Squaring off buy position and leaving sell leg open

I have a sell position and a buy position in option of same expiry. I gave little margin.
Now I want to square off buy position and leave sell position open for more time.
What will happen? Shall exchange/ broker charge me more margin after squaring off the buy position, becoz sell position is open?
Shall I able to square off my sell position if I do not have more available margin in my account?

Once you square-off the buy position, your sell position will no more be hedged and will require full SPAN + Exposure margin.

Yes, you will be able to square-off your position.

Though will advise you not to square-off the buy position first and leave short position open, as if you don’t have sufficient margins in your account, this will lead to peak margin penalty.

Ideally you should square-off the short position first and then the buy option position. Would suggest you go through this post for more details: Peak margin, Intraday leverages, & 2nd order effects - Dec 1st 2020

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