How can you buy and sell at the same time in a way that is stress-free?
Property chains… the prospect of buying and selling at the same time can seem like a bit of a nightmare. There are a lot of moving parts to consider, not all of which will be within your control, and the timing can be everything. However, buying as part of a chain is very common so it makes sense to be prepared in case this is the situation that you find yourself in. If you’re ready and organised then it can actually be a stress-free experience.
Be prepared to buy
The thing about property chains is that you often have to move quickly to secure the home you’re keen to buy. So, it’s important to be ready to move forward as soon as you find the right property. That means:
Getting a valuation for your current property
It’s often a good idea to get three valuations from local agents and then pick a mid point between them so that you have a good idea of what your property is worth and, consequently, how much cash you’re going to have to buy with.
Make sure your finances are all in place
Work out in advance how much you’ll have for a deposit for your new home – and where that money is going to come from if you don’t exchange on the same day as with your sellers. How are you going to cover buying costs and how much equity you’ll have in your property at the point of selling it?
Speak to a mortgage broker
Establish what your options are when it comes to paying for your new place and the kind of deal you can get on the finance.
Prepare your property for sale
If you’re making an offer on a new home when your current property is under offer then you’ll be taken more seriously by the seller. So, get your property ready for sale, deal with any small issues and start advertising it and arranging viewings.
If you had a good conveyancing solicitor last time then keep hold of them
The process of searches and enquiries can be time consuming, even more so if your solicitor is not being particularly proactive when it comes to chasing the other side. If your solicitor was efficient last time then stick with them – if not, find someone else and look for good reviews in terms of efficiency and being proactive.
Don’t end up out of the loop
It can be a good idea to make direct contact with the seller so that not all communication goes via solicitors, who can sometimes be obtuse and unhelpful.
Don’t rush ahead before you’re ready
Make sure you’re happy to exchange and not putting yourself in a difficult position financially if you’ve had no offers on your current place. Once you exchange you are legally bound to complete or you could lose your deposit so don’t be pushed into doing this too soon.
We can help you manage the process of buying and selling at the same time so that it feels effortless. Contact the Clarke Gammon Wellers team today to chat through your requirements and see how we can help you to sell your property or buy a property in Surrey.