How Do I Buy And Sell A Property Simultaneously?

by Karlie Baker-Kidwell

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4th August 2023

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Buying & Selling

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Selling your property in The Westcountry while simultaneously buying another property can be highly stressful. The good news is that a lot of the stress can be mitigated by knowing every step of the process before you take the plunge.

Here at Webbers, we will efficiently guide you through every stage so you can be well-informed and feel confident.

Step One – Getting Your Property Valued

The very first step in the buying/selling process is to find out the value of your home. You have a couple of different options here. You can start by looking online at the selling price of similar properties in your area to get a rough idea, but of course, the best plan is to contact an estate agent and ask them for a valuation!

Step Two – Get Your Finances In Order

Before you can start looking for a new property, you need to know how much you can afford to spend. Your valuation will let you know what price you can expect to achieve when you sell your home, allowing you to work out how much equity you’ll have. When you add on any savings you may have, you’ll get a clearer picture of the price bracket you’re looking at. Remember, though, that you’ll need to pass lender affordability tests.

Step Three – Work Out Your Costs

The costs can mount up when moving home. You need to understand your costs as much as possible to avoid any disappointment later. Consider how much deposit you’re likely to need and the additional costs like conveyancing, mortgage broker and surveyor fees, stamp duty, and removal expenses.

Step Four – Prepare Your Home

Now you’ve taken the first steps towards buying a new home, it’s time to prepare your existing property for sale. Look at your home from the point of view of a buyer – what would deter you from making an offer on it? Look for anything that needs sprucing up or fixing and get to work on those tasks.

Step Five – Assemble Your Team

You need the right professionals working with you to successfully sell and buy a property in The Westcountry. You must research well and select the right surveyor, estate agent, and legal team.

Step Six – Prepare Your Documentation

Having all of your paperwork prepared and ready to go will speed up the selling process. You’ll need your home’s FENSA certificates (if applicable), EPC, and title deeds to sell your home, as well as ID and proof of income to make your purchase.

Step Seven – List Your Property

This step is the most exciting part of the process as it’s the stage where you approach an estate agent to list your property on the market. You can also start searching for your ideal new home. Remember, though, that it’s best to have your property sold before offering on another.

Step Eight – Agree To A Sale

Although you may be tempted to take the highest offer on your property, it’s important to weigh everything up before you jump in. It’s essential to examine the purchaser’s position first to check they’re in a proceedable position and motivated to move.

Step Nine – Get An Offer Accepted

Once you’ve agreed to your sale, you need to make an offer on your dream home and get it accepted. When the seller accepts your offer, ask them to take their property off the market so you are less likely to be gazumped.

Step Ten – Finalise The Mortgage

Get in touch with your mortgage broker or lender and finalise your application. There’ll be a few more checks to carry out to ensure everything goes through smoothly.

Step Eleven – Begin The Conveyancing Process

Getting the conveyancing process off the ground is your next port of call. Instruct your conveyancer or solicitor and start the ball rolling.

Step Twelve – Instruct Your Surveyor

Your mortgage provider will require a valuation of your chosen property, but that’s for their benefit and not yours. You should instruct your own surveyor to give you the peace of mind that comes with knowing the home you plan to purchase is in good condition.

Step Thirteen – Set The Dates For Exchange Of Contracts And Completion

Now that everything is in place, it’s time to exchange contracts with the other parties and set a completion date.

Step Fourteen – Prepare To Move

You’re now on the homeward stretch to completion. Start packing and choose the right removal company. Ensure your existing home is clean and ready for its new owner to move into, and ensure everything is in order for your move to run smoothly.