How do you navigate the difficult timeline of buying and selling at the same time? There are many things to consider. We've brought together sales experts from Foxtons, mortgage experts from Alexander Hall and conveyancing experts from Conveyan to answer your most frequently asked questions.
Frequently asked questions about purchasing on sale:
• When should I start searching and selling?
• Should I sell my house before buying another?
• What could delay a sale or purchase?
• When should I hire a lawyer?
• What should I do about my mortgage?
• How do I work with my deposit?
• What are the buy and sell timelines?
(Click on the question to jump to the question)
When should I start searching and selling?
At Foxtons, we encourage sellers to start looking for their next home as soon as they are instructed to put their property on the market. It's a balancing act and getting the buy and sell done at the right time when they're in the chain. But it's something we're well equipped to help you navigate.
“There's no need to wait for an offer.”
“It's important not to start your search as soon as you receive an offer. It can take some time to find your next home, so go out and see them. That way, when you find a buyer, , you're narrowing down your search criteria yourself and don't have to start the process from scratch.
james stevenson
Foxtons Sales Area Director – Central North
Should I sell my home before buying another?
Of course it is possible, but it will double the cost of some things.
Pros Cons Relaxed schedule as a buyer Requires additional storage and moving costs Relieves negotiation pressure as a buyer Requires additional costs to hire a lawyer, pay transfer fees, etc. Real estate market Doubles the time spent responding Potential pros or cons: Allows you to buy based on fluctuating home prices and mortgage rates.
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What could delay a sale or purchase? How can you avoid that?
In an ideal world, the paperwork would be completed without a hitch. However, if you're the type to hope for the best and prepare for the worst, here are some common speed bumps you may encounter.
• Search is slow or documents are missing.
• Someone in the chain is late in securing a mortgage.
• The surveyor decides that another survey is necessary.
• Someone in the real estate chain has encountered a roadblock.
• Buyers cool off and haggle after 11 o'clock.
Shopping in London: Back-to-office checklist
But don't let that put you off. We help clients like you succeed every day. Here are some top tips to help your sale or purchase go smoothly.
1. Take your time early on to find a lawyer you trust. Our third party panel of companies, Conveyan, both have an excellent track record in relation to Foxtons cases.
2. Please make sure you have all your documents. Conveyan's “Sale-Ready” packs help prepare and ensure lawyers have everything they need.
3. Mortgage advisors like our partner Alexander Hall can help ensure your mortgage is processed and available when you need it. This is why we are always focused on getting the buyer a mortgage deal in principle.
4. Trust your agent. If you're feeling fired up by a cold-talking, cold-talking buyer or a slow solicitor, we're here to help you. After all, there's a reason we're number 1.
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When should I hire a lawyer and can I use the same lawyer for everything?
Simply put? The sooner the better. Give yourself a chance to find a lawyer who will make things work. We recommend that you hire a solicitor immediately after instructing Foxtons to sell your property.
It is very common (and convenient) to use the same attorney for both sales and purchases. why?
• You can build trusting relationships with them.
• Fewer people need to organize documents
• Avoid the hassle of sending money between multiple people
• Your attorney will be clear about your entire timeline
Documents required when selling a house
If you try Conveyan, here's what it does:
You will discuss timelines with your team. We will then recommend a few panel attorneys who are best suited to your case. If you have any questions, please feel free to ask.
Once you select an attorney, Conveyan will make all the referrals.
The best part? Conveyan does the preparation work for you, but the decisions are completely yours, so you can proceed with the sale on your own.
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What should I do about my home loan? How do I know my budget before my home sells?
Wondering about your mortgage? The big question is whether to stay with your current contract or switch to a new one. It's not a one-size-fits-all method. It depends on your situation.
Here are our top tips: Once you have hired a real estate agent, you should then schedule an appointment with a mortgage advisor. Please bring the real estate appraisal report prepared by our company. We'll help you set your budget and jump-start your real estate search.
We often refer our clients to Alexander Hall Mortgage Advisors. They can guide you through this process and help you get the best funding for your situation.
“At Alexander Hall, we work with a wide range of lenders with different offers and affordable options. Our advisors may be able to suggest solutions you weren't aware of. It might mean paying less by considering a different structure to your mortgage, or you can afford to buy in a better location or with an extra bedroom or the garden of your dreams. It could mean a larger loan amount.”
Richard Merrett
Alexander Hall, Managing Director
How do I work with my deposit?
A deposit (usually 10%) is exchanged for a signed contract. Typically, it simply passes along the chain from the buyer's attorney to your attorney and then to the seller's attorney.
Enlargement? You may need to make a larger deposit, but don't worry. Please consult a lawyer. Your lawyer will often arrange for you to pay only a portion of your earnest money in exchange. However, it's best to sort this out early. If you need to pay the full 10% deposit, you may need extra time to collect the funds.
Quick tip: Most banks limit daily transfers to £25,000, so plan ahead if you need to transfer a large amount.
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What is the buy and sell timeline?
Ideally, when buying and selling at the same time, the order of what happens is as follows:
Book a Foxtons Valuation Ready to get started? Instruct us to sell your property. You must immediately bring the following:
✔ Valid Energy Performance Certificate (EPC) and valid EWS1 form (if applicable)
✔ Proof of identity and address
✔ Set of keys. You can start scheduling your viewing.
For your sale: For you to move forward: Hire a lawyer. Gather documentation such as equipment and accessory forms and share it with your attorney. Take our assessment to your mortgage advisor and they will be able to help you decide on your budget. Leaseholder? Please contact the management company for the schedule of the “Management Pack”. Prepare your property for photos and viewings Once you've prepared your budget, it's time to start looking for your new home. Once you find a suitable offer, accept the offer with the Foxtons team. Once you find a suitable property, make an offer. Processing will begin. Update your lawyer. Your attorney may request your assistance with some of the buyer's inquiries. Update your mortgage advisor. Leaseholders: Make sure your management pack is in progress. Schedule a survey. Enlargement? Discuss your earnest money deposit with your lawyer or mortgage advisor. Give your lawyer time to negotiate and give you time to raise additional funds. Note: This stage may take several weeks or even months. Expect regular check-ins with Foxtons. You should also check in with your mortgage advisor and solicitor regularly to ensure that nothing is delayed on your end. Have any questions? We can help. Exchanging the contract Check the draft contract for selling the house. Review the draft contract for purchasing a home. Once you've edited the contract to everyone's agreement, sign the contract and agree on a completion date. Once everyone is in agreement, sign the contract, send the deposit, and agree to a completion date.
We recommend using CHAPS to transfer your deposit. Completion date Please move out by 12:00 on the completion date and take the key with you. Bring your ID to your real estate agent after 12pm on the day of completion to receive the keys to your new home.
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one step at a time
Have any questions? The best thing to do is to schedule a property appraisal. The experienced professionals at your local Foxtons office can tell you what you need to know now and give you peace of mind about what's to come.
Source: This article was researched and edited by Foxtons Sales, Alexander Hall Mortgage Advisors and Conveyan to ensure you have the most valuable information when navigating the buying and selling of property. If you have any questions, please contact us. We are always happy to assist you.
