Does anyone have any experience of selling one house and buying two with the proceeds

[Feduptosaytheleast]

Hi, Current house is for sale. We need to buy two houses with the proceeds, which will be owned by two different occupants who live in the current house, current owner will gift money to other occupant from the sale to buy, and current owner will buy a house too. No mortgages needed for either occupant. Is it possible to complete on same day for all property involved? (This is assuming both occupants find a house each at the same time) Or will one occupant have to rent for a while?

Who can tell. However if gifting money, it’s best to do this a bit earlier so the person receiving is clear about what they have. So they might need to complete the sale and rent for a bit. Ask a conveyancer?

Or put first property in joint names now. Then each gets the agreed proportion when it sells.

Thank you, putting in joint names is not possible, but I am thinking you are right that one party will have to rent for a bit. They know exactly how much they will be getting, it's just trying to line up two chains of sale might be tricky!

If either or both of the houses you buy is in a chain, that’s going to create a really complicated situation that might put people off accepting an offer from you. I know I wouldn’t have considered an offer from someone in this situation.

@banoffeeee thank you for your reply, can I ask why you wouldn't accept an offer in this case?

We did this. Yes it's tricky to get the timings right.

Original house was sold in line with the purchase of property 1 because purchase of property 2 was taking ages. Person A moved to property 1 and the idea was Person B would go to Property 2. However, person B had to stay with Person A in Property 1 until Property 2 completed.

I hope you're still with me

Because I’d have to wait for two properties to be ready for exchange, not just one, and potentially two further chains of people.

@MokaEfti thank you! That makes sense!
@banoffeeee yes I can understand that would be frustrating! If it comes to it we will rent if it means not missing out on a perfect house. It's a bit frustrating as I am not the current property owner and I don't have any contact with estate agents etc and I don't want to step on any toes but I would like to know how things are going to work! Thank you for your replies!