Buying sequence/timelines when selling current home?

TelePaul

Hi all,

As the title suggests, I'm a little unclear as the best way to sequence the sale of my current apartment and put an offer on a prospective new place to live. For context, the plan is to sell the 2 bedroom South City Centre apartment and buy something more family-centric with the girlfriend (all approved in principle, contingent on the apartment sale completing before draw-down).

Now, I suppose in an ideal world, I'd list my apartment and set the sale as contingent on closing within x months, right? But to effect this, I expect I need to know the average 'window' from offer accept to closing in most properties to a) avoid not being able to close in-line with the vendors preferences or b), the opposite, selling my place too soon and moving back with the parents while I wait to close (or worse, I lose the sale and need to start again).

I'm sorry if this seems quite basic, but it's the key issue I'm struggling with as it's my first time 'upsizing'. I've had mixed guidance from estate agents on sell cycle times, though I've no real concerns about selling my current apartment - it's smack in the heart of Google/Facebook town and I can price competitively to ensure a sale.

Any guidance would be great!

Claw Hammer

Nobody has a crystal ball. The management companies in some apartment blocks hold up sales because they don't issue paperwork for ages. Sometimes it is difficult to issue a contract because your own lender will not release the deeds quickly enough. As a general rule, when prices are rising, secure another place, then, sell you own. When prices are falling, sell your own place, then buy another.
It will definitely be less stressful to have the money in the bank from the sale of your own place before signing a purchase contract.

TelePaul

Claw Hammer wrote: »

Nobody has a crystal ball. The management companies in some apartment blocks hold up sales because they don't issue paperwork for ages. Sometimes it is difficult to issue a contract because your own lender will not release the deeds quickly enough. As a general rule, when prices are rising, secure another place, then, sell you own. When prices are falling, sell your own place, then buy another.
It will definitely be less stressful to have the money in the bank from the sale of your own place before signing a purchase contract.

Cheers Claw Hammer, good rule of thumb there! Another basic question but any idea as to average timeframe for closing?