How to Buy and Sell Houses at the Same Time in Wales

If you’re moving home in Wales, and you’re not a first-time buyer, you’ll likely be selling and buying a house at the same time. While selling and buying a home at the same time is something most of us go through at some point, you do have other options. If you have the funds, you can buy your home in Wales before selling. Or sell your house first, move into temporary accommodation, and then buy your new property.

If these don’t work for you, and you find yourself part of a property chain, don’t worry. While chains can be a complicated process, there are many ways to make the experience run smoothly – just follow our top tips for selling and buying at the same time in Wales.

1 Work out your finances

This is the first step in selling and buying at the same time, and it’s a crucial one. You need to get an understanding of how much you can spend and a clear budget before you start. You should get your current property valued. In the early stages of selling your home, online valuations, such as our free valuation tool, will help you estimate the value of your property. It is recommended that you get an in-person valuation to gauge your home’s market value as accurately as possible, especially if your property is a little different from the average house.

Once you understand your home’s potential selling price, you can add any savings you may have to your budget. Be aware of the other moving costs, for example, solicitor and estate agent fees and Land Transaction Tax (stamp duty). These add-ons can make a big dent in your funds.

Also, consider your current mortgage and whether you can carry it to the new property or if you will need another loan. Mortgage rates are quite volatile at the moment, so if you need to remortgage, start shopping around as soon as possible. One option would be to call into our agency for the Principality Building Society at Llangefni or Holyhead on Anglesey.

2 Find a buyer

Once your finances are sorted, it’s time to start looking for a buyer. When both selling and buying, it is good to get your home on the market before you start viewing and making offers on properties. Having already accepted an offer on your current home gives confidence to vendors and makes it more likely any offer you make will be accepted.

When putting your home up for sale choose your agent carefully. Don’t go for the cheapest fees or highest valuation. Look for a good local agent with experience in the area and ideally look for the logos of the professional bodies the agent is a member of e.g. RICS, Propertymark NAEA and The Guild of Property Professionals, as they often have a better record at resolving issues that can arise in property chains.

Remember, it is the difference between what price you sell for and what you buy for that really matters.

3 Find your next home

Once you have an offer secured on your property, it’s time to start the search for your dream home. While there is less demand in the Welsh market than a year ago, competition for the most desirable homes is still running high, so be ready to act quickly if you find the place for you. Scour the property portals and local agents’ websites, setting up alerts and registering for tip-offs if the right home arises. With tppuk.com, properties are listed on our website before they appear on portals, so keep your eye on tppuk and don’t miss out on the best ones. With an offer on your place, most agents will see you as a serious buyer and a priority customer when properties are listed.

4 Start the conveyancing process

It’s a good idea to have a conveyancing solicitor lined up from the start so you can instruct them when you find a buyer and have an offer accepted. Conveyancers deal with the legal side of the sale, including contracts and searches. As with your estate agent, getting a good conveyancer who will help ensure the process goes smoothly is important, so be mindful that it’s not always best to go with the cheapest. Look at reviews and ask for personal recommendations.

5 Set exchange and completion dates

Your conveyancer will set the exchange and completion dates – a tricky task if you’re part of a long chain as you’ll need to agree a date which all parties are happy with. At this point, you will also exchange contracts meaning everyone is committed to their purchase and sale.

Tips for selling and buying at the same time

• Choose a good estate agent and conveyancer
  It may seem obvious, but having efficient people working with you can make all the difference when navigating complex property chains.
• Put your home on the market before looking at properties
  This will help your chance of having offers on the new property accepted – it gives the seller confidence in you and makes you a more desirable buyer. In addition, having your property on the market means you can gauge interest and the likely selling price, giving you an idea of your budget when it comes to house hunting.
• Gather all of your key documents in advance
  Being organised helps speed up the entire operation. Gather guarantees and certificates for work on your home before your solicitor asks for them.
• Communication is key
  In property chains, one of the best ways to help things run smoothly is communicating effectively with others. Be ready to respond to your estate agent and conveyancer’s calls promptly and ensure you deal with any queries. Communication is also important when setting completion dates. Be ready to compromise and negotiate with others to keep the property chain intact.

If you’re looking at selling your home in North Wales, contact us. We have plenty of experience of navigating property chains in the area and of finding the right buyers in today’s market. Book a no-obligation valuation today.