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Buying a part Exchange property but i have a chain
smarkham85
Posts: 3 Newbie
Hi All.
The house we are buying (agreed sale verbally over the weekend) has been confirmed to be as a part exchange. The current vendors have part exchanged with a new development and they will be moving into the show home August time. Exact date still to be confirmed obviously. Even though the house isn't available to us until Approx August, will they expect us to exchange with them in 28days - or is this not always the case, as the property isn't vacant.
My situation is: We have a shared ownership property, which we are selling the 100% share through a simultaneous staircase assignment, for which we now have a sale agreed. But i understand due to a third party being involved, getting to exchange would usually take a little longer.
We are fully prepared to move out into parents house, sell our current house with no onward chain and then wait for our house to become available. Our house was on the market for 1 year prior to agreeing a sale, so we do not want to risk losing our buyer, therefore we are prepared to break a chain.
Will the developer want us to exchange in 28days? I presume our buyer will also need to agree to a 28day exchange and then we can complete with our buyer quickly, whilst we await for our completion. Do all part exchange companies require a 28day exchange even if the house isn't vacant and available?
Will be face mortgage issues? By breaking the chain and moving out to alternative accomdation, again does this affect mortgage due to change of addresses etc?
I dont expect our buyer to exchange and have a delayed completion as i feel they will pull out and not agree to this
The house we are buying (agreed sale verbally over the weekend) has been confirmed to be as a part exchange. The current vendors have part exchanged with a new development and they will be moving into the show home August time. Exact date still to be confirmed obviously. Even though the house isn't available to us until Approx August, will they expect us to exchange with them in 28days - or is this not always the case, as the property isn't vacant.
My situation is: We have a shared ownership property, which we are selling the 100% share through a simultaneous staircase assignment, for which we now have a sale agreed. But i understand due to a third party being involved, getting to exchange would usually take a little longer.
We are fully prepared to move out into parents house, sell our current house with no onward chain and then wait for our house to become available. Our house was on the market for 1 year prior to agreeing a sale, so we do not want to risk losing our buyer, therefore we are prepared to break a chain.
Will the developer want us to exchange in 28days? I presume our buyer will also need to agree to a 28day exchange and then we can complete with our buyer quickly, whilst we await for our completion. Do all part exchange companies require a 28day exchange even if the house isn't vacant and available?
Will be face mortgage issues? By breaking the chain and moving out to alternative accomdation, again does this affect mortgage due to change of addresses etc?
I dont expect our buyer to exchange and have a delayed completion as i feel they will pull out and not agree to this
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Comments
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It's actually probably best for you to break the chain, because most mortgages have to complete within 3-6 months.
If your seller is dependent on the sale to you to buy their house, they cannot exchange until you exchange.
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