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Selling and Not Buying Elsewhere... Yet
pixiepeep
Posts: 82 Forumite
Backstory (warning this is complicated)
Our house has been on the market since April. Initially we sold within a week, had a completed chain the following and were excited with our new home to be. Our buyers dropped out after it turned out they had financial problems they hadn't disclosed and were then unable to get a mortgage.
The property we wanted to buy went on to sell.
We accepted an offer again in June, lower than we wanted, but enough to mean we can afford to move cities (with some help from the in-laws). We've been looking for a place since.
Our buyers are now, obviously, very keen to move in - in fact they would like to do it next week, although they seem oblivious to the legal side of things as nothing seems to have gone through solicitors in terms of a completion date. All the paperwork has been completed, and we've signed contracts at our end.
We have found ourselves in a bidding war on a repossession property that would be PERFECT but it's taking a long time as everytime we get a few days peace someone else puts an offer in on it. We're reaching our budget limit for the house, and there's a very good chance we'll be out of the running before we get anywhere near exchange of contracts.
So we're thinking of moving in with the in-laws (which is fine by them) until we find something else. This isn't ideal, but hopefully wont be for very long.
What happens to the money from the sale of our property if there's a gap between us selling and buying? We have a large chunk of equity (around 40k) but I don't know what happens to that?
TL;DR: We're selling but not buying immediately, what happens to the money earned from the sale.
Any comments would be appreciated
Our house has been on the market since April. Initially we sold within a week, had a completed chain the following and were excited with our new home to be. Our buyers dropped out after it turned out they had financial problems they hadn't disclosed and were then unable to get a mortgage.
The property we wanted to buy went on to sell.
We accepted an offer again in June, lower than we wanted, but enough to mean we can afford to move cities (with some help from the in-laws). We've been looking for a place since.
Our buyers are now, obviously, very keen to move in - in fact they would like to do it next week, although they seem oblivious to the legal side of things as nothing seems to have gone through solicitors in terms of a completion date. All the paperwork has been completed, and we've signed contracts at our end.
We have found ourselves in a bidding war on a repossession property that would be PERFECT but it's taking a long time as everytime we get a few days peace someone else puts an offer in on it. We're reaching our budget limit for the house, and there's a very good chance we'll be out of the running before we get anywhere near exchange of contracts.
So we're thinking of moving in with the in-laws (which is fine by them) until we find something else. This isn't ideal, but hopefully wont be for very long.
What happens to the money from the sale of our property if there's a gap between us selling and buying? We have a large chunk of equity (around 40k) but I don't know what happens to that?
TL;DR: We're selling but not buying immediately, what happens to the money earned from the sale.
Any comments would be appreciated
0
Comments
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Write a letter instructing your solicitors to issue a cheque payable to "G_M", then send me a PM with your solicitor's address.....
What happens to the money from the sale of our property if there's a gap between us selling and buying? We have a large chunk of equity (around 40k) but I don't know what happens to that?
The money will be perfectly safe.0 -
Backstory (warning this is complicated)
Our house has been on the market since April. Initially we sold within a week, had a completed chain the following and were excited with our new home to be. Our buyers dropped out after it turned out they had financial problems they hadn't disclosed and were then unable to get a mortgage.
The property we wanted to buy went on to sell.
We accepted an offer again in June, lower than we wanted, but enough to mean we can afford to move cities (with some help from the in-laws). We've been looking for a place since.
Our buyers are now, obviously, very keen to move in - in fact they would like to do it next week, although they seem oblivious to the legal side of things as nothing seems to have gone through solicitors in terms of a completion date. All the paperwork has been completed, and we've signed contracts at our end.
We have found ourselves in a bidding war on a repossession property that would be PERFECT but it's taking a long time as everytime we get a few days peace someone else puts an offer in on it. We're reaching our budget limit for the house, and there's a very good chance we'll be out of the running before we get anywhere near exchange of contracts.
So we're thinking of moving in with the in-laws (which is fine by them) until we find something else. This isn't ideal, but hopefully wont be for very long.
What happens to the money from the sale of our property if there's a gap between us selling and buying? We have a large chunk of equity (around 40k) but I don't know what happens to that?
TL;DR: We're selling but not buying immediately, what happens to the money earned from the sale.
Any comments would be appreciated
What does TLDR mean? I can't work it out.0 -
0
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I wouldn't keep upping the offer on the repossessed house, could be the estate agent playing up to keep the house price going up and creating fictional buyers.
Other thing is you'll be in a better position to buy without a chain if you wait to buy:T:T :beer: :beer::beer::beer: to the lil one :beer::beer::beer:0 -
What ever is left after the solicitor has paid off any mortgages / ea fees & there own fee will just be transferred to you, we had to sign a form asking how we would like it paid 'who's name' transfer or cheque etc
We have sold, expect to exchange this week or next & move a week later. Just waiting for 1 search to come back.
We r going the newbuild route & the house we want isnt ready till spring next year so we r going into rented, a lot of our stuff has already gone into storage0
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