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Dopey question
Beatrix_Kiddo
Posts: 72 Forumite
Hi,
I have previously only ever bought and sold where there is no chain at all. This time, I am lucky in that the chain is really only: my buyer, me, the house I am buying (he's going to build).
So, the dopey question is this - how do the timings work with regard to the money? Obviously I want my money before I let my buyer move into my house - but then the bloke I am buying from will want his money before I move into his, so I need my buyer's money, to give to the person I am buying from..........
How does this happen? I am panicking a bit, envisaging me having to be all packed in a van, sat in a layby, hoping the money comes in and goes out within minutes. Moving house does not happen instantly, so this sounds like a nightmare.
Help!
I have previously only ever bought and sold where there is no chain at all. This time, I am lucky in that the chain is really only: my buyer, me, the house I am buying (he's going to build).
So, the dopey question is this - how do the timings work with regard to the money? Obviously I want my money before I let my buyer move into my house - but then the bloke I am buying from will want his money before I move into his, so I need my buyer's money, to give to the person I am buying from..........
How does this happen? I am panicking a bit, envisaging me having to be all packed in a van, sat in a layby, hoping the money comes in and goes out within minutes. Moving house does not happen instantly, so this sounds like a nightmare.
Help!
Hope for the best, plan for the worst.
0
Comments
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If you are using solicitors it all work fairly smoothly.
First everone signs contract and exchanges them via the solicitors.
The contract states the day on which "completion" takes place.
On that day and behind the scenes the lenders send money by BACS transfer to the solicitors and the solicitors move money from your buyer to you and from you to your seller. As soon as your seller gets his money the estate agent will release the keys to you.
Meanwhile you get your belongings load have it taken to your new abode get the keys and move your stuff in.
No probs...0
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