Nine things to know when buying and selling a house at the same time

Selling and buying a property at the same time is real juggling act - but a Purplebricks expert says a bit of preparation is all you need to keep those balls in the air.

For most movers, being part of a chain is the norm - with funds from the sale of their current home going towards paying for their new one.

The sale and purchase usually move happen in tandem, with your solicitor coordinating both deals at the same time.

The tricky bit is timing. Mortgage offers, surveys, searches and solicitors all need to line up, and a delay further up or down the chain can knock your move off course too.

The good news is you don’t have to manage it all alone. Here are nine things to know before you start, with advice from the Purplebricks property expert.

Get your head around the chain

A property chain is a group of linked sales where one depends on another. Your buyer might need to sell their home before they can buy yours, while you may need to sell your property before you can buy your next home.

The longer the chain, the greater risk of a break, so know where you stand from day one. When you make an offer, be upfront about your own position. Your estate agent can keep everyone in the loop and help set realistic expectations on timings.

Start with a valuation

Before you fall for your dream home, find out what your current one is worth. It tells you your budget and how much equity you’ve got to play with, so you don’t overestimate what you can offer.

Book a free valuation with Purplebricks here.

Sort your money early

Talk to your lender or mortgage adviser as soon as you can. You may be able to port your mortgage to your next home, but that doesn’t mean the same loan simply moves across. You’ll still need to pass affordability checks, and the new property must be acceptable to your lender.

You could also remortgage, either with your current lender or a new one. Either way, check for early repayment charges, because they’re often forgotten.

Get your paperwork in order

Getting organised before you find a buyer can save you from nasty delays later. Dig out your Energy Performance Certificate (EPC), guarantees for any work, planning and building regulations papers, boiler servicing records and details of what’s staying in the house.

If you don’t have a valid EPC, you’ll usually need one before you market the place. Instruct a solicitor early too. If you’re in a leasehold property, speak to the managing agent and make sure the management pack is ready.

Put your home on the market first

Putting your home up for sale while you look for somewhere new helps you stay in control, rather than scrambling to sell in a rush when you find the one.

The Purplebricks property expert said: “It really is that simple.

“You put yours on the market and start viewing other properties. You won’t be able to make a serious offer until you have a buyer anyway, so there’s no harm in having a look around while the sale gets going.”

Expect a few quiet weeks

If you find a buyer quickly, there can be a gap while you hunt for somewhere to go. It can feel like nothing is happening, but it’s a normal part of the process.

The expert said: “It’s not unusual for nothing much to happen for a few weeks because the seller is looking for somewhere to buy.

“Buyers should be told this when they make an offer so it doesn’t come as a surprise.”

Think hard before buying first

It can be done if you’ve got the savings or borrowing to cover it, but you may end up paying two mortgages for a while.

In England and Northern Ireland, you could also face higher Stamp Duty rates upfront if you still own your old home.

You may be able to claim some of it back if you sell within the set timeframe but always check the current rules. A bridging loan is another option, though it can be pricey.

Budget for costs on both sides

There are bills at both ends of the move. Think estate agent and solicitor fees, mortgage fees, searches, surveys, Stamp Duty, removals and any EPC costs.

Most solicitors will charge for both the sale and the purchase, though you don’t normally need two separate firms. If you rent or use storage in between, remember you’ll be moving twice, so the removal costs and upheaval double up too.

Don’t panic if it wobbles

Mortgage delays, survey problems and slow searches can all rock a chain. Keep your solicitor and agent in the loop, return paperwork fast and avoid paying for non-refundable removals until dates are set.

And if the worst happens, it isn’t necessarily game over.

The expert said: “If you take too long finding somewhere, your buyer might walk.

“But then you simply go back on the market and someone else will buy it. It’s rarely the end of the road.”

Putting your home up for sale first also makes you a stronger buyer. Sellers prefer someone who can actually proceed, so having your own place under offer shows you mean business.

To find out what your home could be worth, book a free valuation with Purplebricks here.

Purplebricks has dozens of homes available in your area. Click here to see more.

Key points

• Most movers sell and buy at the same time, with their sale funding the next purchase-
• Get a valuation, sort your finances and line up your paperwork before you start-
• Put your home on the market first, as it makes you a stronger buyer -
• Budget for fees and possible higher Stamp Duty if you buy before you sell-
• Keep talking to your solicitor and agent to keep the chain moving