How to buy and sell at the same time

Does the idea of selling your house at the same time as finding a new place to live scare you? If so, you aren’t alone! Lots of people find themselves confused, wondering where to start.  

In this article, we will outline how to go about juggling both things at once – successfully.  

Step one: Book a valuation 

It would help if you started by getting a valuation for your current property. Valuations allow you to gauge roughly what you can expect to sell your property for. This knowledge can then help you decide on a budget for your new home. 

Michael Poole can offer you one here if you are interested from your local branch. 

Step two: Get the calculator out 

It’s time to grab a cup of tea and a calculator. There are costs involved that you might not anticipate when selling your home and buying your new place.  

For example, when selling, there will be a small estate agent’s fee. There will also be similar costs when buying, such as mortgage arrangement fees and property survey costs. 

Step three: Keep the calculator out 

Sorry, you can’t put it away just yet! Now it’s time to do some calculations regarding your own finances. An Excel spreadsheet might help you keep track of things. 

If you have not paid off the mortgage for your current property, you will need to calculate how much equity you have on the property. Some other useful figures include your current savings, along with your outgoings (gas, electric etc). 

An independent mortgage advisor would be able to tell you whether you can transfer your loan to your next property or if you should get a new mortgage. 

Step four: Get your home ready 

Take a step back and look at your home with a fresh pair of eyes. You could even ask a friend or family member to help you. Identify the good things and the not-so-good things about your property. What would most likely appeal to potential buyers? What might put them off or make them reconsider? 

Tidying and decluttering can also work wonders. Just remember to focus on the outside of the property and not just the inside, as this is what newcomers will be seeing first. 

Step five: Call in the experts 

To give yourself the best chance of selling your property, it is a good idea to hire an estate agent. Preferably, an estate agent with expert knowledge of the local property market in your area. This way, you don’t have to arrange viewings or spend any time marketing your property. Instead, you can focus on searching for your next home.  You can call any of our branches anytime for a chat. Some other professionals you should consider hiring are solicitors and conveyancers, to assist you with the legal side of things. Both solicitors and conveyancers are lawyers specialising in property. Having one or both on your team will ensure that everything goes smoothly. 

Step six: Get your documents ready 

Be prepared to empty all your drawers and cupboards, because you are going to need lots of paperwork at hand.  

To confuse things even more, the documents you need as a buyer are different from the documents you need as a seller. For example, as a buyer, you need to show that you have sufficient income to buy the property in question, as well as the right to live in the UK. Therefore, you need to have your bank statements and identification documents ready. 

On the other hand, as a seller, you will need to be ready to prove that you own the property. You will also need to be ready to show evidence, usually in the form of a certificate, for any work that has been done to your home. 

Step seven: Start house hunting 

Now it’s time for the exciting part: searching for your next home! This step can take a while, as it can take a lot of digging around to find somewhere that ticks all the boxes and feels right. Rightmove, Zoopla, and OnTheMarket are good places to start your search. You can view all the properties we have for sale here. 

Step eight: Secure the sale 

With a bit of luck, you will have a selection of potential buyers to choose from. It can be hard to choose, but there are some factors you should prioritise. These are financial position, reliability, and enthusiasm for the property, to name a few. 

It is generally recommended that you secure the sale of your property first before you make an offer on your next home. The reason for this is that it is usually more appealing to sellers. 

Step nine: Wait until you get an accepted offer 

This is the really exciting (and sometimes scary) part! You’ve found the perfect place, and now you are just waiting for confirmation. How do you decide on the right offer, though? You don’t want to go too high or too low. 

The first step is to research the property market in that area and determine how much nearby, similar properties have recently sold for. You should also look at the listing history of the property to see how long it has been on the market for. 

Step ten: Let the conveyancing begin 

This is where the behind-the-scenes legal work truly begins. Your solicitor will be busy drafting contracts, carrying out checks, and getting any potential problems sorted. 

Patience is key at this stage because it can take a while to get everything finalised. The process can take even longer in the case of a long property chain. This is why it’s important to ensure good communication between yourself and your solicitor. Remember that it is okay to chase them up if things are taking too long. 

Most importantly, don’t lose hope! It will be worth it in the end. 

Step eleven: Secure the exchange and completion dates 

Exchanging contracts is the final step. What does this mean, exactly? 

When a property is exchanged, it means that a contract has been signed by both parties to confirm the sale of the property. If either party pulls out of the agreement, they will have to pay money. It is unlikely that the buyer will pull out because of the deposit they have to pay but remember that anything can happen. 

Once the sale is completed, you are no longer the owner of your old property. It now belongs to the new owner(s), so you can relax! 

Selling and buying at the same time is not an easy task, so make sure to reward yourself for your hard work. 

Sources from zoopla