Name change clarification

I have a character who I will refer to as character 1 that I am looking to change the IGN to another character's IGN that I will refer to as character 2. I own both characters. Character 2 didn't really work out so I plan on deleting them. However, that frees up the IGN I am fond of on character 2 and I would like to use that IGN on character 1.
So to my understanding the process would go like this.

1. Delete character 2
2. On character 1 use the in-game change name command to request the name of my deleted char.
3. At the time of the next server check the name change will be applied.

Therefore my question is what happens if someone tries to make a character with character 2's IGN while my request is pending until the next server check? It is a very generic name so it is not completely unlikely to happen. My guess is that perhaps the name wouldn't actually be available to use until the next server check but that's just speculation.
I appreciate the help and clarification in advance!