Buying and Selling within a week - reasonable?

Ok, so here's the situation. We are sale agreed on our apartment, the purchasers are signing contracts tomorrow and getting their mortgage drawn down the next day. They want to move in asap.

We have just received a completion notice for our new build house, deposit paid etc. We have mortgage ready to draw down along with title deeds etc. We have to have the mortgage of our apartment cleared (and provide evidence of same) before the funds will be released for the new property.

We'll essentially be homeless between the two transactions so trying to keep it as short as possible. We'll get an airBNB for a week or so, will that be enough to clear both transactions do you think? Does anyone have experience of same or can provide a reasonable timeframe. It's stress central.

I sold and bought on the same day a year and a half ago, so it can be done. But your solicitor will need to have all their ducks in a row....

Remember that some solicitors move very slowly and often use post instead of emails, etc

I second that, I have also sold in the morning and bought in the afternoon, it can be done, you'll have to manage the solicitors to achieve it.

Palerider said:

I second that, I have also sold in the morning and bought in the afternoon, it can be done, you'll have to manage the solicitors to achieve it.

Click to expand...

Really?

The solicitor has control over this?

Seven parties - Vendor, Purchaser, Purchaser's solicitor, Purchaser's lending institution, Vendor of new house, their solicitor, Purchaser's lending institution................

Purchasers mortgage?
Funds available to complete?
Nothing on searches?
New house snag list?
New house mortgage funds coming through?
Nothing on searches?

Yes, it can be done but it's asking a lot and leaving little wriggle room for anything to go wrong.

If it happens in one day, its a tidy transaction and very few transactions are tidy.

mf

...and the buyer in this case was a local authority, we closed the sale at their solicitors office before lunch and then went to the developers solicitors based not far away to close the new build purchase.

I have found that sitting on all professionals is required if you want to get something done to a schedule. We were delighted as our furniture sat in a rented truck waiting to be unloaded into the new house having been filled the previous night, our last night in that house.

I also sold the house with no Auctioneers fees as I had very few views with the agent so approached the authority myself.

It can be as tidy as you make it if you drive the process.

In my case I had 2 very standard sales. My buyer was a first time buyer. I was buying a house just out of probate. My solicitor cleared my old mortgage and drew down the new one on the same day (with different banks). I know there was a lot of luck involved, but I also had a very competent solicitor.