How to buy and sell a house
The full step by step guide
:quality(80))
:format(webp):quality(100))
:format(webp):quality(100)){kind=spacer}
:format(webp):quality(100))
:format(webp):quality(100))
:format(webp):quality(100)){kind=spacer}
:format(webp):quality(100)){kind=spacer}
:format(webp):quality(100)){kind=spacer}
It’s no secret that selling a house can be stressful. Once you consider all of the plates that are spinning all at once, it is no wonder that homeowners can be left feeling overwhelmed and unsure. And, that’s without even considering the stress behind buying and selling a house at the same time.
In an ideal world, you’d put your house on the market and it would sell in minutes, but that’s different from reality. Sometimes the market isn’t quite in your favour, and it may take you quite a bit longer than you thought it would.
The reality of selling and buying a house at the same time, is that it’s a daunting task due to the numerous logistical and financial challenges involved. Coordinating both processes requires careful timing and planning to ensure that the sale of your current home aligns with the purchase of your new one.
Join us as we delve into how you can buy and sell a house, as smoothly as possible.
Key takeaways:
You can get your house valued via Rightmove, Zoopla or using our free cash offer valuation service.
When buying and selling a house at the same time, you will incur all the costs involved in both processes.
You should instruct a mortgage broker to help you find the best mortgage deals possible.
The easiest way to buy and sell a house is to use a cash house buyer like ourselves. Why wait 10 weeks to sell, when you can sell in 1?
1. Get your house valued
The first thing you should do when buying and selling a house is to get your house valued. This is one of the most important parts of the process, no matter which house selling route you decide to take.
There are plenty of free tools online, like Rightmove, Zoopla or even our own cash offer valuation, all of which can give you an instant house valuation. But, this should only be used as a guide and you will need to get an estate agent house valuation too.
Calculate the cost
You should approach three estate agents and ask for a house valuation, these are normally free. From the three estate agent valuations, calculate the average and use this as an honest guide to your true house price.
But, it is worth noting that some estate agents may overprice the value of your home to win your business. If you feel like an estate agent has done this, remove their valuation from your calculations and get another – you won’t want to have an overvalued average to start off with.
Other expenses when buying a house
When it comes to buying a new house, there are quite a few costs that you will need to consider and budget for, before you start your home buying process. Stamp Duty Land Tax is a massive cost, as it is a tax on property purchases that can substantially increase the overall expense.
Another important upfront payment is the deposit for the new home, which is essential if you are looking to secure a mortgage. Local searches are necessary to uncover any potential issues with the property or surrounding area that could influence its value or your decision to buy (like mines, or high-flood risk). Additionally, solicitor fees which are incurred to handle the legal aspects of your house purchase, reducing the risk of future disputes.
Mortgage arrangement fees also add to the initial costs, as they are required to set up the financing for your new home. A property survey is important to assess the condition of the property and identify any structural issues, potentially saving you from costly repairs down the line.
Moving costs can also accumulate depending on the distance and volume of your belongings. If you own two homes simultaneously, regular bills for both properties can strain your budget and cash flow.
Lastly, owning multiple homes may subject you to Capital Gains Tax on the profit from selling a home, which can diminish the overall benefit of your investments.
Other costs when selling a house
When it comes to selling your house, unsurprisingly there are also several costs that must be accounted for to make sure you have a straightforward and successful house sale.
The first of which is estate agent fees, which usually range from 1% to 3% of your home’s total selling price. These fees will cover the marketing and selling of your home but will directly reduce your net proceeds from the sale.
Solicitor’s fees are also incurred to manage the sale process, ensuring that all contracts and legal requirements are properly handled. On top of your solicitor fees, you will also incur conveyancing costs, which are needed for the legal transfer of property ownership.
Market conditions may also introduce potential costs, such as the need to borrow more money (through bridging loans etc) due to market fluctuations or uncertainty in the market.
Other expenses when buying and selling a house at the same time
Selling a house and buying another, as you can probably guess, causes all of the above to collide together. When you buy and sell a house at the same time, you will incur costs from both transactions. Stamp Duty is a significant expense when buying, especially if you temporarily own two properties.
The Stamp Duty rates for second homes can be as high as 15% for properties over £1.5 million. Additionally, you might face Capital Gains Tax if the value of your original home has increased significantly.
Estate agent fees for selling your current home and buying the new one can accumulate quickly, as you are engaging estate agents for both transactions. Additionally, conveyancing fees are incurred for the legal transfer or ownership for both properties, which is integral for completing the transactions smoothly.
If there is a gap between selling a house and buying another, you may want to consider a bridging loan, which will help bridge the monetary gap between the two processes, but they come with high interest rates and add to your financial burden.
These loans often have higher rates than standard mortgage loans, further increasing the cost of financing the transition between properties.
You must also make sure you have enough money to cover the deposit and associated fees for both properties, especially if your current home doesn’t sell in time, to avoid financial strain.
Additionally, if you buy and sell a house, you may face extra tax implications like Stamp Duty for second homes, which will impact your overall financial planning.
2. Talk to a mortgage broker
When selling and buying a house at the same time, a mortgage broker can be a great way to navigate the process. They can be invaluable, especially if you are planning to either mortgage or remortgage your home.
It can be worth talking to a mortgage broker as they may be able to help you find a better mortgage deal even if you can port. However, you should also remember that if you decide to end your mortgage early, you may have to deal with an early repayment charge, which will come at a more of a cost.
Whatever you choose to do with your mortgage, you will need to have a valid form of ID ready, as when you apply for a mortgage one of the first documents you will be asked to provide is proof of address. If you are looking to sell your house, you will need to ensure that you have all of your guarantees ready to provide to the buyer.
Best to remortgage or port your mortgage?
When you remortgage your home, you switch your existing mortgage to a new lender or negotiate a new deal with your current lender. This can include changing the terms of your loan, such as the interest rate or repayment period. Most people tend to remortgage to get a better deal, reduce monthly payments or release equity in their home.
Porting your mortgage on the other hand, means transferring your existing mortgage deal to a new property when you move. Porting can help you keep the same mortgage terms, such as the interest rate and repayment schedule with your current lender. You might need to borrow additional funds if the new property is more expensive, which would be added to your existing mortgage under potentially different terms.
When it comes to buying and selling a house at the same time, and whether you should remortgage or port your mortgage there are a few things you should consider:
Porting your mortgage
If your current mortgage has competitive interest rates or favourable terms, porting will allow you to retain them. Similarly, porting can also help you avoid paying early repayment charges on your existing mortgage. It basically simplifies the process by dealing with the same lender, which can make the house transaction a lot smoother.
But, you may find that your current lender doesn;t allow porting, and even if they do, your new home may not meet their criteria. And, if you need to borrow more for the new property, the additional funds may be subject to different terms and interest rates.
If your current mortgage has very favourable terms and your lender allows porting without significant restrictions, porting your mortgage may be the best option. This avoids early repayment charges and simplifies the transition.
Remortgaging
Remortgaging your home allows you to shop around for a better interest rate or more favourable terms, which could save you money in the long run. You can also adjust the mortgage to better suit your new financial situation or the value of the new home.
But, switching mortgage providers could incur the dreaded early repayment charges on your current mortgage and there may be upfront fees associated with setting up a new mortgage, including arrangement fees, valuation fees and legal costs.
If you can find a significantly better deal by switching providers, or if your current lender’s terms for porting are not favourable, remortgaging could be more beneficial. This can save you money in the long term, even if there are upfront costs involved.
:quality(80))
3. Prepare essential house sale documents
To help you speed up the buying and selling process, you should make sure you have all of your essential house sale documents ready and waiting before the house goes on the market.
Documents for selling:
Electrical Certificates.
Building work certificates.
Records of service for your boiler.
Proof of Identity:
This could include a passport or driving licence. You will also need to show proof of address which can be shown through utility bills or bank statements that are dated within the last 3 months.
Property Title Deeds:
Legal documents providing your ownership of the property. If you don’t have the original deeds, your conveyancer can obtain them from the Land Registry.
Property Information Form (TA6):
Detailed information about the property, including boundaries, disputes, notices, services, utilities, and environmental matters.
Fittings and Contents Form (TA10):
Lists items that are included in the sale, such as fixtures, fittings and appliances.
Energy Performance Certificate:
A certificate showing the energy efficiency rating on the property, which is legally required for selling a property.
Guarantees:
If you have new appliances such as a new boiler, electrical appliances, or ocean, then you will need to provide these to the new owner.
Building Control Certificates:
If your home has had any extensions or conversion work done to it, then you will need to provide the correct certification.
FENSA Certificate:
If you have had any new double glazing fitted whilst you owned the property, then you will be required to provide FENSA certification for it.
Documents for buying:
Proof of Identity & address.
Proof of funds:
Usually this is shown via payslips (3 to 6 months), P60 form (summary of your pay and tax deductions for the year) or bank statements.
Sale agreement/contract:
Provided by the seller’s solicitor, detailing the terms and conditions of the sale.
Title deeds:
Legal documents providing the seller’s ownership of the property.
Property Information Form (TA6):
Completed by the seller, detailing important information about the property.
Fittings and contents form (TA10):
Lists items included in the sale, such as fixtures and fittings.
Leasehold information (if applicable):
Lease agreements and details about ground rent and service charges.
Conveyancing terms of engagement:
Agreement with your conveyancer outlining their services and fees.
Searches:
Local authority searches, environmental searches, water and drainage searches, etc, carried out by your conveyancer.
Transfer deed (TR1 form):
Signed by both the buyer and seller, transferring ownership of the property.
Stamp Duty Land Tax (SDLT) return:
Completed to pay any Stamp Duty due.
Survey reports:
If you have had a homebuyer’s survey or structural survey done.
Planning permissions and building regulations certificates:
For any work carried out on the property.
Energy Performance Certificate:
Shows the energy efficiency of the property.
Having these documents ready and organised can help smooth the buying and selling property process and avoid delays. Working closely with your solicitor will also help you navigate any additional document requirements specific to your transition.
Get your Energy Performance Certificate (EPC)
Out of all the documents in the list above, arguably the most important is the Energy Performance Certificate or EPC. An EPC is a way of ranking your property’s energy efficiency on a scale from A to G, with A being the most efficient and G being the least.
In order for a property to be put on the market, an EPC must be commissioned and be readily available to show any prospective buyers. If you have bought your home within the last 10 years, then you may already be in possession of a valid EPC.
EPC’s are valid for 10 years, but if you do not have one then you will need to commission a new one. Whilst it is easier to commission a new EPC with your estate agent, this is often a lot more costlier. You can often save money by arranging an EPC for yourself or by negotiating with your estate agent.
4. Find the best estate agent to sell your property
Finding an estate agent and preparing your house for sale should be done at the same time, but ideally you should have an idea of who you want your estate agent to be from your house valuations.
The house valuations you carried out in step one, will have resulted in you receiving three different valuations. All three may have been pretty similar, two may have been very low, or very high, and one being the opposite.
We would always recommend that you choose an estate agent that provided you with an honest valuation, were friendly, had a good customer service team and you felt safe with. If you come across an estate agent like this, you should next check their online reviews via Trustpilot or Google reviews and see what past customers have to say about them.
If everything looks good, then you can instruct these estate agents. If something in the reviews has given you red flags about the estate agency, then you can either ask them about it and see how they respond, or do a little online digging for a better estate agent in your area.
Find a conveyancing solicitor
Whilst it may seem early on in the process, now is the ideal time to start looking for your conveyancing solicitor. By already knowing who you will instruct, you can be ready to start the conveyancing process as soon as you accept an offer.
When choosing a solicitor, you should undertake a similar level of due diligence as you did when choosing your estate agent. This once again means you should be shopping around for quotes, looking at different reviews across a variety of platforms, and even asking other people you know who have bought or sold a house recently who they used.
If you are using a local estate agent, it may be worth using a local solicitor, as most likely than not, they will have worked previously together. If you are using an online estate agent, you may want to consider using a national level solicitor as they will have a very straightforward process. Online estate agents may also use their own solicitors on your behalf.
Or, use a cash buyer
One of the easiest ways to buy and sell a house simultaneously is to use a cash buying company. Cash buyers can speed up the selling process, often completing the purchase within a few weeks.
Here at The Property Buying Company, we are one of the UK’s leading cash buyers and can help you sell your house in as little as 7 days. We can help you free up funds quickly to secure your new home and help reduce the risk of your onward purchase falling through.
We don’t rely on mortgage approvals and aren’t part of a property chain ourselves. Allowing you a faster, more certain transaction, and allowing you to focus on buying your new home with confidence.
5. Stage your home for a house sale
When it comes to putting your home on the market, all house selling companies have a shared goal - to get the highest price possible for your home. In order to achieve this, it is important that you take the time to properly prepare your home for sale.
Some ways that can prepare your home for estate agent photography and viewings are by trying out some of the following:
A. Declutter
The first (and most important) step you can do, is to de-clutter. This one goes hand in hand with deep cleaning your home and means anything that you don’t plan on taking with you, gets given to charity shops, recycled or sold before you are too busy to do it.
Anything you plan on keeping, but clutters up the space can be put in temporary storage. This can help bring a sense of order to your home and keeps it looking its best throughout the number of viewings you will have.
A great advantage to decluttering your home is that it can help make the moving period easier. By already throwing away everything you no longer need, you will already have everything you need to pack. This will not only save time but may also save you money by avoiding transporting items that you will only throw away once you arrive in your new home.
When it comes to storing your items, cupboards and storage spaces should be roughly 75% full.
B. Deep clean
The next step you can take to prepare your home for sale is to make your home spotless and ready for potential buyers and marketing materials. We know that it is not the most exciting or glamorous task in the world, however, it works wonders for your home.
Having a home that is clean and tidy can not only work wonders for your property valuation but it can also help you sell your home faster. Buyers are looking for a house that looks desirable, not one that looks as though a tornado has just been through the living room
So it's up to you to ensure that no sofa cushion is unturned and no surface is left unpolished. Depending on the time and money you wish to spend deep cleaning your home, you may want to bring in a professional cleaner.
C. Neutralise:
Whilst it may sound scary, neutralising your home is an important step in making sure that your home sells quickly and for a good price. In order to neutralise your home, you simply need to go through each room and remove any personal items.
This gives the home the feeling of being a blank canvas and helps potential buyers visualise themselves living in the home. Some items that can easily be forgotten and left out in viewings include; children’s artwork, trophies and certificates, family photos, collectible items and holiday souvenirs.
When neutralising your home, it is always worth keeping in mind the reason why showhomes sell so well is that they allow people to truly imagine what life could be like in the property.
D. Make any repairs
Although it may seem obvious, an aspect of preparing your home for viewings that you cannot afford to overlook is the repairs. At this point in the process of selling your home, you can go through your home and make note of and repair any of the pesky damages or unfinished DIY projects you may have.
A well-cared-for and put together home is a loved home, and prospective buyers will be able to pick up on this. No one wants to purchase a house that is full of repairs that will need to be undertaken.
If you wish to sell your current home for the best price, you will need to dust off your toolbox and get to work as buyers will reduce their asking price each time they come across a problem that needs fixing. This means any loose tiles, cracked walls, leaky taps and mould need to go!
E. Time to freshen up
If there’s one thing you can take away from property viewings, it’s that first impressions matter. Prospective buyers will be put off properties that look tired and dull, but thankfully there are ways to avoid your home falling into this category.
A fresh coat of paint on any tired-looking walls or front doors can work wonders for your home. Another way you can help keep your property feeling fresh and bright is by taking a critical look through the property going room by room and removing any furniture that makes your rooms look small and cramped.
Keeping your rooms looking large and open can help buyers feel as though they are getting good value for money. An area of freshening up your home you may not have considered is smells!
Whilst fresh smells such as air fresheners, scented candles, and diffusers can all create pleasant aromas that will have buyers lining up for viewings, there are other smells that are less pleasant that can turn buyers off, including; pets, smoking, cooking, bins, dampness and blocked drains.
Thankfully, there are some steps you can take to mitigate the risks of exposing buyers to this. For one, before buyers come round, make sure the bins have been removed, windows are open to get rid of any cooking smells, and invest in a few diffusers around the house to neutralise any odours.
F. Stage your house for sale
Once you have decluttered, deep cleaned, neutralised, made any repairs and freshened up the property, you will be able to stage your house for sale. Staging a house involves placing items, furniture and rugs in a controlled way to showcase your home in the best light possible.
Staging is done across the house selling industry for both estate agent photography and house viewings and it might be part of your estate agents service. If it isn’t, you can either have a go at it yourself, or hire a professional staging company, but obviously this can come at a cost.
:quality(80))
6. Agree property sale
Once your home is being advertised on the open market, and you have chosen your conveyancer, it is time to wait for the offers to flood in. Exactly how long it will take for you to sell will depend upon a variety of factors, such as size, condition, and location of your home as well as general market conditions.
Usually, it takes an average of 10 weeks for a house to go from being on the market to having an offer accepted, however, this can obviously change depending on your own personal circumstances.
You may find that you receive multiple offers for your home. If this is the case, you should take your time to consider the offers carefully before making a decision. Whilst price is an important factor, be sure to also take into consideration other aspects, such as your buyer’s circumstances.
You need to consider whether they are a motivated buyer, if they are part of a chain, and whether they have already secured their mortgage in principle amongst other factors.
7. Start looking for a house to buy
Now comes the exciting part! It’s time to begin the house hunt and start looking for your new property. If you are in a seller’s market, then you will need to have your wits about you. You will have to act quickly once you find a new property you like and prepare to go to sealed bids if necessary.
A good place to start is by looking on property portals such as Rightmove and Zoopla. It is always wise to check first thing in the morning to get a good idea of the properties available.
Make an offer on a house
Once you have found a house you believe could be your next home, you will need to take another look at your finances. You should ensure that the property is within your current budget, and whether the property needs any extra work done to it, and if so, what would these costs be?
If your house is currently under offer, then this puts you in a stronger position for negotiation than it would be if you were still looking for a buyer. You may also wish to consider taking out Home Buyers Protection Insurance at this stage of the process.
Home Buyers Protection Insurance will protect you in the event that the sale falls through. The majority of costs involved with a sale will fall on the buyer, such as conveyancing, mortgage arrangement fees, and building surveys. If the sale should fall through you are offered something in the way of security.
Go back to your mortgage broker
Once your offer is accepted, it is time to get back in touch with your mortgage broker and ask them to proceed with your full mortgage application. This step involves submitting detailed financial information and documentation, which your broker will use to secure a formal mortgage offer from the lender.
Contacting your conveyancing solicitor
At this stage, you should also get in touch with your conveyancing solicitor in order to start the conveyancing process. The conveyancing process is one of the most important parts of buying and selling a house at the same time.
If you have bought and sold a house before then you will be aware that the conveyancing process is often one of the longest and most drawn out parts. When you are purchasing a property, it will be down to your conveyancing solicitor to conduct local searches before any contracts can be exchanged.
More often than not, this process will run smoothly, however, if you are unhappy with the lack of communication of the speed of the process, then you should reach out to your solicitor in order to make them aware.
You should also ensure that you ask your solicitor to check the following legal aspects of the house you are buying:
Any potential boundary issues
Any relevant certificates relating to the installation of windows, doors, etc.
Whether the building has undergone any work that requires certification.
Get a survey
The next step in the process is to have a mortgage valuation performed by your surveyor in order to ensure that your new home is good enough for your mortgage provider to lend against.
This is not a survey that you will need to worry about as it is mostly superficial and is unlikely to be seen by either you or your surveyor. If you wish to know more about the condition of your home, then it will be down to you to arrange a survey.
A survey is a great way to get an overall idea about the condition of your new home and alert yourself to any issues within the property that may arise further down the road. There is a large spectrum of surveys available that vary in both thoroughness and cost.
While you legally do not need to do a survey on a property you are purchasing, it is always recommended that you do so in order to give yourself the most information about your new home. This being said however, most mortgage lenders will require one doing for their lending requirements.
If you receive a survey with poor results, then you may wish to use this as an opportunity to renegotiate the price, or you can ask the seller to fix the issue before completion, or if the issue is severe, you still have the option to pull out of the process altogether.
8. Final completion
Now that surveys and local searches have taken place and any issues have been put to bed, it is time to set the all important completion date and exchange contracts. It is important that all parties are honest and clear with each other about which dates work best and are open to compromise in order to settle on a day.
Because you are buying and selling a house simultaneously, something you will need to consider is that you are part of a property chain, and communication is key.
It is important to be kept in the loop about the buyers and sellers on both ends of the chain as this will help you plan your move better and choose appropriate completion dates.
Make a moving house checklist
Once a completion date has been agreed by all parties involved, it’s time to start to organise your move. This means ensuring that everything is packed away, all the boxes are labelled properly and you have your removal company organised. You will also need to make arrangements for the supply of electricity, gas and water.
Before you move, you will need to make sure you have informed the following people that you are moving:
❑ Friends & family
❑ Employers
❑ Telephone and internet service providers
❑ TV licence company
❑ Bank, building society, pension provider, and any loan or investment company
❑ HMRC/Inland revenue
❑ Credit card companies
❑ Local council
❑ DVLA
❑ The school your children may attend
Completion day
And, finally, once all of this has been completed, the entire process of selling and buying a home has boiled down to this moment.
On completion day, the money is moved between solicitors and they will confirm when the keys can be released to the new owners. This is also the day when the conveyancers will register the transfers of ownership with the HM Land Registry.
Frequently asked questions when buying and selling a house
How does buying and selling a house work with cash buyers?
When you sell your house to a cash buyer, the entire process dramatically speeds up. This is because you do not need to put your house on the market, or get a house valuation, wait for your buyer to get mortgage approval or find your own solicitors – this is all done in house by the cash house buyer.
If you choose to sell your house to a cash buying company like us, The Property Buying Company, you can sell your house in as little as 7 days, usually completing within 3 to 4 weeks.
The longest part of the process will always be conveyancing, but we work very closely with some of the best solicitors in the UK to ensure that the process is far faster than selling your house on the open market.
We have our own cash reserves to buy your property directly from you, and do not need to wait on external financing from lenders. This means we can buy on a timescale that suits you.
If you find your dream house, we can help you buy it and move in in record breaking time.
Should you buy a house before selling?
You should only bid and start the buying process on another property if you are confident that yours will sell quickly.
The seller will likely not wait for your home to sell, which will cause them to become frustrated and seek other bidders. Many estate agents will only remove the property from property portals once you instruct solicitors and provide the seller with proof of funds.
If you are able to find the funding to purchase before selling, like through a bridging loan then this may be beneficial as you are removing part of the chain that causes a lot of stress. You are also less likely to get gazumped because you’re less of a risk to the seller.
But, Stamp Duty will be more expensive as the purchase will be classed as a second home and you’ll also be subject to Capital Gains Tax on the property.
What are the costs associated with Bridging Loans?
Bridging loans allow you to borrow between £50,000 and £10 million, and the loan-to-value ratio tends to max out at 75%, so you will need to pay a minimum deposit of 25%.
Bridging loans have a much higher interest rate than other types of loans as you borrow the money for a short time. The exact rate will depend on the bridging lender, but you could pay anywhere from 6% to 20%.
Is it better to sell your house before buying another?
Selling your house before buying another can be a good option as it allows you to know exactly how much you have to spend on your new property. This approach can also make you a more attractive buyer because you won’t have a property chain behind you, reducing the risk of the sale falling through.
However, it also means you may need temporary accommodation if you haven’t found a new house by the time your current home is sold.
What about tax when buying before selling?
When buying a new house before selling your current one, you may be subject to additional tax implications. If you own two properties simultaneously, you will have to pay higher Stamp Duty rates for purchasing a second home.
The Stamp Duty rates for second homes are; up to £250,000 - 3%, £250,001 to £925,000 - 8%, £925,001 to £1.5 million - 13%, above £1.5 million - 15%.
These rates apply to the entire purchase price of the second home. However, if you sell your original home within three years, you can claim a refund on the additional Stamp Duty paid for the second property.
Additionally, if you own two properties, you might also be subject to Capital Gains Tax when you eventually sell your original property.
Capital Gains Tax is calculated on the profit made from the sale of the property and the rates are; for basic rate taxpayers - 18%, for higher and additional rate taxpayers - 28%.
The taxable gain is calculated after deducting the annual CGT allowance (£12,300 for the 2023/24 tax year) and any allowable expenses, such as costs associated with buying and selling the property and any capital improvements made.
Do you pay Stamp Duty if you sell your house and buy another?
Yes, you will need to pay Stamp Duty on the purchase of your new home. The amount depends on the purchase price of the property and whether it falls above the SDLT threshold. Selling your current house does not exempt you from paying SDLT on the new property.
Should you make an offer on a house before selling yours?
Making an offer on a house before selling yours can be risky. If your current home doesn’t sell in time, you might not be able to complete the purchase, which can cause stress and potentially lose the new property.
It is generally recommended to atleast have your house on the market or have a buyer lined up before making an offer on a new property.
How can I buy a house if I haven’t sold mine?
If you haven’t sold your current home, but are considering buying a house, there are a few options available for you.
The first is to use a Bridging loan to cover the gap between buying a new property and selling your old one. The second is renting out your existing home to cover mortgage costs while you move into your new home.
If you have sufficient savings or are able to release equity, you might be able to finance the new purchase without immediate reliance on the sale of your current home. But, if this is not possible then you should consider selling your house to a cash house buyer like us.
We can help you sell your house in as little as 7 days, by providing you with a direct cash offer with our own cash funds. We can help you get moving in no time at all.
Should you sell a house to buy another?
Selling your house to buy another is often the most straightforward approach. It reduces financial risk and helps you avoid the complications of owning two properties simultaneously. This approach also makes it easier to budget and plan for your new home purchase.
Can you buy a house before selling your own?
The simple answer is yes, you can. But, it requires you to take on additional debt which causes additional risk – unless you can afford to buy a house with your own funds sitting in the bank. If you bid on a house before selling your current home, you put a timeline on when you need to agree on a sale of your house.
Is it stressful to buy and sell a house at the same time?
Yes, buying and selling a house simultaneously on the open market can be stressful. Coordinating both transactions involves managing timelines, finances, and dealing with potential delays or issues on either side.
However, with good planning and the help of professionals (estate agents, solicitors, mortgage brokers), the process can be managed more smoothly.
If you are worried about all the steps involved in selling and buying on the open market, then why don’t you consider cutting out ¾ of the steps and selling to a cash buyer like us?
We can help you sell your home for cash in as little as 7 days, with no legal fees, and no fuss.
Buying and selling property: What’s the easiest way?
To ensure a hassle-free journey when buying and selling property at the same time, follow these simple steps.
First, click “get your offer” in the right hand corner of our website, insert your postcode, name and property details.
Second, one of our property consultants will get in contact with you to discuss your initial cash offer. If everything sounds good, then we might send one of our regional managers out to you to see the property and make a formal cash offer.
From here we can move as quickly as you want, whether that’s 7 days or 3 months. This helps you to align your completion date with the house you are buying.
Should you put your house on the market before looking?
It’s generally a good idea to put your house on the market before seriously looking for a new one. Knowing you have a buyer lined up or atleast having your property listed can make you a stronger buyer when you find a new home.
It also helps to have a clear understanding of your budget based on the expected sale price of your current home.
:quality(50))