Can I delay exchange until I’ve found somewhere to buy?

[worriedmumoftwo]

I’m not a first time buyer but I feel like I am because I’ve been living in my first property for over 20 years so can’t remember any of this stuff! I am now having to put this house on the market as it’s owned jointly with my ex (tenants in common, no marriage/civil partnership ties) and I don’t think I can afford to buy him out.

Had an estate agent round for a valuation yesterday who said they’d expect an offer to be made within 2-4 weeks of putting the house on the market as these houses aren’t coming on the market very often. It’s possible they were being over-optimistic to get me to go with them but it’s made me a bit worried about whether this house could end up being sold without my having found anywhere to buy. This particular agent was from a big chain and seemed to be suggesting that if I went with them they could co-ordinate it so the sale would tie in with my purchase of another property.

Could someone please talk me through how this works. I’m assuming I shouldn’t start viewing houses (wouldn’t be taken seriously by estate agents) until I have a buyer for this house so at the moment I am just focusing on possible areas to buy in. Once someone puts an offer in on my house is that the time to start viewing houses? Should I sort out mortgage details to get an offer in principle now?

If my ex and I accept an offer then presumably the potential buyer gets surveys done etc and all being well things would proceed to exchange. How do I delay this if I haven’t found somewhere to make an offer on myself, can I even do this? Or can it be delayed between exchange and completion? Because I’m doing this with my ex he is obviously unconcerned if I have another property to go to (we have been split for years and he is living with his new partner, we are just selling now that the DC have finished secondary education). We’ve reached a draft of a legal agreement between us as to how to split the proceeds but there’s no detail in there as to how quickly the sale has to proceed, so far it just says that the house shall be sold on the open market for such price as may be agreed between both parties on the advice of the estate agent.

Has anyone that has been through a similar situation selling with an ex (so not necessarily on the same page re price and timings etc) got any advice for me on what I should be doing to make sure I don’t end up homeless? If it makes any difference I am the resident parent for the DC who is still at university and so needs accommodation outside of term-time, I don’t know if I could get something written into our legal agreement on this basis? Sorry this has ended up so long!

Generally people tend to not start legal work etc until a 'chain' is established, i.e everyone has a buyer/onward purchase for linked sales. If you accept an offer, your buyer would need to accept they have to wait until you have an onward purchase. Then you all exchange and complete at the same time. Alternatively you plan to move into rented/family when you sell yours, without an immediate onward purchase.

Better to view properties once you have a buyer, but not essential (though some EAs/vendors won't want you to view unless you are 'proceedable').

Thanks! I don't want to move into rented as I'd burn through a huge amount of capital renting a 3-bedroom in London (neither DC could help with rent costs as one at uni and the other self-funding further training). So I'll make sure the estate agent tells prospective buyers they'll need to wait for me to find something to buy.

We have had an offer accepted on a house where the vendors are yet to find an onward purchase. We just have to wait. I’ve accepted it could take months as they are old and downsizing so defo not gonna move into rented. It’s normal. You do risk losing the buyer if they get fed up waiting but there’s not much you can do about it really.

I sold my previous house after splitting with my ex-H. He'd already moved out, so was very keen for the sale to move quickly. As soon as I got an offer on the house, I started looking in earnest and put an offer in on my current house just over a week later. From receiving an offer on my house to completion on both properties took about ten weeks (there was a two week delay at the bottom of the chain).

It’s perfectly normal to be looking for somewhere to buy once you have an offer, and worth keeping an eye on Rightmove for the kind of property you like in your budget.

And it’s quite likely that the owners of the house you buy may need to look.

This is why it can take months to complete the whole process!

Obviously more complicated if both of you are looking to link your onward purchase to your sale. Might be be willing to put his stuff in storage and stay with family while waiting for his onward purchase, for example?

In the end it won’t serve either of you well to lose your buyer because you can’t perfectly co-ordinate your next purchase, so it is worth thinking through some contingencies.

Sorry! I see your ex is already out of the house! That removes a massive complication!

Basically, everyone in the chain exchanges and then completes on the same day. Because the money (deposit and then balance) travels up the chain, and you can’t commit to the contract on your purchase until your buyers commit to buy yours… so it all has to be simultaneous.

Your solicitor will guide you through this. People are suspicious of Estate Agents but they see a lot of solicitors at work and I asked our EA if there were solicitors they knew to be efficient and speedy, and it worked out well.

And yes: talk to a mortgage advisor now. You can get going faster if you know your exact budget, and will fund it easier to get your offer accepted with an Agreement in Principle in place.