What if a house is found?

Millsey89

We have accepted an offer on our house, the buyer wants to be in asap, by the end of May is their target.
We cant find a house that we like enough to buy and dont want to purchase a house for the sake of having somewhere to go..
We have decided to stop pressuring ourselves and sell this house (we dont want to loose these buyers) and move back in with the in laws. 
My question is, if we are halfway through the process of selling this house with no further chain. What if we find a property we like halfway through selling? 
Could we move forward with it further than offering on it and get the ball rolling? Or do we have to wait until our house has completed? 

MovingForwards

You just carry on as planned, proceed with your sale and move to in-laws or ask your buyer if they can wait so it falls inline with your purchase. Don't forget the person you are buying from may be buying somewhere, that person also might be and so on.

Millsey89

MovingForwards said:

You just carry on as planned, proceed with your sale and move to in-laws or ask your buyer if they can wait so it falls inline with your purchase. Don't forget the person you are buying from may be buying somewhere, that person also might be and so on.

That's what I'm confused about, if the ball is already rolling selling ours, solicitor instructed, they are doing surveys etc. If we found a house can we add a chain onto the end? 
Or do we have to wait till our house is completely wrapped up, completed before we can go forward with a house if we find one? 

AdrianC

Of course you can delay your sale and risk your buyers walking away by adding a chain on to the end of a nearing-exchange chain-free sale...

Or you can smile, and be happy you'll be staying with the in-laws for less time than you thought.

You don't need to wait for the sale to complete - you just start off the purchase as chain-free. Just the same as if it had completed, but with the caveat that you need the other to complete first.

davidmcn

Millsey89 said:

MovingForwards said:

You just carry on as planned, proceed with your sale and move to in-laws or ask your buyer if they can wait so it falls inline with your purchase. Don't forget the person you are buying from may be buying somewhere, that person also might be and so on.

That's what I'm confused about, if the ball is already rolling selling ours, solicitor instructed, they are doing surveys etc. If we found a house can we add a chain onto the end? 
Or do we have to wait till our house is completely wrapped up, completed before we can go forward with a house if we find one? 

It's not a "chain" just because you happen to be negotiating your purchase at the same time, it's only a chain if everybody wants completion to happen simultaneously. If you don't mind a gap in the middle while you stay with the in-laws then there's no reason why you can't progress your purchase as you go along. You just can't progress it more rapidly than your sale (assuming you need the sale proceeds in order to purchase).

FreeBear

AdrianC said: Or you can smile, and be happy you'll be staying with the in-laws for less time than you thought.

Also in a stronger position to purchase a property - You'll have the money in the bank, no chain behind you, so ready to go. Depending on how much equity you end up with, you may even be in the position of being able to buy for cash without having the extra hassle of getting a mortgage.

Anamox

That sounds like a lot of stress for two reasons: 1) you may find the dream home and have to panic rush into it to get it all ready in time for it all to go wrong because 2) your buyer might not have the ability or desire to extend even a month and then you could be missing out on your dream home and your sale!

At least if you're with the inlaws you can have a relatively stress free move afterwards which you will be chain free for, this might even give you some room on bargaining on price and you'll definitely be top pick if you offer the same amount alongside others.