Selling your home to buy and move into a new home at the same time can be a challenge. The dreaded property chain can cause chaos, tripping you up at the last minute.
With both processes, there can be a lot of paperwork and agreements involved, and without the right advice there’s a lot of room for error.
Here are our top tips for making your sale and purchase as smooth as possible
1. Do your research – Knowing what you want and need from both sale and purchase is important. Research local property values so you can determine appropriate prices for both sales and make sure each sale is fair.
2. Get professional advice – Using a professional estate agent will help ensure everything runs smoothly when buying and selling a home at the same time, as they have extensive experience of the processes involved in housing transactions. They can also provide invaluable advice on current market conditions that could affect the success of your purchase and sale.
3. Work out the finances – Calculate an accurate figure for how much money you will need to cover both transactions, taking into account stamp duty, solicitors’ fees and any other associated costs. Also consider whether you need a bridging loan, so obtain professional mortgage advice in order to manage your cash flow during the buying/selling process. Talk to your Mortgage Broker early in the process to know what mortgage options are available to you.
4. Get ready to move quickly – When buying and selling simultaneously, it is important to be prepared to move quickly when an offer has been accepted on either side so that the transaction can progress smoothly. Ensure you have all the necessary paperwork in order before starting any sale or purchase and make sure both properties are ready for viewing should potential buyers want to view them at short notice. You’ll also need to make sure you have an EPC or Energy Performance Certificate.
5. Monitor the market – Keeping a close eye on both the selling and buying markets is essential when looking to buy and sell simultaneously. Understanding current demand levels in your area will help you make informed decisions on pricing, while knowledge of recent transactions can also provide valuable insight into how best to proceed with each sale or purchase.
Following these tips will help ensure that the process of buying and selling a UK home at the same time is as stress-free as possible. Taking professional advice and monitoring local markets are key elements in achieving a successful outcome for both transactions.
Want to talk mortgage matters?
Whether you’re stepping up, moving on or staying put, when it comes to finding a competitive rate and a mortgage deal that’s right for you, we’re here to help. For more information, contact our whole of market, no broker fee mortgage advisers for their help and support as you navigate this process, call us on 0800 612 5596 or email: info@yes-ms.co.uk
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At Yes Mortgage Services, we offer a comprehensive range of products from across the market.
Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.
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