I have been pushed into exchanging contracts on the sale of my house before I can exchange on the house I'm buying. Given that there is no chain involved in either transaction I was really hoping to avoid this. The good news is that buyers have to pay a substantial, non refundable 10% deposit when they exchange. The bad news is that you have to give a date for completion which is set in stone. So the risk is that you must leave your home & take all your possessions away with no new home to go to.
Obviously you can store your possessions & rent but that involves possibly moving twice if the rental is unfurnished. There is also the risk that something vital is stored & difficult to access. The other problem is that although you are in a good position because you are a cash buyer, in places like Oxford, where I am buying property, values are increasing higher than the national average because there is a shortage of supply. So all in all, for me it's bad news.
It feels like jumping off a cliff hoping the sea will be deep enough to survive. I just have to think of the worst case scenario - accept that it could happen - but hope that it doesn't.
It isn't helped by a vendor, who in fairness I have never met or had direct dealings with, who doesn't seem to be in any way committed to moving this sale on. It is so frustrating when people don't sign documents in a timely fashion. In my case it means that my solicitors haven't even been able to start the searches.
I have really had enough of this whole stressful process. Nothing has gone smoothly since the house went on the market. My house is in mild chaos, with piles of things to be disposed of. I'm finding it really difficult to keep all the balls in the air & cover all the bases on my own.
My friends have been incredibly supportive but there must be a better way for everyone concerned.
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