Advice please

[littleHen84]

We have sold our house things moving along our buyers house is nearly completed. The house we are buying the sellers are still looking, if we where to break chain and rent whilst our sellers find a house would the equity from our property sit with the Solicitors or be transferred to us? We don't want to loose our sale as its been a long road and really don't mind renting in the interim, we are still waiting for our mortgage too come back also. Thank you and apologies if this is a daft question

Little bump if anyone could help?

When the sale of your house completes, the solicitors would send you the proceeds of the sale minus whatever was to be repaid to your lender and their fees, just as if you were selling and not buying anything. You could possibly request for them to hold the funds for you though there may be legal reasons they aren’t able to do this, and it’s not particularly complicated for you to arrange a CHAPS payment with your bank once your purchase is ready to complete.

Your main worry is what happens if companies holding your money go bust before you complete on your onward purchase.

Banks / solicitors that are signed up to the financial compensation scheme, normally cover the first £85K. Certain temporarily high balances (such as house sale) may also be covered for up to 6 months - FCSS website here: www.fscs.org.uk where you can check the companies you're involved with. Note that even if you have cover, and make a claim there will be a delay getting it back.

Moving large amounts around is a hassle, not so much the charges, but because of the (necessary and good) extra security checks. You can ask your solicitor therefore to hold onto the proceeds from your sale, if the gap to your onward purchase isn't that long.

It sounds like you'll be in rented accommodation for at least 3 months, so personally, I'd feel safer moving the balance into an NS&I account - www.nsandi.com. You can open an account in about 10 minutes if you don't have one, and they cover full balance.

I moved into rented after selling and my solicitor told me they don’t like holding a lot of money for too long. After settling the mortgage, they transferred the money to my bank account within a day or two.

Thank you for everyones replies have an NS&I acct so will transfer when everything (finally) goes through, thank you.