Online House Hunting

What happens with the prift you make from a house sale?

We've just sold our first home and made a profift of £28,000 (on a house that only cost us £70,000). Our next house is costing us £95,000 and we are taking a mortgage of £85,000 and will be using the rest to renovate the house. Where will the funds go once the sale has been completed? Do we need to open and account to put it in? Yeah already have a current avvout and an ISA with a £3000 limit so won't be able to use that. A lot of it will be used in the first few weeks with buying stuff for the new home so prob best just keeping it in the current account the investing the rest once we're done! Yeah already have a current avvout and an ISA with a £3000 limit so won't be able to use that. A lot of it will be used in the first few weeks with buying stuff for the new home so prob best just keeping it in the current account the investing the rest once we're done! Mole, if you read the q you wouldn't leave such stupid answers.

Public Comments

1. you put a down payment on your new house and then you pocket the rest of the money.
2. i would imagine you would need a bank account but i would have though you already had one as you have a mortgage
3. larger down payment means lower monthly payments. better to use it as equity in a house than blow it on useless stuff.
4. Your solicitor will pay you this money probably in the form of a cheque.
5. I don't know what a prift is, maybe you can translate that to profit? And be careful with houses, they can be some of the worst investments in the world when you get a realtor or someone that knows how to scam you from years of experience.
6. No tax if it is your main abode. Kitchen, bathroom and living room, once they are your dream, sell the house whilst it's looking great and keep moving. Within 5 years you will own a house worth a million pounds. That's how i ended up with resort caroline and living in the tropics.
7. What I would do is put the whole profit against the mortgage, bringing it down to £67,000 (although you will still have £85,000 available). You can then increase your mortgage to pay for the renovations - that way, you are minimising the amount of interest you are paying at any time! You need to discuss this with your mortgage company though. It also means that if your renovations cost you less than you expected, your mortgage will be smaller and you will be paying less out each month! Remember that the mortgage is the maximum you can borrow - you do not have to borrow the whole amount!! Have fun in your new house!
8. it helps to buy yor next place
9. It will be your money, and the Solicitor will probably send you a cheque for £18k less his and the EA's bills. Best to open an Online savings account linked to your current account, that way you can earn a decent rate of interest, but still be able to transfer it back into your current account immediately so you can spend it on doing up the new house. Check with your existing Bank, if they do a high rate instant access account, that is your best option. I have this with my Bank, I could get .25% more with ING, but by the time they transfer money back it has lost loads of interest in Bank Cyber Space. So I have an account with my Bank, and it takes less than 10 seconds for me to get at my money, so I get more days interest.