Property Sale and Purchase on Same Day Case Study
A Conveyancing Case Study – Client Situation
Mr and Mrs S were selling their old house and buying a new home. The couple were part of a chain, but their buyer had a strict deadline.
They didn’t want to lose the buyer on their old home so they decided that they would sell the house to the buyer by their deadline. But they knew this was risky, as unless they completed the purchase on their new home on the same day, they would have to move into temporary accommodation and put some of their belongings into storage.
This was a big concern for Mr and Mrs S, as they had young children and would have to consider the additional expenses involved with storage and temporary accommodation. Sadly, they couldn’t move in with family because of the coronavirus restrictions at the time.
So Mr and Mrs S got in touch with our Conveyancing Solicitors to see if we could help with their tricky situation.
How We Helped
I was happy to take Mr and Mrs S’ property sale and purchase on with the help of my colleague Laila. We assured them that we would try our very best to have them moved into their new home by the time their old property was sold.
I began by having the couple sign a split chain waiver, to make sure it was officially noted that they were willing to sell their old property even if we hadn’t completed their property purchase. Normally, we would have to make sure that both sale and purchase files were at the same stage and ready to proceed to exchange of contracts and completion on both transactions. Even though the clients wanted exchange and completion on the same day, it was very important that they were aware of the ramifications of completing on their sale in advance of their purchase if something beyond our control happened to delay matters. We always manage our clients’ expectations from day one and would never want something to “surprise” you at a later date.
We cautioned them that property purchases generally take longer than sales, as we have to wait on mortgage lenders and property searches to come back. We are reliant on third parties in any purchase transaction, including the sellers and their onward chain. So we couldn’t guarantee that the same completion date could be achieved on the purchase as the date agreed on the sale.
The couple signed the document as they were sure that this is the offer they wanted to accept from their buyer. So we began by working as quickly as we could on the purchase.
The date we were aiming for was 5th February. We applied for property searches on behalf of the couple and knowing we were in a rush, I got in touch with our Search Provider to see if they could help us with the deadlines on this purchase. Luckily the Search Provider had just had a recent cancellation, so they were able to help us in this case.
The search provider confirmed they would chase the Local Authority and luckily they delivered the search results back to us on 14th January. This gave Mr and Mrs S 3 weeks to review the documents and have any queries back with me to pass onto the sellers.
We made sure to give Mr and Mrs S regular updates throughout the whole conveyancing process, because we knew this would help to reassure them in this stressful time.
We arranged for the completion of Mr and Mrs S’ property sale and purchase to happen on the same day, meeting the clients timescales for completion on both files.
The couple were relieved as our quick work saved them a lot of stress and money. They emailed to thank my team for keeping them so well informed and let us know they are settling in and will be very happy in their new home.
Here's what they had to say about working with the Conveyancing team at Simpson Millar.
We used them for sale and purchase, we received excellent service from the team we worked with - Rachel McClean and Laila Dhibi, both were professional, efficient, always calm and went the extra mile for us. Price seemed reasonable, especially as they went above and beyond. Highly recommended!Mr S
Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Billingham, Bristol, Cardiff, Catterick, Lancaster, Leeds, Liverpool, London and Manchester.