Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Moving - Mortgage Chain and logistic

Options
  • 07-08-2017 1:38pm
    #1
    Cilar
    Registered Users Posts: 172 ✭✭


    Most people moving need to sell their house to buy a new one.

    With the absence of bridging loans, how do people in a chain move those days? Are all people in a chain moving on the same day where the transaction happen? Interested in understanding the logistics of moving full content of several houses in a single day. Otherwise, is it common to negotiate in contract moving over several days?


Comments

  • Options
    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Basically everyone is moving the same day, hence why it's such a nerve wracker.


  • Options
    #3
    toodelies
    Registered Users Posts: 80 ✭✭toodelies


    We have just moved. We closed the sale of our first properly and the purchase of our second on the same day. We were lucky in that the purchasers of our first Property and the vendors on the second were not in a chain. We rented a removal truck the day before moving and packed it that evening. We had cleared a good chunk of non essential things into storage before we put the property on the market so while we had a lot, we didn't have loads. Managed to get the lot into the removal truck. The next day our solicitor was able to close the sale of the first property early so the funds were released by 11am. We had drawn down our mortgage a few days before hand. The balance funds were then wired to the solicitors for the house we were buying. This sale closed at 3:30pm despite a cock up by the solicitor for the house we were buying. You have to hand over vacant possession on the closing of your sale or funds won't be released. If you are relying on the sale funds to buy you can see why that would be an issue. Our solicitor was excellent and we were all over all the interested parties to ensure both sales went through on the day. We had a contingency plan if they did not.


Advertisement