Should you buy and sell at the same time?
Most people look to buy their new home at the same time as they sell their existing one. Searching for a new home at the same time as trying to sell your existing home can be stressful however, and you could think about doing things in a different order.
You could consider selling first. This might put you in a stronger position when it comes to buying, but you could find that you have to rent for a while.
If you do rent you also need to consider the hassle of moving twice. If you don’t want to rent you could accept an offer for your existing home on the condition that you find another home to move into, but this option could take some negotiation and you may also find that the house prices go up as you wait.
Doing things the opposite way round and buying first could put more pressure on you to accept any offer on selling your home. It also means you need to have enough deposit available for your new home and you would be paying two mortgages.
Make sure from the start that you have the Energy Performance Certificate (EPC) needed to sell your home. It shows prospective buyers how much energy your home uses. An accredited assessor will visit your home to look round and provide the certificate.
Estate agencies usually charge a percentage of the selling price of your home plus VAT, although some will sell your home for a flat fee.
You need a solicitor or licensed conveyancer to help with the legal aspects of selling your home, such as transferring the legal ‘title’ of the property from one person to another, known as conveyancing. Always get a quote upfront.
You may have an early repayment charge to pay if you are unable to take your existing mortgage deal with you to your new home. Speak to your mortgage lender to see if you do have an early repayment charge and what your options are.
You may want to employ a removal firm to help you move into your new home – costs can vary so get a few quotes so you can compare prices. It’s really important to get the right removal service for the right cost. A few points to check are: does the price include packing? Does it include insurance? What is the capacity of the van provided? Is access suitable?
If you’re not moving straight into a new home, you may need to pay rent until you find a new home. This could also mean storage costs for any furniture.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
All applications are subject to status and our leading criteria. This means that the ammount we will lend you will not depend on your individual circumstances, the type of property and the ammount you borrow. For example, we nay require a higher deposit if you are buying a flat or a new built property.