Can any one help,thinking about selling my property,if i get the asking price £185.000,carry my morgage of £65.000 to my new house which is 175.000 my sister recons i would have nothing left I recon i would have a few thousand left I know its simple to work out but she say i am wrong.

Sheila.

Hi Sheila

Technically you would be left with £10,000 - the difference between the sale price and the purchase price but then you would have all of your buying and selling fees to deduct so you may not be left with much.

Best Wishes

Andrea

Asking price                    £185,000
Less repaid mortgage           65,000
                                     _______
Balance                                                        £120,000

New house                     £ 175,000
Less Mortgage                    65,000
                                      _______
To be funded from balance                               £110,000
                                                                   ________
Amount remaining                                           £ 10,000

Of course from this £10,000 will come agents' commission (plus VAT) on the sale, and solicitors' fees for the sale and purchase (plus VAT) plus (I think!) land registry charge of 1% of purchased property.    I think that land registry charges apply on properties over £150,000 - but I may be wrong ong this point.   And of course, you will have all the related expenses that come with moving house!

Thank you for replying.think i will stay put.

Sheila.xx