For many homeowners moving house means selling one property and buying another at the same time, which we know can be stressful.

Each sale and each purchase involve a buyer, a seller, their respective solicitors, mortgage lenders and often surveyors. A delay affecting any one of these can have a knock-on effect on the other transaction. The good news is that, with early preparation and the right support, the process can be managed smoothly.

Understanding contracts and chains

When you sell and buy at the same time you probably want the sale of your current home and the purchase of your new one to settle on the same day, or at least within a comfortable window. That way, the money from your sale is available to fund your purchase, and you avoid owning two properties, or none, at once.

In Scotland, the contract becomes legally binding at the point known as the conclusion of missives. Once your missives are concluded you are committed, so the timing of when each set of missives concludes matters a great deal when you are buying and selling together. Our article What Does ‘Conclusion of Missives’ Actually Mean When Buying or Selling a Home in Scotland? explains this in plain language.

However, you may find yourself in a chain. A property chain is created when a series of transactions are linked together.

⇒ You may be buying from someone,

⇒ who is also purchasing another home,

⇒ who in turn is selling to someone else,

⇒ and so on…

Furthermore, your sale may be tied to your own buyer’s requirement to sell their property.

When everyone in the chain needs to move on roughly the same date, a single hold-up can affect everyone.

While the Scottish system, with its earlier binding point, can offer more certainty than some others, chains still exist and they still carry risk. The longer the chain, the more moving parts there are, and the greater the chance that one delay affects the whole sequence.

Funding delays: the most common hold-up

Mortgage funding is one of the most frequent causes of delay. A mortgage offer can take longer than expected to be issued, lenders may raise additional questions, and funds are sometimes not released as quickly as everyone would like on the day of settlement.

If you are relying on the proceeds of your sale, plus a new mortgage, to fund your purchase, any delay on the funding side can put pressure on your date of entry. Getting your mortgage arranged early and keeping in close contact with your lender and mortgage adviser helps reduce this risk.

What happens if the dates do not match?

Sometimes, despite everyone’s best efforts, the sale and purchase cannot be made to settle on the same day. If your purchase concludes with a date of entry that falls before your sale completes, you may face a short period where you need the funds for your purchase before your sale money has arrived.

In that situation, bridging finance is sometimes used to cover the gap. Bridging loans can be useful, but they carry costs and risks of their own, and they are not suitable for everyone. Whether bridging is appropriate depends entirely on your circumstances and is something to discuss carefully with your solicitor and financial adviser before committing.

The aim, wherever possible, is to avoid the need for bridging altogether by aligning the dates of entry from the outset.

Steps that make the process smoother

A little preparation goes a long way. Some of the most useful steps include the following.

• Prepare early. Get your own home ready for sale, instruct your solicitor and arrange your Home Report before you start viewing properties seriously. Our guidance on selling your property sets out what is involved.
• Get your finances in place. Have your mortgage agreed in principle so you know your budget and can move quickly when you find the right home. See our guide to buying a property for the steps involved.
• Communicate clearly. Keep your solicitor, estate agent and lender informed, and respond to requests for information and signatures promptly. Delays often come down to paperwork waiting for a signature.
• Be realistic about timescales. Allow time for searches, missives and funding. Building in a little flexibility on your preferred date of entry can make alignment far easier.
• Talk to your solicitor before you commit. Before you conclude missives on either transaction, make sure you understand how the two fit together and what happens if one moves faster than the other.

How does a solicitor help manage the process?

Having an experienced solicitor makes a real difference. When you are buying and selling at the same time, your solicitor’s role goes well beyond processing paperwork. They coordinate the two transactions, keep the timetables aligned and act as the point of contact between you, the other solicitors and the lenders.

A good solicitor will identify potential issues early, before they become problems. That might mean spotting an issue with the title deeds, querying a condition in the missives, or flagging that a proposed date of entry on your purchase leaves too little room before your sale completes. By raising these matters early, they reduce the risk of last-minute surprises.

At Paris Steele, there is an added advantage. Because we offer a combined estate agency and conveyancing service, your sale and the legal side of your move are handled under one roof. That close working relationship between our property and legal teams helps keep everything aligned and means fewer gaps for things to fall through.

How Paris Steele Can Help

Selling and buying at the same time does not need to be overwhelming. With early preparation, clear communication and realistic expectations, the two transactions can be coordinated to give you a smooth move.

Our team has years of experience helping clients across East Lothian and beyond manage simultaneous sales and purchases. Whether you are just starting to think about your move or are ready to go to market, we are here to guide you through every step.

To find out how we can help, contact us or call your local office. Our North Berwick office is on 01620 892138 and our Dunbar office is on 01368 862746.