Q&A - We can’t buy until we’ve sold

We want to make an offer on a bigger house we like but we can’t buy until we’ve sold. How can we move forward?


This is a common scenario and there are a couple of options you could consider.


The simplest one is to sell your current home first with an extended settlement date. This will allow you a longer period between the exchange of contracts and settlement to negotiate on your new home and make the commitment.


Another option is to sell your current home with a lease back agreement in place. This option will mean you have your funds from the sale after settlement and you’re renting the home back for a period of time while you look/negotiate for your new one.


The third option is to get your home on the market and try to coordinate a simultaneous exchange of your sale and purchase at the same time. You’ll rely on your solicitor to align the dates.


Remember this is a common situation and being open with your agent and the agent you’re buying from can help to smooth the way.