Coordinating buying and selling a house simultaneously is the usual approach but is just one way to handle a house move, 

Some clients prefer or need to break the chain  if they don't want to risk their sale falling through; they haven't found a new property to buy; or they are moving into a new part of the country and want to test the location first. 

Selling before you buy, puts you in a good buying position with no downward chain and allows you to move at your own pace. The downside (can be) that you need to find temporary accomodation or move in with friends and family in the interim.

Upon completion, conveyances are required to return house sale proceeds to clients promptly.

They are strictly prohibited from acting as a "bank" or from holding funds on deposit in their client account longer than is necessary, such as a pending linked purchase, for an extended time. 

Proceeds of sale will be sent to your designated bank account. 

Clients sometimes ask us ‘’What shall we do with our proceeds of sale to keep them secure until we find a new property to purchase’’

Our response is always to ‘’Speak to your financial advisor on the best way to protect funds, in a chosen institution covered by the Financial Services Compensation Scheme”

Speak to your financial advisor about: 

1. The standard FSCS deposit protection limit is £120,000 per eligible person, per UK-authorised financial institution. The limit applies to the total of all your accounts within the same institution (including joint accounts).

Note: Protection is per institution, not brand. Different banks / brands operating under the same banking license share the same £120,000 limit.

2. Temporary High Balances: the FSCS temporary high balance limit means up to £1.4 million is protected for up to six months following major life events (e.g., selling a home or receiving an inheritance).

3. NS&I Accounts: National Savings and Investments is backed by HM Treasury and offers 100% protection for your funds, regardless of standard FSCS limits. You can deposit up to £2m in some accounts.

While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal or financial advice and cannot be relied upon as such. Humble & Clark Legal Services does not accept any responsibility for liabilities arising as a result of reliance upon the information given.