Selling one - buying another: how to manage the move

Penny Dreadful

Hi All,

I'm about to go sale agreed on my house and am putting a bid in on another house I wish to buy and move into.
This is the first time I've been in a chain as such and was wondering how you time the move.
There is no one in the house I want to buy so that part of the equation isn't a problem but I was wondering about a time over lap in terms of selling the one I'm in and having the funds transferred to my account closing the deal on the one I'd like to buy and transferring the funds to that account and getting the keys.
Can it all be done on the one day? Is that even possible?
Are you allowed a day or two grace in your existing property while you pack up and move out?
Any advice or past experience welcome

D3PO

Penny Dreadful wrote: »

Hi All,

I'm about to go sale agreed on my house and am putting a bid in on another house I wish to buy and move into.
This is the first time I've been in a chain as such and was wondering how you time the move.
There is no one in the house I want to buy so that part of the equation isn't a problem but I was wondering about a time over lap in terms of selling the one I'm in and having the funds transferred to my account closing the deal on the one I'd like to buy and transferring the funds to that account and getting the keys.
Can it all be done on the one day? Is that even possible?
Are you allowed a day or two grace in your existing property while you pack up and move out?
Any advice or past experience welcome

Historically people would have got what's known as a bridging loan so that all could be sorted the same day. Its unlikely without this you could sort everything in the same day and there is no allowance or grace in terms of packing and moving out of your existing property.

However sometimes talking can fix a myriad of things. The buyer may allow you a few days grace but don't expect it to be free, you would be expected to pay for the privilege.

If you cant get a bridging loan then pack up into storage for a few days or whatever stay with a family member or in a hotel whilst you close things out.

whippet

just an aside.

With regards to staying on in your original property for a couple of days; the vendor of the house that I bought last year asked for the same thing; I thought nothing of it and was about to agree when my solicitor rejected the notion out of hand .... the reason .. Insurance, god forbid something happened the house; burst pipes; lighting; fire; vandalism .. as you hadn't taken residence would your insurance cover the property?

Penny Dreadful

whippet wrote: »

just an aside.

With regards to staying on in your original property for a couple of days; the vendor of the house that I bought last year asked for the same thing; I thought nothing of it and was about to agree when my solicitor rejected the notion out of hand .... the reason .. Insurance, god forbid something happened the house; burst pipes; lighting; fire; vandalism .. as you hadn't taken residence would your insurance cover the property?

That had crossed my mind even just to the extent of moving stuff out of the house. What if walls got scuffed etc? Who would be liable etc

killers1

You can coincide the sale & purchase for the same day with the sale of your house to go through in the morning to give you the required funds to complete the purchase of the other property in the afternoon. Be prepared for a stressful day!