Navigating the property market is complex, and managing a simultaneous property sale and purchase adds an extra layer of challenge. However, with careful planning and the right approach, you can make the process smoother and more efficient. Here’s how it works and some tips to help you along the way.
Prepare to Sell Your Home
Start by getting your current property valued. This will help you set a realistic asking price and understand how much you can afford for your new home. Consider getting a free property valuation from a local expert to kickstart the process.
Getting a Mortgage in Principle
Secure a mortgage in principle early on, which gives you a clear idea of your budget for buying a new property. It also shows sellers that you are a serious buyer.
Listing Your Property for Sale
Work with a property expert to list your home for sale. High-quality photos, a compelling description, and an accurate listing price are key to attracting potential buyers.
Search for Your New Home to Buy
Begin your property search while your current home is on the market. Use your estate agent’s network and online property portals to find homes that meet your criteria. Remember, timing is everything, try to align your property sale with your purchase.
Negotiating Offers
As you receive offers on your current property, start negotiating on homes you’re interested in buying. If you find the right property but haven’t sold your home yet, consider making an offer subject to sale.
Managing the Conveyancing Process
Once you accept an offer on your current property and have your offer accepted on a new home, instruct a conveyancer to handle the legal work. Make sure they’re aware of your simultaneous transaction to keep both processes aligned.
Coordinating Exchange and Completion
The exchange of contracts and completion dates must be carefully coordinated to avoid any gaps. Your estate agent and conveyancer will work together to manage this process, ensuring a smooth transition.
Arranging Moving Logistics
As you approach completion, start planning your move. Book professional movers early and ensure all utilities and services are transferred to your new address.
Work with Property Professionals
A skilled estate agent and conveyancer are crucial for navigating simultaneous transactions. Their expertise will help you avoid pitfalls and manage timelines effectively. Keep a detailed checklist of all tasks, documents, and deadlines related to both your sale and purchase.
If your sale and purchase don’t align perfectly, a bridging loan can help you cover the gap between buying your new home and selling your old one. In a fast-moving market, flexibility is key. Be ready to adjust your plans if necessary, whether that means being open to a temporary rental or adjusting your move-in date.
Buying and Selling in Sussex
At Alexander Philips, we have the experience needed to guide you through the complexities of buying and selling simultaneously. Our personalised service ensures that your transactions are handled smoothly, so you can focus on the excitement of moving into your new home. If you’re planning to sell your home and buy a property at the same time, our team of property experts in Worthing can help you every step of the way.
