If you already have a home and plan on selling it in order to buy another, we know that it may be a long time since you last went down this route and it’s possible that you may have forgotten some of the tasks ahead of you to ensure smooth plain sailing. So we’ve put together some points for you to ponder in your quest for your next perfect home:
- Let your solicitor know that you want to move - Advice from our conveyancers is to avoid hold ups in the chain by providing you solicitor with the relevant information to put together a ‘seller’s pack’ in preparation for the sale. It not only prevents delays but makes you an attractive buyer who is ready to go by being prepared in selling your property.
- Find out the remaining balance on your current mortgage - You need to know the remaining debt to help you find out what you can afford in your next move.
- Scrutinise your finances - It is always a good idea to know your budget range and to hold on to your emotion when you are negotiating a price.
- List your expenses - This is especially important if you want to increase your mortgage debt. You will need to have compiled your list of expenses as your lender will want to know how much you spend on things like groceries and utility bills.
- Find out what the seller is leaving - The seller’s solicitor will have provided them with a “fixtures and fittings” document that they should complete. This document sets out what the home comes with. So you will know and be able to budget for items you may need in the new property.
- Ensure the seller passes over the guarantees - If the seller has made home improvements to the property you are buying, make sure the sellers leave the guarantees that came with it - for example replacement windows or damp proofing.
- Establish what it will cost to move - It isn't just your new mortgage and running costs you need to consider. You need to factor in moving costs including any estate agency fees involved if you are selling your current property plus factor in the legal costs, removals costs and survey fees.
- Watch out for Stamp Duty - If the property you are buying is valued at between £125,000 and £1.5m you will need to pay Stamp Duty, so be sure to know what your legal obligation is here.
- Shop around for a mortgage - We strongly advise you to shop around for your mortgage if you are not tied into a deal with your current lender. Haybrook has a nationwide network of advisors through its Just Mortgages sister company and there has never been a better time to take one out as interest rates are at an historic low.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our typical fee for arranging a mortgage is £495. The actual amount payable will depend on your circumstances.
- Choose the right estate agent - There are hundreds of estate agents on the market but cheap doesn’t necessarily mean you will get good service. Haybrook is part of haart, the nation's local estate agent group. If you are buying a property but need to sell your current home, we can market your property across a range of platforms. If you have a property to sell ensure your estate agent will expose your property to the maximum number of potential buyers. Haybrook customers have access to the latest online marketing tools, including the new property portal OnTheMarket.com, plus social media and traditional print advertising to boost buyer interest.
So here’s a quick summary:
- Let your solicitor know
- Find out the remaining balance on your current mortgage
- Scrutinise your finances
- List your expenses
- Find out why the seller is leaving
- Ensure the seller passes on home-improvement guarantees
- Establish what it will cost you to move
- Watch out for Stamp Duty costs
- Shop around for a mortgage
- Choose the right estate agent