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moving house - buying and selling at same time

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  • 07-06-2020 9:52pm
    #1
    alannoone
    Registered Users Posts: 32 ✭


    I guess it should be relatively common for people to have to sell before buying another property to live in.

    How difficult is this in reality, being in a chain and trying to time it so that you can sell and move into the new property without having to stop over for a while in rented accommodation?


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    #2
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    alannoone wrote: »
    I guess it should be relatively common for people to have to sell before buying another property to live in.

    How difficult is this in reality, being in a chain and trying to time it so that you can sell and move into the new property without having to stop over for a while in rented accommodation?

    So usually you perform an "exchange" which is the exchange of contracts where you are legally committed to buying the property. This happens from a few days to weeks before you "complete".

    This delay between exchange and completion gives you time to arrange moving and pack up your house.

    But ultimately it's completion day when you have to move out of the old property and can move into the new property.

    Being in a chain should be fine as long as everyone has exchanged. Agreeing the date for exchange and completion can be tricky depending on how big the chain is.

    But moving day is long and stressful.

    Depending on the size of your house and the amount of stuff you have it may just be easier to stay in an Airbnb for a while before you complete. Have the house fully packed before completion day.

    I recently exchanged and completed on the same day. It was a nightmare of stress and back breaking work to finish packing and moving in 1 day. I won't be doing that again!


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    #3
    annoyedgal
    Registered Users Posts: 769 ✭✭✭annoyedgal


    We did it too. The actual day went very smoothly despite a delay getting key for the new house so the moving van had to park up and wait.
    We were in the new house with boxes unloaded by about 5.
    The stress in the run up was intense and you don't even know on the day if all will go to plan. We packed an overnight bag and were planning on a hotel if something went wrong on the day.
    A highly competent solicitor is your best friend if you want to pull it off!


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    #4
    myate
    Registered Users Posts: 310 ✭✭myate


    I tried to do it two years ago and no chance! Whether it was the bank (EBS) or solicitor there was no way for us to do it. Basically we had to close on our sale, get the money, fine! But to close on the new house, our bank was issuing a cheque (cheques in this day!!) to the solicitor for the new house...that cheque wouldn't clear for over a week so we couldn't close immediately on the new house. Luckily we found somewhere to stay for 2 weeks while all went through.
    We sold again recently but thankfully the new purchase was a reno so we had somewhere to rent anyway, but even that sale dragged a bit at the end. Don't know why this process isn't easier as lots of people must do it, and it's near impossible to find somewhere to rent for a week, or couple of weeks.
    As above, make sure you go through all that with your solicitor and bank too. We changed banks this time and were assured everything was electronic, but even then we were told funds would go in from sale but wouldn't be available until day after for purchase.


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