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Chain of 4 - Diff Completion Dates?
ironlady2022
Posts: 1,574 Forumite
Hi, I'm in a chain of 4.
1) My Buyer (currently living in a mortgaged flat. The flat will remain theirs and they intend to rent out. They have applied for mortgage in the Wife's name to avoid stamp duty).
2) Me,
3) My Seller,
4) My Seller's Seller (buying new build to be complete in Sept)
If myself and 3 and 4 Seller agree one date, can I agree a slightly later date with my Buyer? Say a week or a few days later to give me chance to move, rather than rush on the day?
1) My Buyer (currently living in a mortgaged flat. The flat will remain theirs and they intend to rent out. They have applied for mortgage in the Wife's name to avoid stamp duty).
2) Me,
3) My Seller,
4) My Seller's Seller (buying new build to be complete in Sept)
If myself and 3 and 4 Seller agree one date, can I agree a slightly later date with my Buyer? Say a week or a few days later to give me chance to move, rather than rush on the day?
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Comments
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Can you afford to complete your purchase without the funds from your sale?ironlady2022 said:Hi, I'm in a chain of 4.
1) My Buyer (currently living in a mortgaged flat. The flat will remain theirs and they intend to rent out. They have applied for mortgage in the Wife's name to avoid stamp duty).
2) Me,
3) My Seller,
4) My Seller's Seller (buying new build to be complete in Sept)
If myself and 3 and 4 Seller agree one date, can I agree a slightly later date with my Buyer? Say a week or a few days later to give me chance to move, rather than rush on the day?5 -
Don't you need your buyer's money in order to buy your onward purchase? If your buyer completes on a slightly later date than yours, you won't receive his purchase monies until the slightly later date.4
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Comments in line. If you complete later on your sale, then you'll own both properties for that week. That means your need deposit / equity money separate to any funds tied up in the first property, and the lender needs to agree to give you a second mortgage while you still have the first. Do you have that?ironlady2022 said:Hi, I'm in a chain of 4.
1) My Buyer (currently living in a mortgaged flat. The flat will remain theirs and they intend to rent out. They have applied for mortgage in the Wife's name to avoid stamp duty). - okay.. their problem not yours but it wouldn't affect stamp duty if they're married.
2) Me,
3) My Seller,
4) My Seller's Seller (buying new build to be complete in Sept)
If myself and 3 and 4 Seller agree one date, can I agree a slightly later date with my Buyer? Say a week or a few days later to give me chance to move, rather than rush on the day? - then you wouldn't get money from your buyer and would still be on the old mortgage for that week. Without touching that, can you get a separate mortgage on the new property and have separate funds for your equity ('deposit')? If yes, then yes.2 -
Correct. I fear the chain may collapse unless they find the money for extra stamp duty.I fear your buyers are in for a most unpleasant surprise regarding stamp duty avoidance as a married couple are treated as one entity.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.1 -
Unless it’s their only property and the are buying in the wife’s name to preserve FTB status - although I’m not sure if that would be a reason but @sdlt @SDLT_Geek would know.Edenbridge said:I fear your buyers are in for a most unpleasant surprise regarding stamp duty avoidance as a married couple are treated as one entity.
If they are retaining their current property they may also be liable for the 3% surcharge as they are purchasing an additional property.
Would this scenario make the purchase of your place unaffordable?Would you also be liable for the 3% surcharge (reclaimable in your case) if you temporarily own 2 properties?2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream0 -
No I cannotuser1977 said:
Can you afford to complete your purchase without the funds from your sale?ironlady2022 said:Hi, I'm in a chain of 4.
1) My Buyer (currently living in a mortgaged flat. The flat will remain theirs and they intend to rent out. They have applied for mortgage in the Wife's name to avoid stamp duty).
2) Me,
3) My Seller,
4) My Seller's Seller (buying new build to be complete in Sept)
If myself and 3 and 4 Seller agree one date, can I agree a slightly later date with my Buyer? Say a week or a few days later to give me chance to move, rather than rush on the day?0 -
Ar right, i see.Tiglet2 said:Don't you need your buyer's money in order to buy your onward purchase? If your buyer completes on a slightly later date than yours, you won't receive his purchase monies until the slightly later date.0 -
My mistake. My Buyer owns it, not with his Wife.Edenbridge said:I fear your buyers are in for a most unpleasant surprise regarding stamp duty avoidance as a married couple are treated as one entity.
If they are retaining their current property they may also be liable for the 3% surcharge as they are purchasing an additional property.
Would this scenario make the purchase of your place unaffordable?Would you also be liable for the 3% surcharge (reclaimable in your case) if you temporarily own 2 properties?0 -
Married couples are treated as one in relation to SDLT.0
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