How does it all work with exchanging contracts, moving etc.

[hewouldwouldnthe]

Asking for a friend I'm helping move.
So he has to sell his current home under the terms of a Will, and move into a smaller property. His stepdaughters are selling the house but he will be kept informed. He has to buy the second property from part of the proceeds of the first house.

So someone offers on the first house, sale agreed, but it takes a bit longer to find a second property. What is the step by step process to buying and selling and moving to a new property. Does the first buyer just have to wait. Not even sure what completion, exchange of contracts and so on means, as I've never had to do it.

The executors will make the decisions, not the friend. They are very unlikely to want to wait until he buys somewhere so in my view he will have to consider renting for a few months or moving in with a friend. He will have his share of hte proceeds (after any inheritance tax due on the estate) although it is possible no interim payment will be made under the estate so he may have to borrow to pay to rent somewhere until the whole estate is wound up, the tax paid (if any) etc.

There's a great step by step guide here

www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/how-to-buy-a-house-alm0r9l4yf5x

However, the exact process will be slightly different for everyone due to their situation and location.

In your firends situation it might be easier to move out and sell the current property before purchasing a new one.

The mediation agreement is being written up and we hope to write into the deal that sale of one and purchase of the second is simultaneous within reasonable time limits. Renting too would very expensive as he is moving from a 4 bed house.