Confused about exchanging

[Workingmummyy]

Scenario:

Im selling my house.
Bf selling his house
We are buying a house together.

Solicitor says we are done on the purchase and can sign but he just wanted to finalise a couple of last bits on the 2 sales.

Looking to move in a couple weeks.

The house we are buying is a new build and they want us to exchange next week.

My question is can we exchange on that before exchanging on the 2 sales?

Im assuming you cant as what if one of the sales fall out of bed? Or does it not matter as thats the completing part that locks it all in?

You are financially liable and committed from the point of exchange, so if you need to sell both properties in order to afford the new place, you would be unwise to commit yourself to the new one until you know you have the sales contracts exchanged on the old ones.

On exchange you pay the 10% deposit and set the completion date. You are then under contract to complete, I. E pay the balance if the money.

So if you need the deposit to be paid from the exchange on your own property sale and you need the proceeds of your sale to pay the balance then no, you can’t exchange on your purchase before you have exchanged in your sale.