When you’re doing both at once, buying and selling a property can be a thrilling but overwhelming process. This procedure is considerably trickier in the UK given the country’s active real estate market. To make the process go more smoothly in a fast-paced real estate market, advance planning is key. Whether you’re downsizing, relocating, or improving your family home, buying and selling at the same time can be a difficult undertaking.
A home is a big investment, so buying and selling one requires a thoughtful strategy. Buying and selling a home usually at the same time creates a housing chain. Property chains are not uncommon, yet they can be troublesome. Looking for a local letting agent in Leeds, Leaders is one of the UK’s premier estate agents, with more than 100 branches across the country offering a host of property services.
Here is some useful advice that can aid in decision-making and help you stay clear of frequent errors that could end up costing you time and money. We’ll go over each of these suggestions in more detail in the parts that follow so that you may learn how to concurrently buy and sell a house in the UK.
Get A Valuation Of Your Property:
Get a firm grasp on the value of your present property before starting to make arrangements to buy and sell a house at the same time. Start by using free immediate valuation tools online then request appraisals from at least three nearby estate brokers. To provide you with the most accurate estimate, they can use their local expertise to account for any special features or home renovations that increase the value of the property.
Some agents have a reputation for providing an exorbitant assessment in an effort to get your business. However, by inviting three agents, you are presumably lowering the likelihood that you will begin with an asking price that you will need to lower a few weeks later.
Calculate Your Finances:
The second step is to understand your finances if you’re wondering how to simultaneously sell and buy a home. As a result, you will need to determine the amount of equity you have in your present home as well as how much you are willing to spend on your new property.
The chain should also be taken into account. A deposit will be required when the contracts to purchase the property are exchanged. If you exchange on the same day when your buyer exchanges, you can utilise the deposit they provide you to pay the deposit on the home you’re purchasing.
-Other Expenses While Buying And Selling A Home:
Additional expenses like stamp duty must be taken into account. In the absence of a cash purchase, you should be allowed to include this in your mortgage borrowing. You must be aware of it since it might be a significant expense.
Additionally, there will be estate agency costs for selling as well as a variety of conveyancing fees to handle the legal aspects of purchasing and selling. It’s also an excellent idea to include some extra money in your budget to account for any unforeseen expenses rather than stretching it to the absolute limit.
Get In Touch With A Mortgage Broker:
If you intend to purchase and sell a home at the same time, a mortgage broker can assist you in identifying the best course of action. Remortgaging or transferring your mortgage may be necessary for that. In this case, your current mortgage is transferred to your new home.
Even if you are able to transfer your mortgage, a new mortgage and lender may offer a better price. So talking to a mortgage agent is a smart idea. Keep in mind that you could pay an early repayment fee if you take up a new mortgage before the present one expires.
Acquire Your EPC:
Obtaining an EPC, or energy performance certificate, is the next step. The most energy-efficient dwellings are rated A, while the least energy-efficient ones are rated G according to EPCs.
Before the property is listed for sale, an EPC must be ordered, and it must be made accessible to potential purchasers upon request. Given that EPCs are only good for ten years, your house may already have one otherwise, you will have to purchase one. Although many consumers obtain an EPC via their estate agent for convenience, this is typically a more expensive alternative. So keep in mind to bargain or, alternatively, spare yourself the effort of setting up an EPC on your own. Finding nearby Energy Assessors will help you do this.
Involve Your Estate Agent:
If you’re buying and selling a home at the same time, your estate agent can aid if you don’t feel comfortable or don’t have enough time to get involved in pushing everyone along. When you accept an offer, they will want to swap contracts with you as soon as possible. The Property Ombudsman Code of Practice for estate agents states that their duties to you at this period include keeping track of developments, helping you as much as they can, and providing data they think useful to completing the deal.
By using the advice provided, you’ll be better prepared to navigate the challenging real estate market and make wise choices. Always remember to prioritise your requirements and prepare ahead. Consult a professional, communicate clearly with all parties, and be ready to make compromises when called for. When done correctly, buying and selling a house at the same time may go more smoothly and without worry, allowing you to move into your new home with assurance.