese bail out and restructuring of the top within the company. That it may have some regional fall out but will do little to impact the wider global economy. Where have you read differently?

  • Registered Users Posts: 3,817 ✭✭✭ Darc19

    I'll have a wild guess that you have zero knowledge of finance / economics.

    Evergrande is indeed highly indebted. And so are some other Chinese property companies.

    But their exposure to outside China is minimal and within China the Chinese government will step in.

    Remember China is one of the richest countries in the world and well able to manage this issue.

    But some people simply search for something to spurt "Armageddon" scenarios.

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  • Registered Users Posts: 2,305 ✭✭✭ positivenote

    Eventually tidied up by a solicitor. All concluded now

  • Registered Users Posts: 371 ✭✭ SupaCat95

    Well I do follow the stories they do be having on the iddernet thing. I know enough to buy my own house without a mortgage and call out a crooked auctioneer, when I smell a rat. I do ok. Its the second biggest property management company in China. Remember everyone must get paid or someone goes short. A bubble is about to burst when you cant see the top, by that time all the smart money is out and all the stupid money is all in. Dont worry the small man / tax payer will always be called on to suffer the brunt either way.

  • Registered Users Posts: 1,279 ✭✭✭ mrslancaster

    It can be very stressful buying and selling at the same time. I dont know if its better to sell first & then rent while looking to buy or try to co-ordinate the two at the same time which is what we did. We found a house in an area we liked first, made an offer then put our own place on the market. Our solicitor organised the signing of both contracts at the same time and we were lucky with no bank delays or title problems on either property. We put our stuff in storage for a few weeks as the new house needed a bit of work & rented short term but there were plenty of rentals available then.

    We have friends who sold up and rented for over a year until they found a house in the area they wanted and their kids were able to stay in the same school. Dont forget to include the cost for renting & storage if you sell up first, it can be a fair amount.

    Once the contracts are signed at the same time so nobody will back out of the sales, maybe try to get the closing date on the new house earlier than the closing on your current property then you have time to organise any work needed before moving. You'll pay both mortgages for a few weeks but you'll only have one move.

  • Registered Users Posts: 2,305 ✭✭✭ positivenote

    Quick question.... is it possible to have two mortages at the same time?

  • Registered Users Posts: 23,590 ✭✭✭✭ Peregrinus

    Yes, if you have two properties to mortgage and sufficient income to service both loans.

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  • Registered Users Posts: 213 ✭✭ Kurooi

    I have two right now, having taken the second to trade up and it really isn't a bad way to do it. Estate agents will treat you like second class when you are trading up with requirement to sell the house.

    Hell, do this get your approval to buy it as a second property in place whether you use it or not - you can flash them the unencumbered approval say you're paying the remainder cash it will put you at the top of the queue. Then if your sale happens on time - brilliant, if not you can shake it off and have all the options open to you.

    +1 that

    But the banks will absolutely see and take into account that you've got a whopping 230k cash. It's a great starting point.

    I could share contact details for the broker that arranged this for me, if you want that and if anyone confirms whether sharing that in PM is within forum rules...