While buying and selling a home at the same time is a common way to move, it can be a challenging and complex endeavour. Thankfully, with careful planning and the right guidance, you can ensure a smooth and successful process.
Whether you're looking to upgrade to a larger property, downsize, or relocate to a different area, here’s how to buy and sell a house at the same time.
Get your home valued
Before you can start making plans for your next move, you will need to get an accurate idea of how much your current property is worth.
You could get started with a free instant valuation , or contact your local estate agent for a face-to-face valuation for the most accurate figure.
An in-person valuation allows the agent to apply their local expertise and account for any fine details and unique features that your home has to offer. They could also offer suggestions on how to increase your home’s value with home improvements.
Enlisting an expert to guide you with your asking price will reduce the risk of reducing it later down the line. According to Rightmove, properties that need a reduction in asking price are more than 10% less likely to find a buyer than those that are priced right at the outset.
Find out more about Whitegates’ valuation services
Work out your finances
Before diving into the process, it's crucial to assess your financial readiness:
- Review your savings, investments, and current home equity to determine your budget for the new property.
- Get pre-approved for a mortgage to understand your borrowing capacity and increase your chances of securing a new home.
- If the house you’re buying costs over £250,000 (or £625,000 for first-time buyers), you will need to work out and account for the amount of Stamp Duty you will be paying.
- Factor in some extra leeway into your budget in case of any extra expenses along the way.
Speak to a mortgage advisor
Finding a suitable mortgage can take a lot of time and having your application rejected can stall the moving process.
You could consider helpful options like bridging loans to make your next home more affordable while you’re still selling your old, or you could even port your mortgage if your circumstances allow it.
A mortgage advisor (also known as a mortgage broker) will be able to find you the most suitable mortgage deal, allowing you to avoid wasted time.
Get your EPC
Make sure your Energy Performance Certificate (EPC) is at the ready.
EPCs rank your property’s energy efficiency from A to G, with a ‘G’ rating being the lowest and ‘A’ the highest. It is essential that you have an EPC rating scheduled before the property is put on the market as it must be available to show to prospective buyers if required.
Your property may already have a valid EPC, as they last for 10 years. You can find out through the GOV.uk website by using your postcode to search for your home’s current certificate.
Related: How to improve your EPC rating
Have key documents at the ready
Being able to supply any important documents as soon as they are requested will put you in good stead for avoiding delays. Dig out any key documents, such as your title deeds, FENSA certificates and existing mortgage statements, as early as possible so that they’re ready when you need them.
Remember, your mortgage lender will request proof of ID as well as proof of address before they can process your application.
Find out other ways to speed up your sale
Prepare your home for sale
You will most likely want to sell your home for the highest price possible, so it’s advisable to get it sale-ready and looking its best before putting it on the market.
Related: How to stage your home for sale
Bumping up your home’s value through home improvements to achieve the best price can take some time, so try and get it out the way before diving into the moving process.
Whether it’s a simple declutter, or a complete renovation, your house won’t linger on the market as long if it looks move-in ready.
Obtain a mortgage in principle
Speak to a mortgage broker and obtain an Agreement in Principle (AIP) for your next mortgage. This will give you a clear understanding of how much you can afford for your new home, strengthening your position as a buyer.
Find an estate agent
Selecting an experienced estate agent is vital, as they can provide valuable insights and manage both the buying and selling processes.
Look for an agent with great reviews, plenty of experience in your local market, and a track record of handling concurrent transactions.
Choose a conveyancer
The legal aspects of buying and selling a house simultaneously can be intricate, so it's essential to seek advice from a qualified conveyancer. They will handle the legal paperwork, protect your interests, and ensure a smooth and legally compliant transaction.
Related: What is conveyancing?
Find your new home
Clearly outline your requirements for your new home with your agent to narrow down the search process. Attend viewings with an open mind and be ready to act swiftly if you find the right property.
Once you find a suitable home, make an offer contingent on the sale of your current property.
Consider temporary accommodation
If possible, arrange for temporary accommodation to bridge the gap between selling your existing property and moving into the new one.
Whether it means staying with friends and family, or finding a temporary rental home, this can help reduce stress and give you more flexibility in your negotiations.
Agree on a completion date
During negotiations, be transparent about your situation and preferences regarding completion dates. Aim to align the completion dates for both transactions to avoid being left without a place to stay.
Flexibility and open communication are key to successful negotiations.
Stay organised and communicate
Maintain clear communication between all parties involved: estate agents, solicitors, mortgage advisors, and buyers/sellers. Regularly follow up to ensure all tasks are being carried out as planned.
Be prepared for delays
Despite your best efforts, delays can occur due to various reasons, such as legal processes or chain-related issues. Stay patient and adaptable throughout the process.
On completion day, the sale and purchase transactions will be finalised. You will receive the keys to your new home and hand over the keys to your old property. Ensure that all necessary funds are transferred to the right parties.
Celebrate your success
Once the keys to your new home are in your hand, take a moment to celebrate your achievement and start making your new house feel like home!
Are you ready to start your next moving journey? Contact your local Whitegates branch today