How To Buy & Sell Property Simultaneously

When seeking to highlight the linked issue of selling and purchasing a house simultaneously, then there are a number of factors to look at.  If you were a first time buyer and are now wishing to move up the property ladder to sell your property, and buy another property, then we know from years of experience dealing with clients they do find  it daunting, and always seek clarity of the process. You will remember vaguely what the process was when you bought your first home, but now the prospect of selling that home and buying another property, and how the process will pan out, may leave you a little bewildered.

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What Do I Need To Do?

First things first, you put your house on the market  for sale whilst you also look for a property to buy. Once a buyer has been found for your property that you are selling, and the sale price has been agreed, then you are in a comfortable position to make your own offer on your newly chosen property to purchase. Once your offer has been accepted, its time to instruct solicitors.

You will be given a quotation for the legal fees which will cover the sale including all disbursements (money often paid to a third party on your behalf) and VAT. You will also be given a quotation for the legal fees which will cover the purchase, including all disbursements.  Once you are happy with the legal costs, a file will be opened and you will be provided with a client care letter, which simply details who will be acting on your behalf in the transaction and generally how the transaction will run together, with a detailed breakdown of all of the likely costs to complete the work for you. You will also receive terms of business, which after reading, you will need to return to your solicitors as these confirm your desire for the transaction to proceed. There are other criteria which the Law Society requires must be obtained from you in order that the transaction runs smoothly and transparently, including the requirement of proof of ID, proof of residency, and of course, money on account of disbursements.

Once the formalities are in place, your legal advisor can get on with the job of issuing contracts on your sale and requesting contracts on your related purchase.

Rest assured no commitment will be made on your behalf at any time until you are absolutely happy with the whole transaction, and it is our desire this is effected without any undue concern to you.

When both the sale and the purchase are ready to progress, we will advise you when we are in a position to exchange contracts; a key stage in any conveyancing transaction, which means you will be legally bound to complete the transaction on a specific pre agreed completion date. Upon your agreement to do so, we would exchange on both the sale and the purchase at the same time, on the same day, which ensures you and your buyer on your sale and your seller on your purchase, are all committed to the sale and purchase at the same time.This is usually when everyone in the transaction up and down the chain give a sigh of relief.   A date is set for completion as agreed by all of the parties, and you begin to make your removal arrangements. At every step of the process, your legal advisor will keep you informed so that you are fully aware of everything that is happening.

Whist waiting for the day of completion to arrive, the finances are put in place so that on the day of completion, all you have to do is concentrate on  moving. The legal work is all taken care of.  Whilst you are settling into you new home, we are dealing with post completion work such as final completion letters to your buyer’s solicitors, and ensuring the new property is duly registered at the Land Registry into your ownership, as well as any stamp duty issues where applicable.

Once the new property is registered at the Land Registry in your name, we will contact you to confirm this and provide you with proof of your  legal ownership.

The above is a skeleton of the process of a linked sale and purchase and at any time we could supply you with even more information but, basically it is a commonly known fact that buying and selling a house is one of the most stressful  adventures in your life therefore why bombard you with more information than you need to consider initially?   Where you may like to be as a client is that place of complete peace of mind that your legal affairs are being dealt by experts in the field, you are paying for that service and it’s a service that will not only get you into your new home within a time frame to suit you, but will leave you with a smile on your face; you're in your new home and all is well.