Better to sell and then buy? (Scotland)

[theotherfossilsister]

We have a two bedroom flat in Leith to sell with good storage valued at about 200,000 and dp has some inheritance. Together these would make us cash buyers, but we could easily have an interim period with nowhere to live.

We have just been turned down for a property for not offering a “clean sale.” I’m sad but I get it. Is this likely to happen again? What would we do if we sold then took a long time to buy?

@theotherfossilsister this is informative.

https://www.neilsons.co.uk/buying/sell-first-or-buy-first/

but note;

Some finance companies do offer bridging but it should be noted that the set up costs, arrangements fees and interest rates charges are outrageously expensive and not recommended except in extreme circumstances.

Thanks @beetr00

There is an option to stay with family but think we couldn’t do that for too long - max three months without it getting difficult . Would this be long enough to purchase and move into new house?

It is tricky hen getting the balance.

Could only suggest that you start looking, in earnest.

See if there are properties in your price range in your preferred area.

Don't think you'll have any problems selling your Leith flat at that price, so try to have everything lined up.

Good luck.

eta; 12 week timescale does seem doable

Thanks @beetr00

I am feeling sad about the one we couldn’t even view as we couldn’t offer them
cash up front but I guess it taught us a lesson. Flat is very cluttered with baby stuff etc.

This is why we ended up with part exchange. It would have been cheaper to sell then buy, but I just couldn’t deal with the stress, to the point that we just never would have moved if it hadn’t been PX.

@DangerMouseAndPenfoldx How does part exchange work? I looked at one similar to ours and it’s listed for 225(!) which is crazy.

We’ve viewed a few in the area we like and the only one we both liked isn’t a goer as we’re not on market yet and therefore they wouldn’t even book a viewing

@beetr00 by everything lined up do you mean be ready to make an offer as soon as we sell?