Selling family home and buying a new place

[Jw1102]

I’ve been trying to get my head round the best way of selling the family house following divorce and buying my own place. I’m fortunate that my parents live close by and are in catchment of the secondary school my daughter will be applying for, so I do have the option of temporarily living with them if necessary. So I’m wondering is it much simpler to sell/buy as two totally separate transactions if I can’t find somewhere suitable to move to by the time the family house has a buyer lined up? Are there cost implications on top of storage, moving twice? Anyone who has been in this situation got any advice please? I think my biggest concern is being priced out if prices increase a lot while I’m staying with family and off the property ladder but aside from that, keeping the transactions separate seems like it could be the less stressful option. What else should I be considering? TIA

Bump

The solicitor keeps the transactions separate. You both sign something they (or your divorce lawyer) draw up stating that so much equity from the sale goes to your bank account and so much goes into his after sale costs have been deducted. I kept the same conveyancing solicitor for both as it saved the headache of proving where the new house funds came from.

House buying is very stressful even without the added layer of divorce.

Edit - it took me a long time to find a new property after selling mine, approximately 4 months as I needed a lot of boxes being ticked. Just keep an eye on on rightmove before your house goes on sale to see whats out there.

Thank you for clarifying. Think what I meant in terms of keeping it separate was, is it better to get the sale done and dusted and then look to buy my own place. Rather than having the stress of buying and selling in the same chain. Do the pros of one option massive outweigh the other or is it swings and roundabouts.

Are you talking about the general buying and selling or with the added layer of divorce where the financials are still muddied regarding the equity split? If it's the first you might get better answers in Chat or Property sections.

Personally I would have liked the option of parents but realistically in today's market any step off the property ladder longer than 2 months seems to be a financial risk.

Specifically when divorce is involved and all the added stress/complications of that. I don’t know if my ex could pressure me to rush a purchase etc. I’m very keen to move and start afresh but I don’t want to buy something that’s not right. Just wondering what others have done really, in case I’m missing some pros or cons of either option.

@Jw1102
Personally - I'd start the process of selling/buying. See how it goes - see what offers come, see what is available.
If there is no specific time pressure - I'd not first focus on selling and not look for buying. This may drag the uncertainly for a lot longer, and market moves may affect your buying. And, of course, it is more disruptive to move out; move to relatives: move again.

It does not make a difference that it is divorce really.

I did it the way you describe: separated selling the family home, and buying my own smaller place. It was much less stressful than trying to sell and buy as part of a chain. And bring a cash buyer is a HUGE advantage. I used the same conveyancer for both though. And I found my new house just before the former marital home completed, so I’d advise actively looking (I’m sure you are) but not to worry if you have to sell before you’ve found one).
The storage costs were high ish, even though it was only about three months. It’s good that you have your parents- I’m sure they’d love to help out.

Thanks all, I think the overall message is aim to do them together but be prepared to buy separately if it doesn’t work out. Sadly I won’t be a cash buyer as still need a mortgage for my new place, but hopefully it will all work out one way or another.

For me I think it’s hugely important that you really like/love your new home so definitely don’t rush it if you haven’t seen one you like, but keep looking and something great might pop up. Sounds like you have a good fallback position of staying with family so you can take your time. I’ve done it the other way round and found the new house and now under pressure to get the current one sold. Hopefully all be worth it in the end when we’re at peace in our new homes. Good luck!