Is this a bad idea?

jackie_w

Hi There,

I want to move into my new property on the 11th May, therefore, thought it was a good idea for the buyers of my house to move in on the 11th May too.

However, someone has told me that this is a bad idea and might not happen.

The profit I have made from the sale of my house will be going towards the deposit of my new house, but, ive been told that all the funds might not be transferred over in time.

Im really starting to worry about this now, because if I have to move out of my old property on the 11th May, and cant move into my new property until the following week, ive got absolutely no where to go (family dont have room for us), and where will I put all my furniture?


Jackie

RufusFrog_2

Everyone moving on the same day is perfectly normal (except for the FTB at the bottom who may have some overlap with their rented accommodation).

Moneys are transferred by a system called CHAPS and is guaranteed to be same day. If it's a long chain though it could take a while for all the payments to go through. Banks do prioritise this work though. I've only read of one case where the money didn't arrive until after 4:30pm which was deemed 'too late'.

If you are still nervous about it the most sensible thing is to NOT move on a Friday. This is the most popular day for house moves and therefore the busiest for CHAPS. Also if the money arrives too late you have to find alternative accommodation for the whole weekend and pay the removers for storage. Change it to the Thursday. It's much less likely to go wrong and even if it does you will be able to get in first thing on Friday and you can give yourself three days to unpack. What's an extra day off work compared with peace of mind?

jackie_w

Thanks for replying.

Im 2nd in the chain. The people buying our house are first time buyers, and am currently awaiting on them getting back to us to confirm if they can move in on the 11th May.

The people whos house im buying have yet to confirm the 11th May is okay for them too.

Jackie