When assessing how much you can spend on your new house you should include in your calculations the following one-off costs:
- Estate Agents fees for the sale of your existing property
- Solicitor fees for both the sale of your existing property and the purchase of your new property
- Refurbishment costs
N.B. If you are selling a family to move to a new family home you are not liable for stamp duty
In addition to this some banks may request you to clear any additional debt with the proceeds to bring you into line with their credit criteria.
This can be done over a reduced term (min 5 years) so you do not bear the increased financial cost of placing short-term debt over the long-term.
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