Moving house - closing sales & moving furniture

O

OrlaM

Guest
Hi

I'd be grateful for any opinions to clarify my confusion on the following:

I'm selling a house in Dublin and buying a house in LImerick. As I understand it - the best sequence of things is to close in Dublin and then close in LImerick. Closing in DUblin will allow me to have the money neatly in place to close the Limerick sale and get the keys of Limerick

However am I right in assuing that closing in Dublin requires the Dublin house to be vacated of furniture and belongings?

And if so How and when does straight furniture removal from A to B come into play?

Do I need a bridging loan to close LImerick first and get the keys of LImerick to enable furniture be transferred from Dublin

OR is there an alternative

I want to avoid the situation and hassle of removing furniture from Dublin, storing it in the interim and then moving it into Limerick at a later stage


MAny thanks for any ideas
 
The only possible alternative is that your purchaser allows you to stay for a few days after completion i.e. you have your money but you are still in possession. This is not recommended - a vendor turns nasty ( it does happen) and a purchaser is left with no funds and no house.

Really, you have set it out yourself very clearly so its a question of finding the least painful way of doing it that works for you.

mf
 
Both closings can be done on the one day. Load up in Dublin in the morning, drive to Limerick in the afternoon, pick up keys late afternoon and move in. Your solicitor has to be organised,experienced and willing to go the extra mile to make it happen but it is possible. Money can be transferred electronically between solicitors. Even if you end up staying one night in a hotel because you cant face the unpacking at the other end, its a lot cheaper than bridging or storage. Same day closings on chains have now become common. Talk to you solicitor about it.
 
Same day closings on chains have now become common.

They are a nightmare for everyone involved leaving little or no leeway for anything going wrong:

as in - no loan cheque, funds don't arrive by electronic transfer, searches are late or don't show, one party not ready ...........

mf
 
Thank you for those replies and suggestions.

The chain in moving from Dublin to Limerick is further hampered by the fact that my solicitor is based in Cork!!

Bridging whilst involving some cost may be the only realistic option.

Once again can anyone advise on the pitfalls of this approach or even the costs involved. I'm lead to believe it's at normal mortgage lending rates.

I didn't realise moving could be so complicated!!

Many thanks
Orla
 
Bridging is charged a couple of percentage points above standard variable. You usually have to have the same lender on the house you're selling as the one you are buying. You need to arrange it at the same time as your mortgage and there is usually an arrangement fee which varies from bank to bank. If you have the equity and the income it can be better to get a 90% loan on the new house and a top up on the old one for the stamp duty and deposit. There is then less pressure to get the contracts signed on your sale although there is obviously a risk involved. You get a better rate this way and no arrangement fee. You can also use more than one lender and some will give you interest only on the 90% which helps with the cost. Most sales and purchases I deal with are either same day closings or done this way. Bridging is not actually not that common.
 
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