Selling 2 houses to buy 1

[Edieunion]

My partner and I are considering buying a house together. We have been together for 7 years and have 3 pre teens together.

We each have a property to sell, with 1 having more equity than the other. We would need to sell both in order to afford the move.

Has anyone done similar? Looking for stories to help with what seems like a very daunting process.

When we did this we sold one, loved together in the other property, then sold that one. Was glad we did it that way as issues came up in both sales and it was stressful enough just one at a time!

I was afraid someone was going to say that. Neither property is big enough to house all of us and we couldn't afford to rent knowing what costs are like around here!

Sorry I worded my op badly. I have 2 dc, he has 1. Between us 3 kids.

Highly recommend selling one first before looking to buy. When selling ours we had an offer from someone selling two houses to fund proposed purchase of ours. Both had chains behind them and we went with a different buyer (even thought it was a lower offer) to minimise risk of things going pear shaped with the two chains.

Our buyers did this in the summer as they moved in with their parents. Both houses were under offer by the time they saw ours which had fallen through the day before. Couple one were under offer to a first time buyer and number 2 under offer to someone who was under offer to a first time buyer. Our house was no chain.

Because our previous buyer had got quite far before not being able to get a mortgage new buyers used same solicitor and bought the searches and it went through in 9.5 weeks from the offer.

Sorry OP, crossposted there and didn’t see your latest. That’s a shame, if you absolutely have to sell simultaneously, look for first time/cash buyers so both your sales are end of chain. Will make your situation more appealing to whomever you plan to buy from.

The positive I guess is that both of our property's could been viewed as FTB places so that might make chains easier.

That sounds great advise @Sweetmint

A bridging loan while you sell the second property? That would enable you to put both I the market with the sim of completing at the same time but you would only need to make the purchase dependent on the sake of one.

Talk to a mortgage broker.

As a vendor there is no way I would accept an offer from buyers dependent in selling 2 properties simultaneously.

Another possibility might be if one of you found a buyer who was willing to exchange but with a long stop date for completion. So that your future vendors can see that one property is essentially sold. But that will cut down your choice of buyers.

I would suggest finding a way to sell one first because it's hard enough to sell one property and buy!

My partner and I are just going through this. We had a nightmare having any offers accepted on houses as we both chose to sell our respective properties at the same time and nobody wanted to sell to two chains 😣

We’re both due to complete at exactly the same time (next couple of weeks) and have decided to take a short term, 6 month rental to put us in a better position when making offers on a joint property.