I’m looking to move and have found a new build that I’d like to reserve but I’m just a bit confused about the buying process.
I need to take my existing mortgage with me - checked with the bank and that’s all fine. I can have a gap of 3 months in between properties.
If I reserve the new build plot now, I have a two week “cooling off window” but then I need to exchange missives 6 weeks after that, so end of July say. The new build should be completed end of October but I’m really expecting end of November to allow for delays. So I wouldn’t want to complete on the current flat any earlier than the end of August so that I can keep the mortgage.
My current flat is not on the market yet. It can be on next week and should sell quickly once it is - so it can definitely be under offer by the end of July (when missives exchanged on new house), but I don’t I’ll have exchanged missives at that point.
Basically what I want to check is if it’s ok to have exchanged missives on the new house before exchanging contracts on my current flat? As that means I’m essentially legally responsible for two properties at once? Is this something I need to run past the bank/Solicitor before I go ahead? The sales lady didn’t seem to have a problem with it.