Potentially Daft Question

alipops1986

Hello All,


My OH and I sold our small starter home about 10 days ago now. It's proceeding nicely - we sold to a FTB and decided we'd move in with family rather than rushing around to find something. We hope this will complete by 2nd week in July, as we advertised with 'no chain'.

So, this week we spent a while looking at different properties and have a second viewing tomorrow at one we are very keen on. If we get the same feeling again, we are hoping to offer on it. We have mortgage in principle etc. The vendors have said they'd move to rented accommodation so we weren't held up.

My question is:
- Would it hold up the sale of our house, if we wanted to buy another? Ideally we'd like ours to go through and complete, then we'd be happy to move in with family while the sale of our new house went through. How does it all work? We've not sold and then bought before.

Thanks,
Alipops x

ACG

The only daft questions are the ones that dont get asked! (There are a few exceptions and they all seem to come from this board - never an actual client :P)

No it wouldnt, theyre both separate processes. Occasionally you get a chain in which case one could hold up the other but as your happy to break the chain and your selling to FTB's then you do not have too much to worry about.

Guest101

If you can afford the 2nd house, whilst the first sells, there is no problem.

However do you have a cash deposit? Is the mortgage offer contingent on selling your first property?

There is 1 golden rule, once contracts exchanged there's no backing out. So my dilemma would be, in your position, you exchange contracts on your new house, but the buyers withdraw from your first house, now your left paying 2 mortgages (or whatnot). However if you make sure contracts are exchanged on your first property first, then there should be no problems.

You don't have to 'chain', alot of people do because of financial and time constraints.

Edit: just to clarify I realise you are wanting to sell nd then buy, i just know how some houses can take months to complete and others weeks. If you see the house you want, it may go through quicker than your sale