Buying & Selling at the Same Time: A Step-by-Step Guide

Buying a house can feel complicated. Selling a house can feel complicated.

Doing both at the same time? Well, that's when things can get interesting.

For most home movers, buying and selling a house at the same time is completely normal. But it does mean there are a few more moving parts to keep track of.

Your sale affects your purchase. Your buyer might have their own property to sell. The person you're buying from could be waiting for someone else.

Before you know it, you've got yourself a property chain.

The good news? Thousands of people successfully navigate this process every year. Here's how it typically works.

 

Step 1: Find Out What Your Current Home Is Worth

Before browsing Rightmove and mentally moving into your next home, start with the property you already own.

Arrange a property valuation with a local estate agent to get a realistic idea of what your home could sell for.

This helps you understand how much equity you may have available and, combined with your mortgage position and savings, what your onward budget could look like.

The key word here is realistic. Your moving plans should ideally be based on an achievable selling price, rather than simply the highest valuation you receive.

 

Step 2: Understand Your Finances

Next, work out what you can comfortably afford.

If you'll need a mortgage for your next property, speak to a mortgage adviser or lender early. You may want an Agreement in Principle (AIP) before you start seriously searching.

Remember to factor in the other costs of moving house, including Stamp Duty where applicable, estate agent fees, conveyancing fees, removals, surveys and mortgage costs.

Knowing your numbers early can save a lot of disappointment later.

 

Step 3: Put Your Property on the Market

Here's a question we hear regularly:

Should I find a house before putting mine on the market?

There's nothing wrong with browsing beforehand, but being on the market, and ideally having an offer agreed, can put you in a much stronger position when you find somewhere you want to buy.

A seller may prefer an offer from someone whose own property is already Sold Subject to Contract (SSTC) over somebody who hasn't even started selling yet.

 

Step 4: Find Your Next Home

Now for the fun bit.

Once your home is on the market, you can begin seriously searching for your next property.

Create a list of your must-haves, nice-to-haves and absolute dealbreakers. View different properties and areas, and don't be afraid to revisit somewhere before making an offer.

Finding your next home can happen quickly – or take months. Both are perfectly normal.

Check out ‘How Can I Find the Best Property for My Budget?’

 

Step 5: Agree Your Sale and Purchase

Ideally, you'll receive an acceptable offer on your current home and then have an offer accepted on the property you'd like to buy.

This is where your property chain begins to take shape.

For example:

Your buyer is purchasing your home → you're buying another property → your seller is buying somewhere else.

There can be several more links either side.

The length of the chain isn't necessarily the problem. What's important is that everyone is in a position to proceed and communication remains strong throughout.

 

Step 6: Instruct Your Solicitor

Once you've agreed your sale and purchase, your conveyancer or solicitor gets to work on the legal side.

For your sale, they'll deal with the legal paperwork relating to your current property.

For your purchase, they'll handle searches, contracts, enquiries and communication with the seller's solicitor.

It's worth completing any forms and providing requested documents quickly. A day spent sitting in your inbox can become a day added to the process.

 

Step 7: Arrange Your Mortgage and Survey

If you're taking out a mortgage, you'll usually now proceed with the full mortgage application.

Your lender will arrange its valuation, but you may also decide to commission an independent property survey.

A survey can highlight potential problems with the property before you become legally committed to buying it.

 

Step 8: Keep the Chain Moving

This part doesn't get quite as much attention as finding the house – but it's incredibly important.

Sales progression is about keeping everyone informed, identifying delays and helping the different parties within the chain move towards exchange.

Solicitors, mortgage lenders, estate agents, buyers and sellers may all need information from one another.

Good communication can make a huge difference here.

 

Step 9: Exchange Contracts

Once the legal work is complete, finances are in place and everyone in the chain is ready, you can move towards exchange of contracts.

At exchange, the transaction becomes legally binding and a completion date is agreed.

If you're buying and selling simultaneously, the aim will usually be to coordinate the two transactions so you can move from your old home into your new one.

 

 

Step 10: Completion Day – Time to Move!

This is it.

On completion day, money moves through the chain, ownership transfers and keys are released.

You'll hand over the keys to your old home and collect the keys to your new one.

Then comes the important business of finding the kettle amongst 47 virtually identical cardboard boxes.

 

Buying and Selling Doesn't Have to Feel Overwhelming

There's no getting around the fact that buying and selling a property at the same time involves a lot of moving parts.

But you don't need to manage them all yourself.

A good estate agent isn't simply there to put your property online and find a buyer. They should help you understand the chain, communicate with everyone involved and actively progress your sale towards completion.

 

At Arden Estates, we've been helping people buy, sell and move home since 2010.

So if you're thinking about moving but aren't quite sure whether to sell first, find somewhere first, or do both together, have a chat with your local Arden team.

Sometimes the easiest way to start is simply to work out where you currently stand.