Simultaneous Settlement
Are you planning to sell your house and buy a new one, but worrying about having to rent in between?
Or would you like to buy a new property and feel too stressed to pay two mortgages while waiting for the old one to be sold?
Or do you want to use the money from selling the old property to buy a new one, but want to simplify the process?
Then simultaneous settlement is a good option for you!
The simultaneous settlement, or linked financial settlement, is when the sale of your old property and the purchase of your new property happens simultaneously.
The simultaneous settlement allows up to 10 transactions to be linked. Financial settlement for all trades involved in a simultaneous settlement must take place at the same time on the same day. If one transaction is stopped, all tradings in the chain will be unable to settle. Simultaneous settlement is used on occasions when assurance is required that all settlements in a chain are successfully completed at the same time.
It sounds great in theory, but in practice, it is not very easy to organise. The major hurdle with the linked financial settlement is that it has multiple settlements involved, and they rely on each other. If any minor problems happen to any side, it will delay the whole process, leading to penalty fees, being stranded with no home to move in, or in the worst case, the loss of your deposit!
Luckily, with rich experience in the linked financial settlement, we will take care of it all for you.