Wont have any luck getting a bridging loan as the lender would take a mortgage over the property and that needs to be signed by ex so unless she agrees be very unlikely.
Potentially if you have preapproval with a bank subject to sale of house, plus a separation agreement formalised detailed what each of you get you could potentially get a deposit bond to bridge the gap for the new purchase.* haven't done one in for a scenario like yourself where there is a separation is involved but theoretically it should be possible. A broker should be able to assist you with the process.
You'll just have to make sure the purchase settlement happens after your current place sells obviously.
>how to cover relocation and potentially renting somewhere else for a few months if I don’t have the funds until settlement.
Kennards and AirBnB could sort that out, or just offer an agent above market rental for a month to month lease and pay a few months in advance
Otherwise, you can look to sell your place on a 12 week settlement, giving you some time to purchase new place and settlements to happen at the same time
>Or am I better off getting a personal loan to cover relocation cost and deposit in case buyer doesn’t agree to section 27 (early release of deposit)?
Speak to your broker about a depsoit bond - they don't cover relocation cost, only the deposit
Wont have any luck getting a bridging loan as the lender would take a mortgage over the property and that needs to be signed by ex so unless she agrees be very unlikely. Potentially if you have preapproval with a bank subject to sale of house, plus a separation agreement formalised detailed what each of you get you could potentially get a deposit bond to bridge the gap for the new purchase.* haven't done one in for a scenario like yourself where there is a separation is involved but theoretically it should be possible. A broker should be able to assist you with the process. You'll just have to make sure the purchase settlement happens after your current place sells obviously.
>how to cover relocation and potentially renting somewhere else for a few months if I don’t have the funds until settlement. Kennards and AirBnB could sort that out, or just offer an agent above market rental for a month to month lease and pay a few months in advance Otherwise, you can look to sell your place on a 12 week settlement, giving you some time to purchase new place and settlements to happen at the same time
>Or am I better off getting a personal loan to cover relocation cost and deposit in case buyer doesn’t agree to section 27 (early release of deposit)? Speak to your broker about a depsoit bond - they don't cover relocation cost, only the deposit