Buying and Selling in a Property Chain

M

Marieh

Registered User
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I was wondering of somebody could offer some advice on buying and selling in a chain. We are hoping to sell our home for about 240k and we are bidding on a new home for about 340k. Our mortgage is about 125k so we are hoping to clear 115k less fees. We have loan approval for 260k with 100k deposit from the proceeds of the sale of our home. My question is, can our solicitor make up the sale price from the new mortgage of 240k with proceeds of sale of our house 100k? Then can the balance of 15k be used to pay fees - estate agent, solicitor and stamp duty.
Also, are we likely to encounter any other difficulties by trying to sell and buy at the same time?
Thank you.
 
Answer to first question - yes, I have done something similar recently.
I bought and sold at the same time with both sales closing on the same day. No real problems, but you will probably need to have your old house sale agreed and contracts ready to sign before any EA will accept your offer on the new property. You will also need a good solicitor.
 
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