How to sell and buy a house at the same time

Whether you need somewhere bigger, something smaller, a home closer to a certain school, or you simply fancy moving house, selling and buying at the same time can be tricky.

When selling property at the same time as buying, you’re at the mercy of property chains, which can slow down your progress and push your completion date back.

However, at GD Property Solicitors, we’re experts at handling this situation, so we know exactly how to approach it.

The process of buying and selling at the same time

If you’re selling a property, that means you’ve already gone through the process of buying a home, but combining the two can be trickier to manage.

Here’s exactly how you should manage the buying and selling process:

Get your property valued and work out your finances

First of all, you need to understand how much your property is worth, so use some local estate agents to visit your home and value it. It’s worth getting a couple of different opinions and choosing a value you find most suitable.

If you have an existing mortgage, you should speak to a mortgage broker to discover how much equity is left to pay. You can then figure out your budget for a new home, and your deposit, etc.

Put your house up for sale and begin your property search

Once you’ve prepared your property for sale (taken pictures, made minor repairs and given it a fresh coat of paint), it’s ready to be listed on the property market.

You can do this by listing with local estate agents or using an online service like Purple Bricks to potentially avoid any large estate agent fees.

Once your home is up for sale, and you know what your budget is for your next house, you can start the search.

Agree on a sale

Before putting in an offer on a house you like, wait to agree on a fee for your own property. The last thing you want is to sit and wait for weeks or months on a new property, holding up more property chains as your house continues to sit on the market.

Once you’ve hosted some viewings and you’ve received offers, carefully consider them and accept what you feel is the right price.

Make an offer

If you’re in a position to bid for a house, place an official offer with the buyer or their estate agent.

Hopefully, this will be accepted and you can then move on to the next step: hiring a conveyancing solicitor, like us at GD Property Solicitors.

Start the conveyancing process

Your conveyancing solicitor can handle everything behind the scenes to complete your house sale and purchase. They’ll draw up contracts, arrange property searches, a survey and negotiate any issues with the other parties involved.

Once everything has been ironed out, the searches and survey have come back without any issues, you can move forward towards the completion date.

Exchange contracts and complete

The final steps to moving house are to sign the final contract, exchange finances and move out. Your keys will be passed to the new owner of your property, while you receive the keys to your home.

Your conveyancing solicitor will then register the property in your name on the Land Registry, and everything will be official.

What type of issues can you face during the buying and selling process?

There are a few situations you may face during a property chain that can frustrate you and lengthen the process.

They are:

Your buyer is reducing their offer late in the process. This is known as gazundering.

Time spent discussing options with your mortgage lender.

Waiting to make an offer on a new property until you’ve accepted an offer on your own.

Part of the chain collapsing, jeopardising both your house sale and purchase.

Relying on the surveys on several homes going through without any issues.

A competing offer was made after yours was accepted. This is known as gazumping.

Speak to expert conveyancing solicitors

So, are you ready to sell a house and buy your new home? If so, we’re here to help! At GD Property Solicitors, we’re experts in handling the conveyancing process for residential properties all over the UK.

Our affordable service includes an easy-to-use online conveyancing platform where you can check the progress of your account, view documents, and more.If you’re interested in hiring a reliable conveyancing solicitor to handle your property chains, then get in touch with our team today by calling 0161 710 1786 or emailing info@gdlegal.co.uk.