What is the process?!

Hobbers83

Hello All, it's been a long time since I've posted on here but need some advice around buying a property having outgrown my first flat. Happily the flat has increased in value since I purchased it around 5 years ago so with the additional equity and a relatively small top up to my mortgage I should be able to afford a bigger property.
My question is what is the process for selling one property and buying another? I'm in the process of having my current flat valued but what next? Do I put it on the market and look to get offers before viewing other properties? Do I speak to my current (and potentially new) mortgage companies about how much more I could borrow before putting it on the market? Do I start to view other properties before doing either of those things? Do I do it all at once?!


I appreciate there may not be a "right" way to do this but does anyone have any advice?


Thanks!

AnotherJoe

Do it all at once, bearing in mind that if you find a place you'd like to put an offer on, until you have a firm offer on your place from someone who has the same (or is just needing a mortgage, or has cash) its of little interest to the seller, since you are not actually in a position to be able to buy.
You are "not proceedable" in the jargon until you are in a firm position to buy, which you wont be if you have no offer on your flat.

ChasingtheWelshdream

Get an Agreement In Principle from your mortgage lender. This shows how much they are, in principle, prepared to lend.

Most agents will require some evidence of funds/AIP when you put an offer in.


Get your house on the market, and look at others. But, many vendors won't accept offers unless you are in a position to proceed - ie, AIP in place and an offer on your property.

So, in essence, do it all at once!