Delicate situation - exchanging contracts

notanewuser

Do you need the money from your sale to pay for your purchase, OP
Why don't you want your buyer to know you're buying too?

TheCyclingProgrammer

marco501 wrote: »

He talks about getting a `reverse release` which is to exchange with the seller and then exchange with the buyer if the seller's solicitors are happy to do this.


Does any of this make sense?

So what happens if you exchange on your purchase and then your buyer pulls out before exchanging with you on your sale? How will you pay for your new house?

G_M

TheCyclingProgrammer wrote: »

OP would be better off what they are trying to achieve and why. Why do they want to keep their buyer in the dark about their purchase?

Indeed.

Marco - why do you want to keep your plans secret?

What are you trying to achieve?

marco501

The buyer cannot be trusted.

notanewuser

Where do they think you're going?

Your posts make it very hard to advise, you know. Can you please answer the questions asked?

marco501

I don't want to go into great detail beyond the fact matters are delicate and the buyer cannot be trusted.


I was just hoping to make sense of what I have been told by my conveyancer so I can make an informed decision.

G_M

marco501 wrote: »

The buyer cannot be trusted.

In what respect?

What do you think the buyer might do if he knows you are also buying.

Most buyers will assume this is true anyway. Afterall, after you sell to him you have to live somewhere and he knows that.

And if you really don't trust him, then stop wasting your time and find another buyer.

TheCyclingProgrammer

It's quite simple. You can only exchange separately if you have a) alternative plans to move out if your purchase falls through after exchanging on your sale or b) you have the funds to complete your purchase if you exchange on that first and your sale then falls through.

It sounds to me like you've told your buyer there is no onward chain and now there is one and they may pull out if they find out.

If the entire chain is ready to exchange then I don't see what the problem is - agree a completion date across the chain and do the simultaneous exchange!

G_M

marco501 wrote: »

My conveyancer says I need to tell the buyer `because I will need to synchronise the sale with the purchase as contracts will have to be released to us`.

What does `releasing contracts` mean please? Many thanks in advance for any words of wisdom.

OK. I see what he is saying (which is basically the same as we have all been saying).

Exchange of Contracts is normally done on the phone between conveyancers. (let's not discuss how it happens if a professional conveyancer is not involved - ie a DIY job)

Once that is done, each conveyancer sends the signed paper contract by post ('releases the contract') to the other. They have no choice once telephone Exchange has taken place as they are bound by professional rules. The contract is binding from the time the telephone Exchange happens.

Your conveyancer is saying that once he has Exchanged (by phone) with your buyer, he has to 'release the contract'. And as we have all explained above, if your purchase then collapses, you will have nowhere to live unless your mum has a spare room or you have a cosy bridge nearby to sleep under.

xylophone

you will have nowhere to live unless your mum has a spare room or you have a cosy bridge nearby to sleep under.

The OP says he is selling "a property"- it is not necessarily the property in which he lives?