Moving

Nomad44

Sorry, I may be being really thick but what is the process of upping sticks as I've never done it before. Does one put one's current home on the market first and then start looking for a new place. What if one sees a place that one likes but isn't getting interest in one's current property. Can one put in an offer on a new place before one gets an offer on one's current place? How does one get the timing right? Sorry, I have no clue about moving, can someone advise please?

Sky_

We got some estate agents around to give valuations and quotes, then chose one and put the house on the market. Make sure you read the estate agents contracts carefully and do some research about them before choosing one and don't necessarily go for the highest valuation--they often over value just to get you to sign, then suggest a reduction if you can't find a buyer.

Once our house was on the market, we started looking for our next house, but were aware that vendors probably won't entertain offers until you have a buyer for your current house.

Good luck!

Cheeky_Monkey

One would put one's own property on the market first. Most sellers will not take an offer from someone whose property wasn't even on the market as they are not proceedable.

Nomad44

Sky_ wrote: »

We got some estate agents around to give valuations and quotes, then chose one and put the house on the market. Make sure you read the estate agents contracts carefully and do some research about them before choosing one and don't necessarily go for the highest valuation--they often over value just to get you to sign, then suggest a reduction if you can't find a buyer.

Once our house was on the market, we started looking for our next house, but were aware that vendors probably won't entertain offers until you have a buyer for your current house.

Good luck!

Cheeky_Monkey wrote: »

One would put one's own property on the market first. Most sellers will not take an offer from someone whose property wasn't even on the market as they are not proceedable.

So if a vendor accepts one's offer, then the two parties agree on a timescale, and if that doesn't work out because one hasn't got an offer on one's current residence then one loses out? Is that how it works?

ani*fan

Morning.

Give yourself lots of time. If you rush, you might end up making hasty decisions that are not financially good.

You're aware that you can't buy a new place until you've sold your last place because I'm assuming you'll need the equity for your new mortgage. So selling has to come first. If you buy before your last place has sold, you used to be able to get a 'bridging loan' to cover the amount you need for your new mortgage until your old house sells. I don't know of those still exist, but they were a safety net for the situation you're talking about.

If you time this well, it can be a smooth transition and moving in/out dates are always negotiated between buyer and seller. You can push for a date that's more convenient for you. I'm guessing you don't want to end up renting with all your stuff in storage since you've sold but not bought yet. It's tricky timing- wise but there are things you can do to minimise the risk of this happening.

It always helps to study the market, know accurately what your house is worth and what you're prepared to accept. Also know what you want to buy, how plentiful those properties are and how quickly the market is moving. You can sell up quickly if it's cheap, if you want lots more it may take a good long while. Be realistic. Get your estate agent to help.

Get a mortgage in principle, but not too soon. Up here in Scotland, and it might be different if you're in England, the mortgage in principle runs out after not long at all, but you do need to know you can get the money you need to buy, so worth doing. Start looking any time you like. Just be aware you might be disappointed if your dream home sells to someone else because you haven't been ready to buy.

People manage this all the time. It's nerve wracking, but not impossible. Part of what makes it so tricky is that the buyer of your place may be in the same situation, dependent on the sale of their previous place to get the mortgage they need. And the buyer of their place might be too...you can see where this is headed. It's a property chain and one sale collapsing can impact on everyone. Ideally, get a first time buyer who can move any time they like.

Best of luck.

moneyistooshorttomention

I would say a large part of the strategy on which comes first (look to buy or look to sell) would boil down to what part of the country you are in currently (eg is it a fast-moving market?) and what part of the country you are moving to (is the market running at a different speed to your current area?).

I moved from pretty fast-moving area with an average standard house of first-timer variety in average area. I checked out how long it takes usually to sell a house like that in area like that (ie 3 months). I then went looking for next house in the rather slower-moving area I moved to. I had my offer accepted on current house and, subsequently sold my last house (ie about 2 days before that 3 months I had bargained on it taking).

Probably also depends on how the vendor is fixed as regards getting their next property and, in my case, the house I had chosen to buy had a vendor that had moved already (through the "Pearly Gates":rotfl:) and so it was their executor that was selling the house and they already owned a house, so didnt actually need the money quickly. It was just a personal wish of theirs to have it quickly.

NB; It's not an infallible rule that houses in slower-moving areas will take ages to sell. It's usually down to the poorer condition many of them are in. Ones in normal condition will sell in a normal amount of time. Ones I would move into thinking "Not a thing to do much and it's my style already" will sell even here within weeks and one's in condition I won't even look at or next to a neighbour with Japanese Knotweed take literally years to sell.

jimbog

Even if a vendor accepts your offer, and you haven't received an offer on yours, then the vendor will most likely leave theirs on the market too in case someone else comes along who is a cash buyer or has already got a buyer for theirs.You can appreciate how stressful it can become!

Some people just sell theirs, go into rented accommodation for six months and then can move quickly in with an offer/are a more attractive buyer if something then comes on the market

moneyistooshorttomention

Apparently lots of vendors say they are willing to go into rented accommodation - in order to encourage would-be buyers. But - when the buyer starts expecting them to do so because they are ready to proceed it is at that point that they find the vendor lied to them and isnt willing to move into a rented place after all.

Another frequent lie by vendors seems to be to say that they don't have a chain and can move out rapidly for other reasons. Then the buyer finds their vendor does need to buy another place - and maybe hasn't even found the one they wish to buy yet.

Nomad44

Thanks for the replies. It does seem complicated, but as a poster suggested, next step would obviously be the Estate Agent who can guide me from there. I just wanted to get an overview of how it all works, so many thanks.

D_M_E

If it were me, I would sell first, get the proceeds from the sale then look for something else to buy.

Once my sale had gone through, I would put my stuff in storage - good time to get rid of stuff not needed or not used for some time - and stay with family or friends until whatever I'd bought was ready to move into.

moneyistooshorttomention

Re selling first - if you are in a VERY fast-moving area (eg London) then selling first might result in you finding that things were so fast-moving that the type of place you are looking to buy had gone up in price whilst you were in a rented place waiting for it to come on the market.