Selling a home

Jrose1927

Hello guys new here

Just looking for some advice.

So I've sold subject to Contract to a cash buyer. I haven't found anywhere I like so Im thinking of selling without a chain move in with parents then wait till something comes up.

My question is if I sell with no chain then 2 weeks into solicitors on going a property I like comes up, can I buy as a first time buyer so to speak or would I need for my property to go through first.

Don't want to keep the cash buyer waiting and happy to move with parents for a few months but don't want to have to wait until my property has sold before I start looking, anyway around this?

Thanks in advance Jamie

G_M

FTB in terms of.... what/who?


Mortgage lender?
government scheme?
Seller/estate agent?

Davesnave

You have owned a property, so you can never be a FTB again.


You can begin the purchase process on a property at any time now, but if you're reliant on funds from your sale for the next purchase, you wouldn't exchange contracts on that until you have exchanged on the one you own.


Once contracts are exchanged, no one can back out of the transaction without incurring a heavy financial penalty, so exchange on one property is regarded as sufficient certainty to proceed with the purchase of another.

AnotherJoe

Jrose1927 wrote: »

Hello guys new here

Just looking for some advice.

So I've sold subject to Contract to a cash buyer. I haven't found anywhere I like so Im thinking of selling without a chain move in with parents then wait till something comes up.

My question is if I sell with no chain then 2 weeks into solicitors on going a property I like comes up, can I buy as a first time buyer so to speak or would I need for my property to go through first.

Don't want to keep the cash buyer waiting and happy to move with parents for a few months but don't want to have to wait until my property has sold before I start looking, anyway around this?

Thanks in advance Jamie

This is where confusion arises. In that situation you haven't sold . You've only sold once you've exchanged. Until that point your buyer can back out. What you mean is "you have someone that's agreed to buy and the sale is proceeding". That is not the same as "sold".
If you intend to sell come what may there's no harm looking now. Then either you can connect up the sale and buy or keep them separate but in that latter case make sure your sale completes first.

DrSpendLittle

This happened to us. We had a whole month between accepting an offer on ours and having an offer accepted on another. Our buyers are happy waiting and in fact they may end up being the reason for a delay in exchange now!!