Buying a house and selling one at the same time can feel stressful because you can’t fully commit to purchasing the home you want until you’ve committed to selling the one you currently own. Managing both of these transactions at the same time takes careful coordination, so you don’t end up owning two properties at the same time. Or ending up in the position where you’ve sold your home without completing your new purchase.
In short
Exchange of contracts is the point at which the buyer and seller become legally bound to the sale, the completion date is fixed and the buyer pays the deposit. Exchange of contracts takes place over the phone and is dealt with by the solicitors for each party. Where a sale and a purchase are taking place simultaneously, the solicitor will obtain a contract release on one transaction. This means that the other side confirms that they will exchange contracts when required to do so, generally by close of business on the day of release. While this may seem complicated, it is standard practice and is the way in which all simultaneous sales and purchases are dealt with.
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The good news is solicitors deal with simultaneous sales and purchases every day. It’s a process they manage routinely. When your sale and purchase are ready, your solicitor will work with the other parties in the chain to organise the transactions.
If you’re planning your move and house sale, our guide to exchanging and completing on the same day explains how the timing can work.
Exchange of contracts in a simultaneous property sale and purchase
Exchange of contracts takes place over the phone and is dealt with by the solicitors for each party. Where a sale and a purchase are taking place simultaneously, the solicitor will obtain a contract release on one transaction. This means that the other side confirms that they will exchange contracts when required to do so, generally by close of business on the day of release.
The solicitor is then free to exchange contracts on the other transaction, knowing that they can also exchange on the first transaction. While this may seem complicated, it is standard practice and is the way in which all simultaneous sales and purchases are dealt with.
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Completion of a property sale and purchase at the same time
Once contracts have been exchanged, your solicitor will confirm to you that this has been done. You will be able to make arrangements to move on the agreed date, and your solicitor will ask your new lender to send mortgage funds in time for completion. They will also obtain an accurate redemption statement for any existing mortgage, calculated to the date of completion. You will need to let your solicitor have cleared funds if any balance is needed from you.
On the date of completion, you should give the keys to your old property to your estate agent once you have vacated. Your solicitor will telephone you to confirm once the completion of your sale and purchase has taken place.
You can then liaise with your seller’s estate agent to pick up the keys. Keys are released once the solicitor confirms to the estate agent that the money has been received.
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Choosing the best conveyancing solicitors is essential for a hassle-free property transaction. By prioritising experience, transparency, and customer satisfaction, you can ensure a smooth process from start to finish.
For trusted conveyancing services, contact LPL today. Let us handle the legal details while you focus on your new home or investment property.
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