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Discussion Starter #1
I purchased my house a year ago. I'm not really in a financial position to move....but I was just browsing and cannot believe how flat the market seems. There is so little for sale. Looks like I will be staying put for some time.

I only want to move so I can have a garage again :lol:
 

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We are kinda lucky where I am as prices have still been rising, not as much as previous years but still an increase.
 

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I want the prices to fall so I can buy a place.

Not much chance of that happening, at least around these parts.
 

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Discussion Starter #7
So.....

How do you go about moving?

I have found a house I am interested in, and if I have done my sums correctly, I need to borrow around 10k on top of my current mortgage.

I have no idea how I go about this. I have never officially sold a house in order to purchase another (in a chain)
 

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Estate agent is a good start! But it can take some time, so don't get to attached to the house you have found. And you can't really make a serious offer on said house until you have sold yours.

welcome to your new nightmare.
 

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Well you have to put yours up for sale and get a buyer for it, that much should be obvious, i wouldnt put an offer on a house unless yours is actually marketed or unless you can buy the house outright without selling yours.
 

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Discussion Starter #10
Hmmm, the house I have found is a wreck, its the only way I could afford to move.

My question was more about how I borrow more money, do I just call mortgage company and ask for an extra 10k?
 

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Hmmm, the house I have found is a wreck, its the only way I could afford to move.

My question was more about how I borrow more money, do I just call mortgage company and ask for an extra 10k?

are you still tied in to your current deal with your mortgage lender? if so then it's almost certainly best to just ask them - they'll be able to give you a decision in principle before you even start looking at houses

if you're no longer tied in then it will be worth speaking to a mortgage broker to see what else is out there on the market
 

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stay with them then - just ring them up and ask if they can give you a decision in principle on borrowing an additional 10k to move house. they'll ask a few basic questions about your current circumstances and run a credit check and should be able to give you an immediate answer :thumbs:
 

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I'm locked in for another year still.
You are better staying put mate, it will cost you to get out. Frankly not worth the cost unless someone is beating at your door, and you can get top dollar. Even then it's not worth it. We talking a few thousand possibly. First start is speak to mortgage company and find out the cost.
 
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My question was more about how I borrow more money, do I just call mortgage company and ask for an extra 10k?[/QUOTE

Borrow the 10k & buy this BMR Berkeley Min. Share Price. BMR - Stock Quote, Charts, Trade History, Share Chat, Financial Terms Glossary.Berkeley Mineral Resources Plc Ord 1P & this XEL Xcite Energy Share Price. XEL - Stock Quote, Charts, Trade History, Share Chat, Financial Terms Glossary.Xcite Energy Limited Ord Shs Npv (Cdi) both will realise you 200% within 2 years if not sooner, this is how.
 

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My question was more about how I borrow more money, do I just call mortgage company and ask for an extra 10k?[/QUOTE

Borrow the 10k & buy this BMR Berkeley Min. Share Price. BMR - Stock Quote, Charts, Trade History, Share Chat, Financial Terms Glossary.Berkeley Mineral Resources Plc Ord 1P & this XEL Xcite Energy Share Price. XEL - Stock Quote, Charts, Trade History, Share Chat, Financial Terms Glossary.Xcite Energy Limited Ord Shs Npv (Cdi) both will realise you 200% within 2 years if not sooner, this is how.
Firstly, you need to check if your mortgage is portable. Most are (or I think should be) but if it's not then you can't move without buying out of your current deal.

If you want to borrow more against your house you'll need to explain to them what it is for (if another house they'll need to know an approximate value of it as they're investing in you and the new house) and then agree terms (will you merge the 2 amounts owed into 1 payment that is cleared over the same term length or is the 2nd mortgage to be repaid separately and over a shorter/longer period (e.g. 23 years left on current mortgage, do you want the 10k over 15 years or 25 years). In deciding these figures it may be worth speaking to an Independent Financial Advisor - most will get their fees from the company you get your mortgage from but you can always offer to pay an hourly/fixed fee up front.
 
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One thing I will add is when it comes to solicitors find a good local one and don't go with the one that the estage agent try and push you to. When I bought my flat it nearly fell through and was all down to the solicitor who was out of town. I had assumed using the one from the estate agent would be quicker.

We'd like to move too, but at the moment it seems to make sense to stay in the flat and overpay the mortgage as much as is possible.
 

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One thing I will add is when it comes to solicitors find a good local one and don't go with the one that the estage agent try and push you to. When I bought my flat it nearly fell through and was all down to the solicitor who was out of town. I had assumed using the one from the estate agent would be quicker.

We'd like to move too, but at the moment it seems to make sense to stay in the flat and overpay the mortgage as much as is possible.
I arranged my mortgage through an IFA and we chose the most reasonably priced one that was reasonably local and used the on-line system (I forget what it's called but it allowed all of us access to share messages and record them easily). My IFA was very good when it came to arguing a few points with them but I think the solicitors recently got bought out... They were actually opposite the estate agents and I don't think they were the ones they used. That said, there were a few issues so if you don't have a good IFA to fight your corner then be prepared to push for things to keep them moving (the on-line system that we used had, I think, expected target times on it and where they changed by much my IFA chased them up).

If you have a friend who uses a particular solicitor and gives them a lot of business, it might be worth using them if your friend can push them threatening to take their business elsewhere if you're not treated well... Just an alternative thought.
 

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Discussion Starter #20
I arranged my mortgage through an IFA and we chose the most reasonably priced one that was reasonably local and used the on-line system (I forget what it's called but it allowed all of us access to share messages and record them easily). My IFA was very good when it came to arguing a few points with them but I think the solicitors recently got bought out... They were actually opposite the estate agents and I don't think they were the ones they used. That said, there were a few issues so if you don't have a good IFA to fight your corner then be prepared to push for things to keep them moving (the on-line system that we used had, I think, expected target times on it and where they changed by much my IFA chased them up).

If you have a friend who uses a particular solicitor and gives them a lot of business, it might be worth using them if your friend can push them threatening to take their business elsewhere if you're not treated well... Just an alternative thought.
I'd go back to the guy I used to purchase this one. And sold the last one with. And purchased it beforehand with. He was very good.

I have purchased 2 houses, and sold 1, but never in a chain, and I have never upgraded, hence the question.
 
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