Basic selling/buying advice

[83dons]

I was wandering if anyone can suggest basically the best way forward for the following scenario.

I have a house worth around 180k with no money owed on it.
I have savings of 50k that can be used.
I have identified a property for offers over 169k that I would like to buy.

Can I put an offer in easily without first having sold my current property? If this is possible can I use my 50k savings to fund this offer for the period until the house is sold and I can transfer funds from that? If that is ok what charges would likely be incurred?

The house will take at least a month or so to be sold if not longer but I would like to offer for houses in the meantime.

Any general advice much appreciated.

[Dr Interceptor]

Google bridging loan... that is what you need!

[The Moose]

You don't have to pay for your house at the point an offer is made. It's likely a %age will be required at the exchange of contracts (usually 10% so well within your liquid funds). The balance due on completion - i.e. the point the house actually becomes yours.

It's most common to arrange it so your sale and purchase happen at the same time (creating a chain) so they don't have to borrow funds in the form of a bridging loan.

Oh, and there's a 'Homes & Gardens' section for this type of thread!

Bridging loans work well, however do tend to be quite expensive so if you can get yours sold first/at the same time, that'd be ideal.

[OldBuoy]

I have done exactly this. Offered, accepted and then marketed sold my house. A lot of estate agents/vendors won't like this or accept an offer unless you have sold yours.

Speak to the agent and see what happens. Personally I would prefer not to go the bridging loan route, it can get expensive.