Can I do this? Re buying/selling

[helenvellyn]

I just sold my home. Cash buyer, investor so no 'heart in situation', relatively new build with NHBC guarantee do not expecting any issues with survey. Hoping sale is straightforward.

I don't live in the property. I was planning on waiting for the sale to go through then with the proceeds be a chain free buyer. I rent elsewhere and my rental contract ends in June.

However this weekend I have seen advertised the perfect (on paper) home - good price, right Street, etc. Prices are rising in my area and I'm keen to buy again.

Would there be anything stopping me putting an offer in on this house? As I don't need to exchange contracts on old and new property on the same day, would I still effectively be a chain free seller? As if the purchase falls through it wouldn't affect the seller?

Anyone done anything similar?

If your sale fell through, would you still be able to purchase the new house? So for a short time (until you got a new buyer) you would own 2 houses. If this is the case then yes you are chain free.

If your purchase is dependant upon the sale of your current property going through, then you are not chain free. However you are still in a very good position as a purchaser. I would go and see the new property and put an offer in letting them know that you already have a chain free buyer for your current house and that it's all proceeding well. Also that you are in a rental so can be flexible about completion dates. Both plus points over someone who is in a long chain and living in the property so needs to co-ordinate completion dates etc.

Everything that @xyzandabc said

Don't forget to factor additional rate Stamp Duty into your budget if you do go ahead and buy before selling.

You will be able to claim the additional stamp duty back if you sell property one, but yes you would need additional funds temporarily.

Can you plan it so you exchange and complete on the house you want after the first house is done?

Troels that was my plan - I wasn't sure if this was an option!

I don't see why not, you aren't linking the sales in the normal way. You are buying based on a sale that will complete first. Ask the EA if you can make an offer based on this. I'd buy that insurance that covers you if someone else pulls out in case you have spent money of surveys etc on the house you have found.