As a current homeowner, the process of selling and buying a house at the same time can seem overwhelming. So, to help simplify things, we’ve created this handy step-by-step guide.
1. Get your property valued
The best way to buy and sell a house at the same time is to get your current one valued before starting to house hunt. This will help you work out your budget.
You could use an estate agent or a free online service, such as Zoopla or Property Price Advice, but be aware that they can only provide estimated prices. It’s always a good idea to gather a few quotes so you can compare.
Our guide to getting your home valued includes helpful tips and information to kickstart the process.
2. Work out your finances
Once your existing home has been valued, you can begin to calculate your finances, including the amount of savings and equity you’ve built. If you are repaying a mortgage, check the balance and its T&Cs.
When buying, you’ll need to factor in Stamp Duty, local searches, property survey and mortgage fees. When selling, you’ll need to consider estate agent fees (between 1% and 3% of the sale price) and solicitor fees. You’ll also need to have your Energy Performance Certificate (EPC) to hand.
Learn more about the costs of selling your home and the costs of buying a house for a hassle-free purchase.
3. Prepare your home for sale
You want your house to look its best before advertising it on the market. This will attract more buyers and possibly increase its selling price. Start by cleaning it thoroughly and tidying up your outdoor space and driveway. Consider refreshing your rooms with a lick of new paint and declutter as much as possible. You could donate unwanted items to charity or sell them online.
4. Gather the paperwork
An important part of selling and buying a house at the same time is having the relevant paperwork ready. This will speed up the process and help you move into your new property stress-free.
Some of the documents you need when selling include the property title deeds, the Fittings and Contents form (TA10) and the Property Information form (TA6). When buying, you’ll need the mortgage deeds, insurance policies, survey report and Stamp Duty receipt, if applicable.
Explore the essential house purchase documents in our guide.
5. Put your house on the market
Selling your home often feels like the hardest part of the journey, but the right estate agent can support you through the process. Typically, it takes 25 weeks to sell your property, but this may vary depending on how long the local searches and the mortgage application take.
Once your home is on the market, you may encounter a lot of technical language, which can be confusing. So, we’ve put together a house-moving glossary to help you understand each term.
6. Start house-hunting
Whether you’re downsizing or looking for a bigger place, this is the exciting part where you get to view properties that could be your new home. Once you’ve found the one for you, you’ll usually work with an estate agent and a solicitor to make your offer and complete all the paperwork.
7. Agree a sale
You’re now at the final stage of selling and buying a house and one step closer to moving into your new property. Your estate agent should be setting up viewings and will let you know when any offers come in.
There are a few things to consider before accepting an offer:
• Does it reflect a fair price for your home?
• Can the potential buyer finalise the purchase?
• Are they cash buyers or involved in a chain?
You don’t need to accept the first offer. You can negotiate with potential buyers, and if you receive more than one offer on your home, you can request sealed bids. This is where your estate agent asks both parties to write down their maximum amount.
8. Get your offer accepted
If you’ve set your eyes on your new home, it’s time to make an offer. You can ask the seller to take it off the market so nobody else views it. This is so you can avoid being gazumped, which is when you make an offer that the seller verbally accepts, but they end up receiving a higher offer further down the line.
9. Start the conveyancing process
Once your offer has been accepted, you should contact your solicitor straight away. They handle the legal side of the purchase, from conducting local searches to exchanging contracts.
Establish a good line of communication right off the bat and be responsive. This speeds up the process and helps prevent potential issues. Don’t be afraid to nudge things along – if you have questions, ask away!
Still having doubts about the legal steps of buying a new home? Our handy guide can help.
10. Agree on exchange and completion dates
Once the local searches and surveys have been conducted, you can agree on a completion date and exchange contracts. This is when you’re legally bound to the purchase.
As soon as the contracts have been exchanged, you can start updating your details for the move. On completion day, your mortgage and deposit will be transferred to the seller, and you will officially receive the keys to move in.
Learn more about how long it takes to exchange contracts in our guide.
Looking for your new home? Explore our brand-new properties across the UK and discover homebuying offers to help you move.
Call or visit our Sales Advisers to become a homeowner with David Wilson Homes.
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