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Buying and selling a house at the same time can be complicated stressful. Property chains are notoriously slow and difficult – so expect the unexpected when buying and selling a house simultaneously.
Owning a property is an exciting experience, but when it comes to moving house, this is widely regarded as being one of the most stressful times in adult life.
So, you may be wondering: “How do I buy and sell a house at the same time?”, and “What are the costs involved?”. We’re going to take a close look…
Before starting the process, it is important to know how much budget you are operating within. Get your home valued and use the figure to find your next home. Speak to local estate agents who are experts in the area to get an accurate valuation.
Affordability is everything when it comes to mortgage lenders. Find out how much equity you have in your current home, and be sure you know you have enough of a deposit for your new property.
If there is a property chain then you will need to pay a deposit when you exchange contracts on the home you are purchasing. The day your buyer exchanges, you will simultaneously exchange on your new purchase, meaning you can use their deposit to pay yours.
If the new house is more expensive, there is likely to be a bigger deposit required. Be sure to speak with your solicitor to see if a smaller deposit will suffice. If this is not agreeable, you will need to have the funds ready by your own means, and if you are not in a position to afford the deposit, then you should not start the process for this property and look for something in your budget.
A mortgage broker will recommend the best course of action for buying and selling a house at the same time. This might involve a remortgage or porting your current mortgage to the new property.
Even if you can port your current agreement, there could be better offers out there, and a mortgage broker can help you find the best solution.
The EPC (Energy Performance Certificate) is the next step. This is a rating based on the energy efficiency of a property, ranked from A to G.
The EPC documentation must be arranged before the property is on the market, so that prospective buyers can see it when requested. The certificates last for 10 years – so keep in mind that your property might already have one.
ID and proof of address will soon be required, as will certificates and guarantees for certain appliances, and amendments (e.g. extensions) to the house.
Selling your property for the highest price possible means putting in effort. You should take time to declutter, give certain rooms a lick of paint, and remove large furniture to make the rooms look bigger.
You should also maintain the windows and the front of the house, as this can add to the ‘kerb appeal’. First impressions mean everything.
Agreeing on a sale is a big step, and it tends to take around 10 weeks from listing a property to accepting an offer. Once you have your offer, it is time to start hunting for your next house.
You must act fast because properties may move even quicker if the market in your area is favourable. Do not forget to set up those property alerts with the major websites if you haven’t already, and feel free to contact estate agents in your chosen area and give them a run-through of what you are looking for, so they can contact you when anything close to your needs hits the market.
Do you think you have found the right property? It is time to check your affordability. Once you have run through your finances and you know it is within your budget, you should make an offer. However, before you get too excited, contact your mortgage broker to tell them to proceed with the application.
You should contact your conveyancing solicitor and choose the right survey for your needs. A survey will show you the condition of the property so you can see what might slow down the process, should there be any sizable faults.
This also allows you to negotiate the price should there be any costly repair work required now or in the near future.
Now is the time when things can slow down a little. If you are part of a property chain, it is important to communicate with your conveyancer, estate agent, and if possible, the buyers and sellers involved. This can help move things along when necessary.
Completion day is a big day as it is when the solicitors involved move the money and the keys are released to the new owners.
Now it is time to arrange removal vans, forward your post, and contact your utility suppliers and other bills informing them of your move.
You are finally in – and that’s how you buy and sell a house at the same time.
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To see our full house selling checklist, click on the link.