Moving is one of the hardest things you’ll do in life. It would be a piece of cake if you didn’t have to buy and sell properties at the same time. If you could find a new home without needing the money from your current house, everything would be set up and ready for the move-in date.
As it is, the cash has to change hands formally before you can get the keys. As a result, there is a lot to cover if you want the process to be smooth. However, this doesn’t mean it’s impossible. It’s tough, yet these hacks will help you to get a purchase and sale over the line efficiently.
Deal With A Mortgage Broker
Your mortgage is one of the main problems. All you want to do is keep the same one and move it, also known as porting. However, it’s unusual for homeowners to be able to do this as it requires certain stipulations. Therefore, you might require a new loan, which involves paying off the old one and signing on the dotted line… again. Please don’t waste time trying to do anything yourself when you’re already tired and confused. A broker will highlight the best deals so that you can focus on saving money.
Don’t Forget About Selling
When you want to buy a house, you can forget that selling your current home is just as important. If anything, it’s more so because it offers bargaining power that you require to be taken seriously. Why? It’s because it looks better if your property is under offer. After all, it shows that you will have the resources you need to make a bid. Also, it allows you to haggle over the price. Therefore, it’s imperative to work hard on finding a buyer for your house.
Get A Good Conveyancer
A conveyancer ensures the deeds and legal documents are passed over to the relevant parties, which means they make sure you fulfill your legal duties during the process. As with all legalities, there are hold-ups, such as people not forwarding information quickly enough or buyers failing to report that their mortgage deposit has been gifted. Quality conveyancing solicitors understand the common obstacles and are proactive in eliminating them before they escalate. This is as simple as hounding solicitors and individuals for paperwork if it hasn’t been forwarded in time. Still, some conveyancers don’t do it, and that’s what takes longer and costs more.
Coordinate A Completion Date
Your completion date should be agreed upon when the surveys and local searches are returned and you’re ready to tie-up the details. A massive mistake is assuming all parties are on the same page, only to find out they are worlds apart. With this in mind, it’s essential to contact the people involved in the purchases and sales and ask what completion date works for everyone. That way, there should be fewer sticking points as you near the finish line.
If you’re selling up, you’ll probably have to buy too. Hopefully, these tips make it easier to do both simultaneously and cut out the red tape.
