Q: I want to move house but I need to sell my own home to buy another. How can I make this go smoothly?
Carole Ross, Branch Manager & Director, Sherry FitzGerald, Templeogue offers her expert advice.
A: Selling your home and simultaneously buying another is a daunting process. But, given the low supply of available properties for sale, it’s hard to avoid. Bridging finance is now extremely rare and most people need to sell their existing property to finance their onward purchase. If the vendor is in a similar situation it creates a ‘property chain’, or a sequence of sales that must all happen at the same time.
There are a lot of factors to consider when making a chain sale work. A lot depends on the vendor’s situation. If they need the proceeds of the sale to finance their next property, they may be under time pressure. But, if time is on their side, they may be willing to give you time to sell your own property before you purchase theirs.
A trusted estate agent will look after your best interests, provide step by step advice, and have your back throughout the process. Take one step at a time and focus on the things that are within your control, while taking advice from your agent and solicitor.
Once you’ve decided to move house, get your property market-ready. This can be done well in advance. Don’t wait for your dream home to come on the market. Be ready to sell. It’s all about being prepared!
First, get a market appraisal on your house. The estate agent will advise you on the value of your home, along with a marketing and selling strategy. Your agent will also guide you on the most cost-effective way to prepare and present your home sale. Presentation is key to a successful sales campaign! Since this may involve decluttering or repainting some of the rooms, and can take a couple of weeks, do it before you start looking for another home.
Once your home is prepared, get the photographs taken, even if you’re not ready to go on the open market. With photography complete, it’s just a click of a button to get your own house online when your dream house comes to the market. By preparing in advance, you’ve have saved yourself valuable weeks, and put yourself in a better position to go for the property you want.
Also at this stage, organise your BER certification. This is a straightforward process – your estate agent can recommend BER assessors – but getting the certification can take some time.
Once these steps have been taken, your home is market ready.
The next step is to list your house on the open market. This can be a difficult decision as it requires a leap of faith. Some people do this before they see a house they’d like to bid on; others wait until their dream homes come up for sale. Your estate agent will talk you through the options.
When your house goes on the market, your estate agent will manage the expectations of potential buyers and also advise you on the buying position of each one. This will help you make an informed decision when going ‘sale agreed’.
When you’ve decided to put your property on the market, notify your solicitor. Do not wait to find a buyer. Let your solicitor know your intention to sell from the outset, so they can get the contracts ready.
If there’s a mortgage on the property, your solicitor will request title deeds from your lending institution and it can take several weeks for them to be released.
If you’ve made any structural changes to your house, or if anything about the building has changed since it was built, let your solicitor know. You may need a certificate of compliance, relevant planning, or certificates of exemption from planning. These documents will be needed to complete the sale of your home, and going ahead without them can cause delays.
Ideally, when you go ‘sale agreed’ on your house, your solicitor can simply insert the purchaser’s details and purchase price into the contract, as all the other background work has already been done.
Remember, you will only be legally bound to the sale of your property once you are sure you are happy with your onward move. You will never leave yourself without a home!
On the day of moving, even when everything is going according to plan, there may be last minute delays. The transfer of funds has to meet timelines in order to close the sale. It can be challenging to close two sales on the one day, so it is important to have a contingency plan. If this isn’t possible, make it abundantly clear to your solicitor that you need both sales to close on the same day. High levels of communication and efficiency are vital.
