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Old 19.01.2011, 21:17
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Coordinating buying and selling a house - or not

Apologies if this question has been dealt with elsewhere - I tried the search function but to no avail ... which will be my fault rather than the search functions fault ...

We own a house in Baselland but are considering moving to Canton Jura.

Past experience shows us that in our village, it can take upwards of 2 years to sell a house. Our own house was on the market for 6 months (empty - they had already moved) before we purchased it and that was considered a quick turn around.

Our problem is that in the specific area we want to move to, there is very little to buy and even less to rent. Plus we have school age children and want to avoid moving somewhere temporarily, having them start in school, only to move to a permanent home some time later, when they will probably have to move school again.

We have discovered a possibility of building a property that we are keen about.

All of this has led us to think that if we decide we want to move, we should get the new house built and take the hit from having two mortgages on two properties until such time as the current house sells - as we are anticipating that it will be quicker to build a house and move in than it will be to sell this one.

Which is all very well from a financial point of view (we could afford the repayments on the amount we would need to borrow to finance the purchase based on our current mortgage rate), but we have no idea whether this is actually permissible or indeed "doable". My experience is of the UK market where "bridging finance" is sometimes available but usually at an eye wateringly high price and only against substantial collateral.

How do people deal with selling and buying when it is practically impossible to dovetail selling one property and buying another? We have known several people round here who have moved into a property that they purchased many months before their old house was sold, so it seems something that is more common than bridging finance in the UK or is that wrong?

Does anyone have experience of doing this who could explain what they did?

Thanks
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Old 20.01.2011, 21:10
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Re: Coordinating buying and selling a house - or not

Hi,

I am just in the search for a house in Baselland.

I live in Arlesheim. May be I could be interested in your property.

Looking for a 4.5 to 6.5 house for a family of 4 in the canton.

Let me know if you are in that range.

Regards
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Old 20.01.2011, 22:26
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Re: Coordinating buying and selling a house - or not

We had a bridging loan of about CHF600,000 for 6 months a couple of years ago. At 2% it was relatively painless and as existing borrowers the bank (ZKB) let us have it simply by completing a form. We didn't visit the bank and they made the loan on the weight of the developer's plans and what their 'property computer' said (it was 'yes')...
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Old 20.01.2011, 22:34
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Re: Coordinating buying and selling a house - or not

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We had a bridging loan of about CHF600,000 for 6 months a couple of years ago. At 2% it was relatively painless and as existing borrowers the bank (ZKB) let us have it simply by completing a form. We didn't visit the bank and they made the loan on the weight of the developer's plans and what their 'property computer' said (it was 'yes')...
thank you - this is exactly the sort of information I was looking for. May I ask (you need not answer if this is too personal ... I realise this is a public forum) was this bridging loan covered by the pre-existing equity in the "old property"? or was it secured on the new one? Our problem is that we do not have enough equity in the current property to cover the purchase of the new one ....

I am basing my questions on my understanding of mortgaging properties in the UK so I could be well off beam for CH. We have arranged various appointments with various banks but I am trying to get some info upfront ..

Thank you
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