How to sell and then buy

tomryan89

Hi All - I tried some searching but couldn't find any clear answers so hoping you could all chip in with some advice!

We own a flat in London which we have strated the process to extend the lease on as it has about 82 years left to run.

This week we saw a house outside of London that looks perfect for us and our future plans.

I'm worried because we seem to be the wrong way round. The house we have seen is already on the market but our Flat is not. We haven't even spoken to an estate agent yet etc.

So should we first put our Flat in the Market and then look for a house or is it possible to find a house and then put the Flat on the market.

Like, say we put an offer on this house we love. Is the seller likely to hang around while we find an estate agent, and then hopefully a buyer, on our end?

Has anyone had experience of doing it this way round ? I guess the ongoing lease extension is going to cause a problem too?

Doozergirl

You need to get your place on the market.

The lease extension can run similtaneously with marketing and the conveyancing process, so don't worry about completing that first, as long as the lease is extended, it can even be finalised minutes before exchange/completion.

Davesnave

tomryan89 wrote: »

Like, say we put an offer on this house we love. Is the seller likely to hang around while we find an estate agent, and then hopefully a buyer, on our end?

They may do, at least until someone who's a better bet than you are comes along.

However, if the property is popular, even being on the market may cut no ice with a vendor who has their own agenda.

Some of us here may have found ourselves in a similar position to you. In my experience, it doesn't end well, but there's no harm in trying.

hazyjo

I doubt they'd take it off the market for you, and their EA will prob advise them not to take you too seriously. That only seems to make it more appealing to others. Human nature!

It also gives you very little wriggle room on what you sell for or making any offers on what you buy.

It's hard, but I'd wait.

tomryan89

Hi everyone thought I would come back to provide an update!

It's been a very busy week - our flat is now on the market, we've had our offer accepted on the house we love, our mortgage broker arranged an agreement in principle, the lease extension process is underway, out solicitors have been instructed to work for us on both selling and buying.

Now just waiting for our first viewing to booked!

Davesnave

Thanks for updating us.

Have your vendors taken the property off the market, or are they still marketing it?

tomryan89

No worries, although everyone in this thread did stress me out a bit! Haha!

They've put it as STC on the EA's site and as 'under offer' on zoopla etc which I thought was fair based on the fact we need to find a buyer for our flat.

I've also been assured that no further viewings will be booked.

Do you also think that's fair?

I'll probably look to insist it's completely off the websites once surveys are booked and we are further along. Do you think that is realistic?

Davesnave

tomryan89 wrote: »

No worries, although everyone in this thread did stress me out a bit! Haha!

They've put it as STC on the EA's site and as 'under offer' on zoopla etc which I thought was fair based on the fact we need to find a buyer for our flat.

I've also been assured that no further viewings will be booked.

Do you also think that's fair?

I'll probably look to insist it's completely off the websites once surveys are booked and we are further along. Do you think that is realistic?

To be honest, I think it's more than fair, as you are still unproceedable.

Showing the level of commitment you have is good, though.

GDB2222

I would not take my house off the market for you, so you're doing very well.

skintpaul

I would get lease extended first, or potential buyers wont bother.

tomryan89

Yep we are getting the lease extended and paying for it out of completion monies