Posted: Thu Apr 05, 12 11:26 am Post subject: Deposit for downsizing.
I've got a plot of land lined up - got a meeting with architect next week - if that is positive then my house is going on the market.
Selling my house will release enough equity to fund the build etc. I have enough 'cash' to fund the buying/moving expenses but at some point will have to find money for the deposit.
I've looked at loans and resurrecting my mortgage.
I've heard of deposit gaurentees but can't find much info.
Any advice on what products to look at / people to see ?
A good financial adviser is essential. Find one before you make an serious commitment with money. They could save you a great deal of money and/or heartache.
I know of one in our area and I'd recommend him to you but not sure where you live.
I'm about 200 miles away.
Not had to do the property chain thing before. Wasn't planning on finding a suitable place for another 6months to a year. So I'm fast having to research and learn.
I see what you mean now, I thought you weren't going to be part of a chain.
Your solicitor should also be able to advise you and as the article you mention states you don't have to agree to a 10% deposit. As the buyer doesn't get their paws on your deposit until you complete it shouldn't matter too much I would have thought if it's less than 10%.
Sounds great and good luck with the project. We eventually gave up looking for our ideal plot in the UK years ago and moved abroad instead.
What sort of house are you hoping to build?
We used these, very helpful and got us a good deal, worth a phone call.
I wouldn't say this plot is ideal / my dream plot, but you have to be realistic given funds and location. The downside of this plot I can live with.
Think I've got my finances sorted out now.
My difficulty is I have limited funds before selling, but have sufficient equity once house is sold.