Buying & Selling a flat at the same time

SXX

Hello - I would like to sell my flat and buy another (hopefully larger flat).   What's the best way of going about this? 

Should I put my flat on the market and once I have an offer, hope that I can find something suitable fairly quickly?   

Or should I find something, and once the offer has been accepted, I should put my flat on the market (having done all the background prep work such as EPC, got valuations and decided on estate agent/fees etc, conveyancing solicitor lined up) etc.   

I am a cash buyer.

Is there a right or wrong way of doing this?  Would anyone who has been in a similar position like to share their experiences/any pearls of wisdom?

Thanks 

MikeJXE

If you are a cash buyer and by that I mean you have the cash and don't need to sell first then it doesn't matter how you go about it. 

If you need to sell personally I would put it on the market and look for your next 

Just bare in mind it is stressful which ever way you do it 

housebuyer143

You are not a cash buyer if you need to sell something. If you are reliant on the sale of your flat to fund your new purchase then you need to put it on market and get a buyer before finding a property yourself. 
If you are an actual cash buyer and plan to have you current house empty for bit potentially and you have factored in the extra stamp duty on completion then it doesn't matter which order you do it. 

SXX

Sorry for confuson - when I said cash buyer I meant that I would have to sell my flat first before I can buy the next flat.   (no mortgage required).

housebuyer143

SXX said:

Sorry for confuson - when I said cash buyer I meant that I would have to sell my flat first before I can buy the next flat.   (no mortgage required).

Ok. When an agent ask your position do not say cash buyer. Cash buyer is indicative of someone with money in the bank, not someone who needs to sell the house.

Agents don't normally accept offers from you unless you have had an offer on yours, so I would do that first.

eddddy

SXX said:

Should I put my flat on the market and once I have an offer, hope that I can find something suitable fairly quickly?   

Yep - what normally happens is you  put your flat on the market and once you have an offer, you hope that you can find something suitable fairly quickly.

You can start looking around in advance, to get an idea of what's avaiable etc.

NameUnavailable

Put your flat on the market.

Start looking for your next flat.

Hopefully when you get a buyer for yours, you will have one or two places in mind to proceed with and can then offer on the basis that you have a 'complete chain'.

Buyers and vendors fall through or things come up during conveyancing, but that's all part of the fun of it!

SXX

You can start looking around in advance, to get an idea of what's avaiable etc.

Thanks - I definitely plan to have a really good look around to see what's available in my price range; narrow down areas I would like to live in/afford to live in, set up property alerts, etc.   So basically do as much background research/planning as I can before I put my flat on the market so - hopefully - I am ready to proceed when I see something I like/get an offer on my flat etc