Top Tips when you are buying and selling a property at the same time

1. Get a realistic valuation for the property you are selling

A realistic valuation from a highly regarded local estate agent, based on recent local sales of comparable properties will ensure you can plan your next steps and accurately calculate available equity for financing.

2. Arrange your finances

Once you have a valuation for your property you can work with your financial adviser / mortgage broker to ascertain the amount you will be able to borrow.  This will give you a realistic budget for the property you are looking to acquire.

Obtain an Agreement in Principle (AIP) for a mortgage, which confirms the amount that can be borrowed if the property meets the lenders’ criteria. These are generally valid from 3 to 6 months. Agents and sellers will take you more seriously if they know you have an AIP in place. Remember also to budget for the costs of moving – legal fees, stamp duty land tax, fees etc.

3. Find / Appoint a solicitor

Appoint a property lawyer, or conveyancer at the earliest opportunity.  If you are selling your property, there are several forms that must be completed to create the seller’s pack, which will be sent to your prospective purchaser, so appointing a Solicitor early will ensure you stay on top of the paperwork. 

Similarly, when making an offer on a property, you should instruct a Solicitor as soon as your offer has been accepted, so that you can proceed without delay. 

It is sensible to use the same Solictors for both the sale and the purchase, to ensure that the conveyancing process is as streamlined as possible.

4. Commence your Property Search

Those hoping to sell and buy within the same timeframe should be actively searching for a property to buy, particularly once their property is on the market for sale.

You may wish to enlist the help of / appoint a buying agent, such as Strang & Co, who will conduct the property search and negotiate the terms of the purchase on your behalf.

5. Find a buyer

The exact timing of when you place your property on the market for sale can sometimes be based on the current market conditions and demand for the property you are selling.

When marketing your property for sale you might be presented with several offers from buyers, it’s important for sellers to remember that the highest value offer might not come from the strongest buyer.

For surety of sale, it is important to consider all the details and credentials of each buyer who offers on your property. The key is to find the best buyer for your property.

6. Surround yourself with a team of trusted advisors

Surrounding yourself with a strong team of trusted advisors can be incredibly advantageous. From your mortgage broker to the solicitor, surveyor and property buying agent acting on your behalf, each person you work with can make a great difference in the success of a transaction.

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