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How to buy and sell at the same time

buying and selling houses

Selling our home, for most of us, means buying a new one at the same time. With chains involved and two lots of paperwork to juggle, the process can feel overwhelming.

With the aim of making moving home as simple and stress free as possible, we have put together our five-step guide to buying and selling at the same time.

1. Get ready

SELLING:
When putting your property on the market, be sure to get your estate agent to take plenty of flattering photos of your property. These photos will be the first thing prospective buyers see of your property, so it is vital that they show it in its best light.

BUYING:
Before you begin your property hunt, be sure to define your budget and search area. Also, make a list of those things that your new property must have, and a list of those which are nice to have. By being clear about these things from the outset it will hopefully make compromising and deciding on a property easier when the time comes.

2. Viewings

SELLING:
Depending on what you have agreed with your estate agent, you may decide to host the viewings yourself or have the estate agent do them for you. Either way, be prepared for lots of questions and always ensure your property is clean and clutter free so that prospective buyers can see the space on offer.

BUYING:
When viewing a property to buy it is easy to get swept away by a statement kitchen or fabulous décor, but before you make an offer, think practically. Does the property have enough storage? Is the location to your liking? Are there any issues such as a leaky roof, dodgy electrics or a smell of damp?

If you are considering buying a new build property, check out our questions to ask when buying a new build house blog.

3. Offer time

SELLING:
Getting an offer on your property is great news and if you choose to accept it, it means you can now be serious about finding your next home. When it comes to accepting the offer, talk it over thoroughly with your estate agent who will have an overview of the property market in your area. If accepting an offer below your asking price, consider what this will mean for your next step, can you still afford to move to the type of property you originally intended?

If you are unsure, take some time to look again at your finances, you could even call or visit an independent mortgage broker for advice on your options.

BUYING:
When buying a property, you will want to get the best possible deal so don’t be afraid to negotiate with the seller. If the seller is unwilling to budge on price, consider other ways to maximise value, such as whether particular fixtures and fittings can be included within the price.

4. Mortgage update

SELLING:
If you have accepted an offer, contact your current lender to update them on where you are in the moving process.

BUYING:
Whether you are staying with your current lender, or moving to a new one, once you have made an offer on a property and had it accepted, contact your mortgage lender who will advise you on the next stage of the financing process.

5. Legal advice

Choosing the same solicitor to handle both your sale and purchase will ensure the process is much more streamlined and with your conveyancing solicitor working with the other parties’ solicitor(s), finding a moving date which is agreeable to all is easier.

As experts in property conveyancing, contact us to find out more about our range of property services and how our legal experts can help you with your property sale and purchase.