McPartland Solicitors outline what you need to know when buying and selling a property at the same time.

Buying and Selling A Property At The Same Time

Selling a property and buying a new one simultaneously is a common situation. Most people will need to sell their property in order to finance the purchase of another. In an ideal world, your home will sell quickly, and the buyers will patiently wait until you find your dream home; however, this is rarely the case.

Most commonly, you will find yourself in a property chain where you are waiting for one stage to be completed before another can begin. To minimise the amount of time it takes to complete the process, you should ensure you are prepared. In this guide, we outline the key steps you should take before embarking on this process.

Step 1: Get Your Property Valued

Before you begin searching for your new home, you should get your current property valued so you know how much it is worth and most importantly, your budget going forward. We would recommend getting valuations from a minimum of three estate agents to ensure you get the most accurate figure.

Step 2: Know Your Budget

When purchasing a new property, it is vital that you know how much you can afford to spend. If you are exchanging contracts on the same day as the buyer, you will not have to pay a deposit and it will speed up the process. However, there will be additional costs such as stamp duty, which should be taken into consideration when planning your budget. During this stage, it can be useful to visit a mortgage broker who can help you find the right solution.

Step 3: Get an Estate Agent

Once you have established your budget and are ready to begin the process of buying a new home, you will need to put your current property on the market. This will require you finding an estate agent to sell your home. Once you begin making offers on new properties, it can take approximately 6-12 weeks from having your offer accepted to completion. However, things can go wrong which will lead to delays, particularly when you are buying as part of a chain. The average sale time for those who are buying and selling is six months, so you should be realistic about your timing expectations.

Step 4: Find a Conveyancing Solicitor

When buying and selling, you will need to find a conveyancing solicitor as they are vital within the process. They will need to conduct numerous property searches before the contracts can be exchanged. It is important to shop around for a solicitor, get quotes and speak to a few before instructing them. The process should be smooth although it can be long and drawn out, particularly if your solicitor is not proactive.

Step 5: Set a Completion Date & Plan Your Move

Once everything is complete and any issues have been resolved, it’s time to set a completion date and exchange contracts. On this date, the funds will be transferred, and the new buyer will receive their keys. Your solicitor will correspond with others in the chain to arrange a date that suits everyone. After this, it is time to prepare for the big move into your new home,

We understand that buying and selling a property simultaneously can be stressful and time-consuming. However, at H McPartland & Sons, we believe it is vital that your appointed conveyancing solicitor helps move your progress quickly as this will ensure the process is as easy and stress-free as possible. Contact our offices in Lurgan or Lisburn and talk to a member of the team to find out how we can help you.