Buying - Selling Same time for First Time

Branchini1979

Hi there,

I am selling my house for the first time (only ever been a first time buyer) and unfortunately need the money made in my house to go towards a new house so will be buying and selling at the same time. I know this will be stressful but what i want advise on is the best way to start the process.
Would i get a mortgage in principle first then put house on market, then look???

Any advice on the best way to start the process would be much appreciated

Lee

sparky130a

Most vendors won't take any offer seriously till your house is in the selling process so that's your starting point.

foxy-stoat

If your not changing lenders and they are able to port the mortgage give them a call and crunch the numbers.


Be an idea to see what your current place will sell for by calling a couple of estate agents before speaking to the lender, in case their index linked valuation is + or - the market value.

steeeb

This is how most people buy - it's a 'chain'.

I'd:
- Get 3 local estate agents round for a valuation and to get an idea of fees.
- Contact your bank and find out about porting, or see a local mortgage broker to get an idea of what you can afford.

Then, do the sums. Take into account all the fees, stamp duty, mortgage early redemption fees (if appropriate), solicitor fees.

Then, if it's a go-er - put your house on the market. Perhaps also see a few properties - bare in mind your offer might not be taken seriously until you've got a buyer though - it entirely depends. It lets you gauge the market anyway.

Branchini1979

Well i will probably look at porting as otherwise have quite a hefty EPC!!
Was looking at putting the house on the market next monday but should i get an agreement in principle now. I know it will leave a hard footprint on my credit file and does not mean you are guaranteed you will be accepted when you apply in full.

Again thank you all

sparky130a

Branchini1979 wrote: »

Well i will probably look at porting as otherwise have quite a hefty EPC!!
Was looking at putting the house on the market next monday but should i get an agreement in principle now. I know it will leave a hard footprint on my credit file and does not mean you are guaranteed you will be accepted when you apply in full.

Again thank you all

No harm in doing so, it'll give you an idea to what you can borrow.

Not all lenders will put a hard print on your credit file at MIP stage.

hazyjo

Ignore the advice above, they may be connected with the company. Go with word of mouth, who you feel comfortable with, and (as advised already) get three valuations. Don't sign up with them for too long (I've just signed for 6 weeks) and you shouldn't have to pay more than around 1% (usually negotiable if over).


Jx
PS they just posted the same thing in a similar thread. Spam reported.