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Saturday 21 December 2024
Saturday 21 December 2024
Saturday 21 December 2024
Saturday 21 December 2024
Moving home is often described as one of life’s most stressful experiences. While buying your first home can feel daunting, adding the complexities of selling your current property can make the process even more challenging. At Barrett Mortgages, we understand how turbulent these times can be, and we’re here to guide our clients every step of the way to ensure a smoother journey.
Do You Need to Sell Before Making an Offer?
One common question we hear is whether you need to sell your current property before making an offer on another. The simple answer is no—you don’t have to sell first. However, selling your property or at least having it on the market often puts you in a stronger position. Many prospective sellers hesitate to take their home off the market for a buyer who hasn’t yet sold their property, as it could delay the process.
This scenario arises frequently when people fall in love with a property before realising they need to sell their own. Speed becomes crucial in such cases. Showing the vendor your ability to move quickly by having solicitors in place and a mortgage agreed in principle demonstrates that you’re a solid buyer.
Breaking the Chain
What Is a Property Chain?
Chains are one of the most significant challenges in property transactions. A chain occurs when there are three or more linked transactions. The longer the chain, the more complex and time-consuming the process can become. Chains are also more susceptible to issues such as adverse surveys, buyers pulling out, or mortgage refusals.
How to Break the Chain
Breaking the chain can sometimes simplify and expedite the process. This might involve:
Selling your property and temporarily moving in with family or renting while waiting for the chain to catch up.
Communicating openly with your agent and advisor to find solutions that keep the transaction on track.
Good communication and flexibility are key to managing chains effectively and minimising delays.
How Long Does It Take to Move Home?
The timeline for moving home varies widely, but a standard sale typically takes around three to four months. However, this can be shorter or longer depending on factors such as:
The property’s history.
The seller’s situation.
Your specific needs.
While some agents advise discussing a completion date only after a sale is agreed, setting a timescale early on provides everyone with a common goal. Be realistic—moving within 30 days is possible but unlikely due to factors like obtaining searches, which can take longer in some areas.
Tips for a Smoother Move
Having worked with thousands of clients and moved several times myself, here are some practical tips to make your move less stressful:
Be Reactive and Proactive
Reactive: Complete paperwork promptly and respond to requests as quickly as possible.
Proactive: Ask questions, suggest timelines, and set deadlines to keep things moving.
Get Your Mortgage Offer Early
Secure your mortgage offer as soon as possible. If you’re considering a more comprehensive survey, wait until the lender’s basic survey highlights any issues. This approach can save you time and money.
Hire a Removal Company
If you have a lot of furniture, a good removal company can be invaluable. They can handle packing and help you manage tight timelines between completion and moving. For example, if you complete the sale of your property early in the day but have a gap before completing your purchase, they can store your belongings and move them in when you’re ready.
Surveys: What to Consider
Basic surveys provided by lenders are often free or low-cost. While they may not be thorough, they can highlight potential issues before you invest in a more detailed home report or structural survey. Waiting for the lender’s initial results can help you decide whether additional surveys are necessary.
Communication Is Key
From my years of experience, the best way to smooth out the process is to maintain open communication with all parties involved. Keep your agent, solicitor, and mortgage advisor informed at every stage. Clear, proactive dialogue ensures everyone is working towards the same goal and minimises delays.
Moving home may be one of life’s most stressful experiences, but with the right guidance and preparation, it can also be one of the most rewarding. At Barrett Mortgages, we are here to help you navigate the complexities of selling and buying, ensuring you move with confidence and as little stress as possible.
Written by Darren Barrett, Company Director
Moving home is often described as one of life’s most stressful experiences. While buying your first home can feel daunting, adding the complexities of selling your current property can make the process even more challenging. At Barrett Mortgages, we understand how turbulent these times can be, and we’re here to guide our clients every step of the way to ensure a smoother journey.
Do You Need to Sell Before Making an Offer?
One common question we hear is whether you need to sell your current property before making an offer on another. The simple answer is no—you don’t have to sell first. However, selling your property or at least having it on the market often puts you in a stronger position. Many prospective sellers hesitate to take their home off the market for a buyer who hasn’t yet sold their property, as it could delay the process.
This scenario arises frequently when people fall in love with a property before realising they need to sell their own. Speed becomes crucial in such cases. Showing the vendor your ability to move quickly by having solicitors in place and a mortgage agreed in principle demonstrates that you’re a solid buyer.
Breaking the Chain
What Is a Property Chain?
Chains are one of the most significant challenges in property transactions. A chain occurs when there are three or more linked transactions. The longer the chain, the more complex and time-consuming the process can become. Chains are also more susceptible to issues such as adverse surveys, buyers pulling out, or mortgage refusals.
How to Break the Chain
Breaking the chain can sometimes simplify and expedite the process. This might involve:
Selling your property and temporarily moving in with family or renting while waiting for the chain to catch up.
Communicating openly with your agent and advisor to find solutions that keep the transaction on track.
Good communication and flexibility are key to managing chains effectively and minimising delays.
How Long Does It Take to Move Home?
The timeline for moving home varies widely, but a standard sale typically takes around three to four months. However, this can be shorter or longer depending on factors such as:
The property’s history.
The seller’s situation.
Your specific needs.
While some agents advise discussing a completion date only after a sale is agreed, setting a timescale early on provides everyone with a common goal. Be realistic—moving within 30 days is possible but unlikely due to factors like obtaining searches, which can take longer in some areas.
Tips for a Smoother Move
Having worked with thousands of clients and moved several times myself, here are some practical tips to make your move less stressful:
Be Reactive and Proactive
Reactive: Complete paperwork promptly and respond to requests as quickly as possible.
Proactive: Ask questions, suggest timelines, and set deadlines to keep things moving.
Get Your Mortgage Offer Early
Secure your mortgage offer as soon as possible. If you’re considering a more comprehensive survey, wait until the lender’s basic survey highlights any issues. This approach can save you time and money.
Hire a Removal Company
If you have a lot of furniture, a good removal company can be invaluable. They can handle packing and help you manage tight timelines between completion and moving. For example, if you complete the sale of your property early in the day but have a gap before completing your purchase, they can store your belongings and move them in when you’re ready.
Surveys: What to Consider
Basic surveys provided by lenders are often free or low-cost. While they may not be thorough, they can highlight potential issues before you invest in a more detailed home report or structural survey. Waiting for the lender’s initial results can help you decide whether additional surveys are necessary.
Communication Is Key
From my years of experience, the best way to smooth out the process is to maintain open communication with all parties involved. Keep your agent, solicitor, and mortgage advisor informed at every stage. Clear, proactive dialogue ensures everyone is working towards the same goal and minimises delays.
Moving home may be one of life’s most stressful experiences, but with the right guidance and preparation, it can also be one of the most rewarding. At Barrett Mortgages, we are here to help you navigate the complexities of selling and buying, ensuring you move with confidence and as little stress as possible.
Written by Darren Barrett, Company Director
