Problems with buying property while waiting to sell your own.

homeOwner

If you have your offer accepted on a property but are still waiting to sell your own, will the bank lend you the money on the expectation that you will sell your own soon or do you have to have completed the sale and physically have the money before the bank will give you the new mortgage?

Will a buyer wait until you sell your own or what is a reasonable amount of time to expect a buyer to wait if they have accepted your offer.

kluivert

It sounds as if your are in a chain. Its a buying and selling dilemma but nothin to get worried about.

What you did to do is if possible arrange for anexchange of contracts for the purhase and selling of each other. This involves negiotating with both the buyers of your current home and the sellers for of your new home.

As for the banks you can arrange what is called an "Abridging loan". They are very very common for people in your situation so speak to your bank manager and one can be easily arranged. Take the copy of contracts to the bank with you as well and the very best of luck with your new home.

TwoShedsJackson

Avoid a bridging loan if you possibly can, they can be horrendously expensive even over the short-term. Many estate agents will not accept your bid unless you are sale agreed on your property, as their clients want some assurance that the sale will not be unduly held up, as well as the 'can't gamble with what you haven't got' idea.

I strongly recommend you get sale agreed on your place before you go around putting offers in elsewhere, it will save you stress in the long run - at the very least make sure the offers on your place are up into the region you're going to accept.

lomb

TwoShedsJackson wrote:

Avoid a bridging loan if you possibly can, they can be horrendously expensive even over the short-term. .

ignore all that advice, bridging costs yes, but its not alot http://archives.tcm.ie/businesspost/2005/04/17/story4022.asp