Logistics of moving in together / 2 sales 1 purchase

[HouseHouseHouse7]

Hi - I’d appreciate some opinions.

DP and I buying a home together, selling our current houses. We each have an adult child who we’d want to inherit our half so we’d be buying as tenants in common. 50:50. No wish to marry.

We will probably have to pay £380k for what we want. So, £190k each.

My house will probably give me £415k after costs.

His house will probably give him £175k after costs.

To avoid chain complications and being less desirable buyers with two houses to sell, I’m thinking of selling first and buying the new house outright. He’d then complete on his house a month or two later and give me £190k (he also has savings).

Are there any downsides? I’ve thought of the possibility of separation or death during the 1-2 month limbo period. I’ve thought about him feeling that the new house won’t feel like “his” during that period - but neither of us is sentimental by nature, we are pragmatic types.

I’d love advice and also anecdotes if anyone has done this.

You need to ring fence you bridging loan to him but a proper legal contract you put in place at the time of the purchase should work otherwise you are buying 100% and selling 50% within a short timeframe.

Where is the190k+ going to come from when one of you die? By sale of the house or will you both have a life occupancy right?

Thank you so much.
Definitely life occupancy.

Thats up to you
If one party dies what happens?
The other party lives in the house until its sold due to their death "at home" (including a new relationship partner) or its sold to fund carehome fees when they are too old to live alone or is it unoccupied and unsold while they are in care home and sold after their death.
Or has the house to be sold within 1-2 years as part of probate for the first death.

Who is buying the house?

Could you buy together and then claim back the additional stamp duty paid (for 2nd property).

Yes I was wondering about stamp duty on the £190k…

I suppose I’d buy the house and he’d buy half off me. A month or two later.
Not sure if there is a better legal way.

thank you @Pocketfullofcloud

I think you’re wise to avoid a ‘forked chain’ - we refused a viewing from a couple in this situation.

I’m surprised you’re doing it this way round though. Personally I’d sell one house, move that partner into the other and then buy together rather than buying outright first. Seems less risky

That was another option. However both our houses are very small city centre properties with limited parking and we each have an adult DC and a dog living with us.