How To Buy And Sell A House At The Same Time

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So you’ve brought your first house, but now you want to sell your first house in order to buy a new house? Where do we start?

So the first thing we will need to know is how much the current house is worth, you can do this by using an online valuation tool. There will be a link in the description to our tool.

However, these are just estimates and you’ll really need an estate agent to visit your home to see its current condition and if you've had any renovations. Then they can give you an accurate market value.

Once we know how much your house is worth, then we can start to think about how much you can borrow and what your current financial situation is.

You may have the option to keep your current mortgage and move it onto the new home. You might also have the option to get rid of that mortgage and start with a new lender who is maybe offering you more money or a better mortgage rate. Once you’ve applied and been approved, you’ll receive your agreement in principle which will get you ready for the next step.

You’ll also need to budget for estate agency fees, conveyancing costs, and solicitors' fees on the buy and sell side & potential moving costs.

Before we can secure your new home, you will have to have a buyer in place who is purchasing your current property. Alot of homeowners tend to worry about this process, we get questions like, where will I stay? However, no one will be forcing you to move out your current home until you have exchanged contracts within that property chain, if you’ve agreed a sale but have not found a new property yet, buyers are aware that you will need some time to find a new property.

So once youve got an offer thats acceptable to you, then you can make an offer on the new house that you want creating a property chain.

Now what is a chain? A property chain is where a group of home buyers and sellers are connected. If you want to buy a house but first have to wait until the seller buys their next home, you’re in a property chain.

A typical property chain may look something like this:

Number 1: A First-time buyer – who is at the start of the chain. This person isn’t selling a home, they're only buying

Number 2: A Homeowner – who is selling their home to the first-time buyer and purchasing a new home from a retiree

Number 3: The Retiree – who is selling their home to the homeowner and moving in with family

This is a two-person chain, as there are two house purchases that need to take place. Sometimes the chains can be a lot bigger which may require a longer process to complete.

So lots of people tend to agree on a price and have a date set in mind for when they’d like to move in. For example Christmas or during the summer holidays so their kids can be moved before the new school term starts. But we can’t finalise and agree moving in and out dates until the contracts have been exchanged.

We can have a date and timescale in mind but we can't really dictate from the start that it has to be done by time because we can’t control every person's situation in the chain.

Now a good estate agent will be working around the clock communicating with all the buyers, sellers, agents, solicitors making sure that all parties are taking the actions needed to get the deal done in a timely fashion.

So I hope that this video has been useful. If you do have any further questions, feel free to drop us a message or give us a call

If you'd like to learn more, visit us at https://www.estatemove.co.uk

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