At Bees Homes, we understand the unique challenges and rewards of selling and buying homes, especially when each property is as unique and special as the ones we handle. Our goal is to make this process as seamless and stress-free as possible for you as our client.
Here’s our expert advice:
How does the process of selling and buying a home work?
Selling and buying a house at the same time can be a complex process, but with the right approach, (and using Bees Homes) it can be managed smoothly. Think of it as a collaboration where everyone involved is working towards a common goal.
Effective communication and flexibility are key as noted by a couple of our recent clients: “Bees Homes insights, service, follow up & communication is exceptional” – John & Shareen; “… we were very impressed with a totally different approach to selling our home, and an incredible attention to detail” Peter & Valerie
Key stages of buying and selling your home
- Get your home valued: Understanding the value of your current home is crucial. This will help you set realistic expectations for your budget when searching for your new home.
- Get your EPC: A 10-year EPC may already be in effect for your home. If not, before listing your home for sale, you must obtain an Energy Performance Certificate.
- Consider the costs: Factor in professional fees such as estate agent fees for selling and a range of conveyancing fees to process the legal transaction of buying and selling, stamp duty, moving costs, and any redemption penalties on your existing mortgage if you have one.
- Appoint an estate agent: Select an agent who will showcase your home to its full potential and help you to achieve a higher price.
- Assemble the paperwork you need to sell your home:
- Proof of Identity
- Property Title Deeds
- Energy Performance Certificate (EPC)
- Copy of lease (if leasehold)
- Fittings and Contents Form (TA10)
- Property Information Form (TA6)
- Building Regulations Certificates
- Warranties and guarantees
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- Start your property search: Identify your priorities and potential compromises. This will help narrow down your search to find the perfect new home.
- Instruct a solicitor early: Just as you declutter your home, it’s important to tidy up all legal threads in advance. Gather all guarantees and documents related to your house to avoid last-minute issues.
- Contact a removal company immediately you have an indication from your solicitor as to the likely completion date.
- Exchange day: Arrange for the deposit (usually 10%) to be handed to your solicitor.
- Completion day: Completion day is when the money transfers along the chain and keys are released. Set realistic timeframes for packing and moving out and ensure clear communication about who has the keys and how they will be passed on to the new owner.
Here are some of the questions we often get asked: FAQs
Is it cheaper to buy and sell a house at the same time? The key costs are generally the same, but additional expenses can arise if you sell and rent before buying. This could include storage costs and double the removal expenses.
Can I begin my property search before I put mine on the market? Having your home on the market demonstrates you are a serious and proceedable buyer; this also makes you more attractive to sellers.
Can I view a house while waiting for mine to sell? Yes, you can look at properties and show interest. However, most sellers prefer a prospective buyer to be in a proceedable position.
Can I put an offer on a house before mine is sold? Yes, estate agents must report all offers to their clients. The seller will decide whether to accept based on the offer amount, the buyer’s position and whether to give them the time to sell theirs.
Can I buy a new home before I sell mine? Unless you already have the funds available then we will say no, especially if you need the proceeds from your sale in order to buy.
Can I use a bridging loan to buy a new house before mine is sold? Bridging loans can be expensive and although of course you can, it might pressure you to sell your current home quickly and possibly for less than you’d hoped.
Can I let out my property to buy a new one? Let-to-buy mortgages allow you to release money from your existing home so consult a good mortgage broker for advice and to find out the costs.
Conclusion
By following these steps and maintaining clear communication, you can successfully navigate the process of buying and selling a home at the same time. At Bees Homes, we’re here to support you every step of the way, ensuring your journey is as smooth as possible as Peter & Valerie said:
“Bees Homes made the whole (potentially stressful) process of selling our home a great pleasure.”
Ready to move forward? Contact Bees Homes today on 01323 332344 to learn how we can help you sell your unique home and find your next dream property
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