An expert-backed guide on selling your first home and buying your next

An expert-backed guide on selling your first home and buying your next

Whether you need more space (don’t we all?), you’ve got a growing family or you’re moving to be within the catchment area for a good school — selling your home and buying your next can feel like a daunting process. 

And it’s no wonder why. Just like doing your own taxes, getting a mortgage or managing your pension, moving home isn’t something that’s taught in school. More often than not, it’s learned by actually going through the process first-hand. 

Here at Mortgage Confidence, we can help you track down the right mortgage for you and guide you through the process. But when it comes to selling your pad, we thought it was best to ask the experts.

That’s why, this month’s blog has been guest edited by Amy Brown, Independent Estate Agent with Keller Williams. Amy has given us a step-by-step guide on where to start, what to expect and some tips on how to make the process a lot less stressful. 


How to buy your second home and sell your first

Step one: Speak to estate agents 

Ready to make the process of selling your home official? 

“Then the first step is to speak with a few local estate agents and get an idea of what the current market is like in your area, where your home sits and an idea of likely achievable value,” Amy says. “A good agent will be able to give you an idea of how best to present your home to achieve the best possible price and what works to do, if any.” 


Step two: Get in touch with a mortgage adviser

Intend on taking out a mortgage to help buy your next home? Then you’re going to need to get in touch with a mortgage adviser. 

“Speak to a mortgage broker who offers a comprehensive range of products from across the market to get an idea of whether you’d be able to borrow more funds for your onward purchase if needed,” Amy tells us. 

If you’re tied into a fixed rate, a mortgage adviser can help you work out if it’s financially prudent to port your mortgage to the new property or take out a new mortgage entirely. Essentially, whatever circumstances you find yourself in, a mortgage adviser can offer guidance and help you assess your options. 


Step three: Wait for the offers to roll in 

Once you’ve decided on what estate agent to use and your home has been listed, it’s now time to be patient and wait for the offers to land.  


Step four: Look for your second home 

Accepted an offer on your home? Congrats! Now’s the time to start looking for your onward purchase. 

Amy says: “Whilst it’s tempting to start looking for a new property straight away, it’s unlikely that you would have any offer accepted on your onward move until your current property is under offer, as technically you’re not in a proceedable position.” 


Step five: Let the conveyancing process begin 

Once you have found your new home and had your offer accepted, it’s time to instruct the solicitors to start the conveyancing process. “If you are purchasing the property with a mortgage, a mortgage survey will then need to be arranged, plus any additional surveys should you wish to have them,” Amy says. “The conveyancing process usually takes 10 – 12 weeks, with contracts being exchanged typically a week before completion. A good estate agent will keep on top of this and coordinate everything that needs to be done.”


What fees are associated with buying and selling your first home?

Very good question. There are a few fees to consider when planning your move. According to Amy, this includes:

  • Any works you need to undertake to prepare your property for sale. 
  • An energy performance certificate (EPC) as it is a legal requirement for a property to have a valid EPC in order to be sold. 
  • Estate agent fees — an estate agent will generally charge a percentage of the sale price.
  • Mortgage costs — this includes possible fees like an arrangement fee, valuation fee and mortgage advice fee. Depending on your circumstances, you may also be putting down some additional funds to purchase the new property.
  • Survey costs — many people decide to have a survey done to check over the condition of the property they are buying.
  • Conveyancing costs — these are the solicitors fees to deal with the legal side of transferring ownership of the property.
  • Removal fees – have a think about how you are going to move your lives from one house to another and factor in any costs of hiring transportation to do this yourself, or hiring a removal company to do it for you.


Top tops for making the selling and buying process easier

  • Make sure you have a great team around you. “Choose an agent who is communicative, who will keep you fully informed and who you feel will drive the process forward for you,” Amy says. 
  • Be proactive. “Ensure the solicitors and brokers you choose are responsive and will keep on top of the transaction for you,” the expert adds. 
  • Choose your team as early as possible. “You do not need to wait until you’re under offer before speaking to solicitors and surveyors etc to get a feel for who you want to work with and who will work best with you,” Amy explains.  


Ready to sell your home and buy your next?

Here at Mortgage Confidence, we offer a free 30-minute consultation and can talk you through your options. So, no matter whether you’re in the early stages of selling your home or it’s on the cards for 2024, get in touch  with award-winning mortgage adviser Jo to get the ball rolling. 

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £99 to £399 and this will be discussed and agreed with you at the earliest opportunity. Your home may be repossessed if you do not keep up repayments on your mortgage.

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