selling 2 homes to buy 1 - how?

Is anyone able to offer a view on how to manage selling both our house & our parents in order to buy 1 big house with a "granny flat" or just big enough for all of us?

Big difficulty seems to be coordinating the simultaneous sale of two properties - but are there clever ways round this? I was thinking perhaps there's a way to "sell & rent back" one of them first while the other one is put on the market?

Or any other clever ideas?

Our house isn't big enough at present to let them move in to ours in the meantime.

Details are: our house - worth 160k, mortgage of 50k, I can afford to borrow another 50k. parent's flat (mccarthy & stone, 1 year old) , cost 90k, all paid for.

so I reckon together we can afford about 250 to 300k , depending on if I borrow more.

I appreciate there's a legal side about ownership & avoiding a tax liability. But I wanted to verify the practicalities of buying/selling first.

Reply to
keith
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How is this going to work? The person buying it from you would presumably not be able to live in it (which is the usual reason for buying) and if this is the case simply extending the completion period would work just as well.

To link the sales the problem is going to be finding buyers that can complete at the same time, not in sorting out the legalities

So one of you rents somewhere?

It's a jungle, I would guess that more sales/purchases fall through because of an inability to get a chain completed than for any other reasons (including many that will fail before any of the formalities have been started). If you wan't to sell your house easily you have to take positive action to avoid a chain, otherwise you limit your potential.

Tim

Reply to
tim

But it should be no more challenging to your average Superman estate agent to set up than the delicate chains they're accustomed to dealing with.

Exactly. Or goes on holiday. Or realises that the house probably is big enough after all, if only for only a few weeks.

Glad we understand each other. :-)

Reply to
Ronald Raygun

In article , tim writes

Or, they move into the parents after selling theirs first.

Reply to
Richard Faulkner

In article , Ronald Raygun writes

I hate chains and avoid them like the plague if at all possible. It is often worth considering a lower offer with no chain, than taking the risk of the chain falling apart.

Reply to
Richard Faulkner

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