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amey
ELI5 - I'm otherwise fairly financially literate but seem to have a massive blank spot when it comes to the understanding the basic moving parts of this (hypothetical) scenario.
I purchased my current home for £320,000 (£20K deposit, £300K mortgage) - remaining mortgage balance is about £250K
I sell this home for £360K and simultaneously buy a new home for £460K
Ignoring Stamp Duty, solicitors etc. what's the amount of hard cash I should reasonably expect to have to hand over to facilitate my move up the property chain?