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Separate our transactions?
We are in the process of selling our house and buying a new build property off plan.
We were due to exchange and complete on both by the end of January 2024. However, as usual the new build developer has delayed the likely completion of the house until the end of March 2024.
Our buyer who has been patient throughout has said that can’t wait longer than the end of February. Therefore we are thinking of separating the transactions. We have alternate accommodation for the interim.
I’d just like some advice on the specifics:
- We are porting our mortgage from our current property to our new build, we have already applied for our new mortgage with the same lender secured on the new property. Will a 2 month gap between selling & buying likely be an issue? (I have an appointment next week with the lenders mortgage advisor).
- What order would be best with regards exchange / completion. Should we exchange & complete the sale before we agree to exchange on the new build? Or would it be safe to exchange for the sale and then exchange on the new build, then complete sale, then complete purchase?
- Would all of the funds be returned to us for the interim or be held by the lender/conveyancers if there is >4 weeks between sale/purchase?
- Are there any likely hurdles or fees that I’ve not considered by effectively not completing in a ‘chain’ on the same day?
Thank you for any help, much appreciated headache over Christmas.
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