Buying and Selling Simultaneously
When one is buying and selling simultaneously, it can be a difficult and stressful process.
Outlined below is a method which we use on a regular basis:
Step 1: Issue Contracts for the sale of your existing property (A).
Step 2: On receipt of your Sale Contracts for property A signed, you can then sign the Contracts for the purchase of your alternative property (B).
Step 3: On receipt of the Contracts for the property you are purchasing (B) signed by the seller to you. Sign and release the Contracts for property (A) to the buyer. You now have binding Contracts for the sale property (A) and the purchase of property (B).
This sounds simple enough. However, with people obtaining lending facilities, it can be complicated.
Obviously, the easiest way is to sell one’s house first, put the money in the Bank and then look for an alternative property.
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