Buying a new house and selling old - the process

BM-AK

Hi all, 

I currently own a family home and will need to look at buying a bigger home due to an expanding family. 

I have found some I like but I'm trying to understand how the 'transition' would work and hopefully I can get some initial advice on here on how the process would work.

My plan is to sell my existing family home to fund the new house (which will pay for the majority) and then add the remaining balance onto a new mortgage (most likely carrying over the tail end of the mortgage I have left on the existing property).

I have not yet put my house on the market, should that ideally be the first step or should I look to do this after finding the new house? Obviously I'd need to secure a home to move into as soon as mine sells. Excuse my naivety as I've never had to do this before. I am just trying to work out the best way forward. I am very early in the process still, so just trying to plan the best way forward.

Any thoughts or help appreciated.

horsewithnoname

You need to try and co- ordinate the two, so you can sell and buy on the same day. 

I think nowadays most agents would expect you to at least have yours up for sale before viewing other houses. 

The process will start with having 3 or more agents round to value your house and quote you. No harm in asking what they have for sale that would suit your new requirements. 

Don’t just pick the cheapest or the one who values it at the highest figure - no good putting it on too high, no one will look. 

Best doing a bit of research first, look at similar houses to yours to get an idea of price, and look at the sort of house you want to see what you are likely to afford. 

It is a fairly stressful process, so the more research you do, the better able to deal with the estate agents you’ll feel. 

🤞 

Voyager2002

Start by visiting a local estate agent (preferably at a relatively quiet time) and ask them to talk you through the process.

Hoenir

BM-AK said:

I have not yet put my house on the market, should that ideally be the first step or should I look to do this after finding the new house? 

To be proceedable your property needs to be marketed and under offer. The vendor of the property you wish to buy is going to keep their options open until you are. Chains take time to build. Very easily fall apart. 

gwynlas

Read all the threads on here re selling.
First impressions count so get your current house in a ready to sell position prior to inviting in any agents.
Start clearing and decluttering using storage if necessary.
Get any outstanding diy jobs sorted.
Vieewers are fickle and will not forgive any shortfalls on the fact you are moving and they would want to put their own stamp on a place.
Your current mortgage will be paid out of sale, new property new mortgage

Albermarle

When first looking for houses you might buy, your own house should at least be up for sale.
Then any offer you make can only really be provisional, until you are proceedable ( which means you have a firm offer on your house and other financial arrangements, like a new mortgage being approved)

It is juggling act trying to coordinate your house sale and purchase, with your buyers and sellers and if you are in a long chain, with their buyers and sellers. Quite often it all falls apart and you have to start again.