Navigating the property market can seem daunting, especially if you’re looking to buy and sell simultaneously. The housing market, with its unique dynamics, requires careful planning and understanding.
Our guide will help you sail smoothly through the process.
Valuation of Your Property
Start by determining the value of your current property. This provides a clear picture of how much you can expect from the sale and helps set your budget for your next purchase. We would advise you get three different agents round to give their valuation, this will give you the opportunity to work out which agent you feel most comfortable with, plus an overall average figure of what your property is worth.
Working Out Finances
You will need to work out how much you can afford to spend on your onward purchase and how much equity you have in your current property. You should also consider all the other possible expenses, not just the purchase price of the new property. Remember to factor in stamp duties, agent fees, and other related costs.
Speaking to a Mortgage Advisor
It’s always wise to consult with a mortgage advisor. They can provide insights on the best mortgage deals available and how to navigate the approval process when selling and buying. This may involve remortgaging or porting your current mortgage, which can become complicated. A mortgage advisor can help guide you through and take any unnecessary stress from you. Our in-house mortgage advisors HLC are here to help and are available within all our branches for a no obligation chat.
Preparing Your Home for Sale
A well-presented home often fetches a better price. Consider decluttering, making small repairs, and even some cosmetic updates internally and externally to increase the kerb appeal. First impressions count! For more tips, read 8 Ways to Add Value to Your Home
If you’ve already moved out and are now looking to sell your empty property, home staging is a fantastic tool which can produce an amazing return on your investment (you can expect an ROI of 500%-1000%!). Plus, staged homes statistically take 73% less time to sell than a non-staged empty property!
Choosing Your Estate Agent and Marketing Your Property
After having a few valuations, you should have a good idea of which agent you want to market your property with. Still unsure? Opt for an estate agent with a good track record in your area selling properties similar to yours. Ask friends and family for recommendations, research online reviews, ask each agent the questions that concern you most and see who comes across as honest and motivated when it comes to selling your property. When you choose the right agent they will help set a competitive price and devise a marketing strategy to attract potential buyers.
Get Your EPC
Before you go live, your estate agent will need to ensure you have a valid EPC or Energy Performance Certificate. An EPC discloses how energy efficient your home is rated, from A being excellent, to G being poor. This is a legal requirement and must be available to be shown to prospective buyers if requested. An EPC has a 10 year life, so it may be that your property already has a valid EPC – you can check this here. If not, we can organise for an EPC assessor to visit your property.
Choose Your Solicitor
It’s crucial to select a reliable solicitor early in the process. They’ll handle the legalities of both selling and buying, ensuring the processes run concurrently. Being prepared means that as soon as you accept an offer, they’ll be able to get to work. We can refer you to solicitors if you’re unsure who to use, who can provide you with conveyancing quotes.
Agree on a Sale
If you find yourself in the fortunate position of receiving multiple offers, you’ll need to decide which one to go with. Although, you may naturally want to go with the highest offer, you should also consider what each potential buyers’ circumstances are. Your estate agent will be able to help advise you at this stage. Once you have a potential buyer and have agreed on a price, you can move to the next stages.
Start Your Own House Hunting
With your property now under offer, you can begin the exciting journey of finding your next home. Get yourself registered for property alerts from local estate agents, Rightmove and Zoopla. Your own estate agent should add you to their hot buyers list now, as you’re ready to move forward with an offer once you find the property you want. It can be easy to fall in love with a property, so keep your needs and budget in mind.
Check Your Finances and Make an Offer
Before making an offer, re-evaluate your finances. Ensure you’re not overextending yourself and are comfortable with the commitment. Consider whether the property will require any work once you move in and the associated costs. If the figures work, it’s time to make your offer! If you’re under offer, you’ll be in a stronger position to negotiate compared to those still on the market.
Formalise Your Mortgage
Now, you’ll need to get back in touch with your mortgage advisor. Based on your chosen property, finalise your mortgage details and ask them to proceed with your mortgage application.
Contact Your Solicitor
Keep your conveyancing solicitor in the loop. They’ll manage all the necessary and legal paperwork and searches required on the property you’re buying and the sale of your old one. In addition, if you choose Arden Estates, you’ll have a dedicated Sales Progressor who will be in touch with you, your solicitor, your buyer and their solicitor, offering you support throughout the sales process and alleviating some of the stress that can often accompany buying and/or selling a home.
Get a Survey
The property you choose to buy will require a mortgage valuation if you are not a cash buyer, to ensure the property is worth the lend against it. However, this is a relatively superficial survey, which you are unlikely to see. It’s advisable to have a ‘Home Buyers Report’ or even a full structural survey if the property is older or listed. These types of surveys are essential to identify potential issues with your chosen property. Depending on the findings, you can renegotiate the price or ask for repairs.
Stay in Touch with Your Estate Agent
Good communication is key! Your estate agent is the bridge between you, the buyer, and the seller. Regular communication ensures everything is on track.
Set a Completion Date
Once all the searches are back on your property and the property you are buying, you’re ready to set a completion date that works for the whole chain, all parties may need to be prepared to compromise a little with each other at this point. This is the day when you’ll hand over the keys of your old home and receive the keys to your new one. It’s typically a week or two after contracts are exchanged, but can be as little as two days or even on the same day.
Organise Your Move
Once you have a completion date set in stone you can begin preparations for the move. This includes packing, hiring removal services, and notifying necessary parties of your change in address, including arrangement for the supply of gas, electricity, water, phoneline and broadband.
Congratulations! The big day is finally here! Once the funds have been transferred, you can collect the keys to your new home. Your simultaneous sale and purchase are complete. The conveyancers will also organise registering the transfers of ownership with Land Registry.
In conclusion, buying and selling a property simultaneously is a dance of careful coordination. By understanding each step, staying organised, and enlisting the help of trusted professionals, you can make the transition as seamless and stress-free as possible.