Page 1 of 2 12 LastLast
Results 1 to 20 of 21

Thread: Buying and selling a house

  1. #1
    Glitter Queen
    Join Date
    Jun 2004
    Location
    Camberwell, London
    Posts
    3,017
    Rep Power
    11

    Buying and selling a house

    This will be the first time I have had to try and manage both the sale of my property and the purchase of another.

    I understand (form many many people) that this can be one of the most stressful proceedures someone can ever go through.

    I am aware that there is lots in the press at the moment about the housing market slowing down, but needs must...

    I would appreciate any tips and/or help anyone who has been through this could offer me.

    Thank you

  2. #2
    Registered User Feelingpink's Avatar
    Join Date
    Sep 2004
    Location
    Greenwich, UK
    Posts
    1,782
    Rep Power
    11

    Re: Buying and selling a house

    If you can, get good people to work with: I wouldn't have my place without a wonderful mortgage broker, who did his part well & contacted my (rubbish) solicitor and 'convinced' her to do her job. The solicitor, on the other hand, only seemed able to handle one task at a time and each one of those happened at the slowest 'speed' possible.

  3. #3
    Registered User Twirly's Avatar
    Join Date
    May 2006
    Location
    SE London
    Posts
    4,204
    Rep Power
    11

    Re: Buying and selling a house

    I've always thought that if I have to sell my place I'd seriously consider going into rented accomodation once I'd sold and then buying somewhere, to avoid the chain situation which I imagine can be the biggest stressor. (This is what the guy I bought my place from did.)

    The only problem with this is when the market is rising, even a few weeks or months out of the market can mean that your buying power has been reduced. However, if the market really is slowing down, this could be to your advantage (since you could sell now, the market drifts down, and then you can buy when the market is a bit cheaper) but it's a gamble as the market might not slow down at all. And of course you have to put your stuff into storage or move twice.

    In the meantime, take up meditation to lower your blood pressure before the stress sets in And good luck

  4. #4
    Registered User David Franklin's Avatar
    Join Date
    Feb 2002
    Location
    London
    Posts
    3,426
    Rep Power
    14

    Re: Buying and selling a house

    We used a conveyancer rather than a solicitor; it was both cheaper and a lot more responsive than our experiences with solicitors for house moving.

    Get as knowledgeable a friend as possible to come and look at the house you're buying. Obviously you should get a survey, but it's shocking how little those survey's really do.

    A few hundred pounds of decorating and tidying your place before selling it will pay for themselves quite easily. (The time involved is more problematic, of course).

    Use one of the online services that tells you what houses are really selling for in the area. You may be surprised at the size of difference between the asking price and the real price.

    Obviously it's a business transaction, but if you can get on with your buyers and sellers, you're more likely to be able to work through issues that arise. If there's no goodwill, it's much more likely to fall through.

    When it came to it, we were "all set", but nothing seemed to be happening. Bryony and I looked at the diary and thought "you know, it's Easter in just under 3 weeks. It would be great if we could move that weekend and have the bank holiday to unpack and sort things out". Our estate agent said "it won't happen, the others will hold it up". We rang the other people in our chain, said "this is what we'd like, how about you?", and we all agreed to make it happen. It did.

    Best of luck.

  5. #5
    Registered User
    Join Date
    Apr 2006
    Location
    Waltham Abbey
    Posts
    5,534
    Rep Power
    12

    Re: Buying and selling a house

    Quote Originally Posted by Sparkles View Post
    I understand (form many many people) that this can be one of the most stressful proceedures someone can ever go through.
    It is extremely stressful when there is a chain...so many things can go wrong and often do, but that's just the nature of buying and selling.

    Quote Originally Posted by Twirly View Post
    I've always thought that if I have to sell my place I'd seriously consider going into rented accomodation once I'd sold and then buying somewhere, to avoid the chain situation which I imagine can be the biggest stressor.
    In reality, this can be a major headache. Unfurnished rentable properties are limited and if you go for a furnished place you have the cost and agro of storage for your things.

    I would just go for it and hope the chain doesn't get broken, oh, and in the current climate don't be afraid to haggle over the cost of the property you're buying. Everyone is uncertain about property prices and are more likely to cave under pressure, potentially saving you thousands of pounds.

  6. #6
    Papa Smurf
    Join Date
    Jan 2002
    Location
    Planet Scathe
    Posts
    12,528
    Blog Entries
    6
    Rep Power
    18

    Re: Buying and selling a house

    I'd be interested to know what the differences are between English/Welsh and Scottish house sales now - as it seems to have changed over the years. Certainly here, property always goes for over the asking price - currently around 15% (unless its a, quite rare, fixed price property) and its a closed system so you cannot know what other offers there are - if any. What we did with our last 2 properties (moved on 1st Feb 2008) was ask what the seller was looking for, made them an offer based on that, and they've taken it off the market immediately.

    Sadly, although gazumping used to be illegal here it doesn't seem to be anymore. Luckily not something that ever affected us. Theres also this HIPs thing that Scotland doesnt have, yet - which seems to make a lot of sense to me as for popular properties each possible buyer must get a survey which is often just reprinted out by the same surveyor for the same fee

    i like Twirlys advice on renting, the amount of stuff you have will be the clincher with that - can you face moving it all twice in a short space of time. You can get proper movers, but they're not cheap.

  7. #7
    Registered User RedFox's Avatar
    Join Date
    Nov 2007
    Posts
    121
    Rep Power
    9

    Re: Buying and selling a house

    Quote Originally Posted by Twirly View Post
    I've always thought that if I have to sell my place I'd seriously consider going into rented accomodation once I'd sold and then buying somewhere, to avoid the chain situation which I imagine can be the biggest stressor.


    Quote Originally Posted by David Franklin View Post
    We used a conveyancer rather than a solicitor; it was both cheaper and a lot more responsive than our experiences with solicitors for house moving.


    Quote Originally Posted by David Franklin View Post
    Obviously you should get a survey, but it's shocking how little those survey's really do.
    Yes, the survey is there to protect your motgage lender, not you. Commission a structural engineer yourself unless you know and trust someone in the building trade.

  8. #8
    Registered User Keefy's Avatar
    Join Date
    Mar 2007
    Location
    Over Hill and Dale
    Posts
    426
    Rep Power
    9

    Re: Buying and selling a house

    I put my house on the market at Easter, but at present the market has just about died with very few serious people out there. I can't see me moving anytime soon!

    But I'm moving into rented when I do sell, I came out of rented to buy this place and I'll buy my next house coming out of rented as well. It just makes so much sense -
    • Offering a chain free sale is a plus point
    • Buying as a cash buyer gets you some great deals and you'll see stuff other people in chains wont
    • If you're moving out-of-area renting in your new area gives you time to look around
    • Any cost of renting/storage for a year will be well offset by gains you make on the sell/buy deals
    Even in a good market it makes sense to rent, even if you throw away a few months rent payments buying as an unencumbered buyer will offset that. In the current market people who are actually in a position to move will get some fantastic deals.

  9. #9
    Papa Smurf
    Join Date
    Jan 2002
    Location
    Planet Scathe
    Posts
    12,528
    Blog Entries
    6
    Rep Power
    18

    Re: Buying and selling a house

    Quote Originally Posted by Keefy View Post
    In the current market people who are actually in a position to move will get some fantastic deals.
    why ? do you have any examples ?

  10. #10
    Registered User Icey's Avatar
    Join Date
    Jul 2005
    Location
    Stuck
    Posts
    1,469
    Rep Power
    10

    Re: Buying and selling a house

    I sold my last flat seperately from buying my current flat and had I not moved in with Mr Darcy I'm sure I would have rented or as a last resort moved back to my parents for a few months.

    In the end I did not move out of Mr Darcy's place, he's stuck with me now so we decided to rent out my flat.

    I could not have done this any other way because the purchase took 8 months to complete but looking back I can see that there was much less stress involved than if I had been "homeless" from selling my flat before completing on the new one.

    Good Luck Sparkles and have a rant on here if your buyers/sellers are being stupid

  11. #11
    Glitter Queen
    Join Date
    Jun 2004
    Location
    Camberwell, London
    Posts
    3,017
    Rep Power
    11

    Re: Buying and selling a house

    Quote Originally Posted by David Franklin View Post
    We used a conveyancer rather than a solicitor; it was both cheaper and a lot more responsive than our experiences with solicitors for house moving.
    Please can you explain to me the difference between a conveyancer and a solicitor - and how would I get hold of a conveyancer? Thanks

    I really appreciate all the good luck wishes, I could do with all the luck I can get on this one. Thanks for all the advice so far, I'm reading with interest, please keep it coming!

  12. #12
    Registered User
    Join Date
    Sep 2006
    Location
    South
    Posts
    5,424
    Blog Entries
    22
    Rep Power
    11

    Re: Buying and selling a house

    Quote Originally Posted by Dreadful Scathe View Post
    Quote Originally Posted by Keefy View Post
    Even in a good market it makes sense to rent, even if you throw away a few months rent payments buying as an unencumbered buyer will offset that. In the current market people who are actually in a position to move will get some fantastic deals.
    why ? do you have any examples ?
    I'm looking for somewhere in the Herts/Essex/N.London area. What fantastic deals are you offering me?

  13. #13
    Registered User David Franklin's Avatar
    Join Date
    Feb 2002
    Location
    London
    Posts
    3,426
    Rep Power
    14

    Re: Buying and selling a house

    Quote Originally Posted by Sparkles View Post
    Please can you explain to me the difference between a conveyancer and a solicitor - and how would I get hold of a conveyancer? Thanks
    Hopefully Barry will correct any errors, but but a conveyancer is basically someone who is just there to do house purchases, whereas a solicitor covers a much wider area of law.

    The problem is that solicitors generally have more qualifications, overheads etc., so they cost more, but because they don't actually specialise in house purchases, they're often not terribly good at dealing with them(*). Plus they have lots of other distractions - I imagine it's not terribly helpful if there's a glitch during completion and your solicitor is at Crown Court defending a client for GBH.

    (*) I'm not saying that they don't know what they're doing, but more that their setup isn't designed just for house sales/purchases. Whereas our conveyancer had a real 'production line' approach and could tell you where you were, what stages were still to come, etc.

  14. #14
    Registered User Twirly's Avatar
    Join Date
    May 2006
    Location
    SE London
    Posts
    4,204
    Rep Power
    11

    Re: Buying and selling a house

    Quote Originally Posted by David Franklin View Post
    but because they don't actually specialise in house purchases, they're often not terribly good at dealing with them(*).
    I used one who did specialise in property - details on the way Sparkles, and anyone else who wants the details let me know.

    It was 10 years ago I used them, and the recommendation actually came through the woman who arranged my mortgage at the HSBC as she'd used them herself! I remember the buyer's solicitor taking their time and he was really on the case.

  15. #15
    Registered User
    Join Date
    Oct 2003
    Location
    Southampton
    Posts
    6,709
    Rep Power
    13

    Re: Buying and selling a house

    Quote Originally Posted by David Franklin View Post
    Hopefully Barry will correct any errors, but but a conveyancer is basically someone who is just there to do house purchases, whereas a solicitor covers a much wider area of law.
    Except that most of the solicitors who do conveyancing - unless it's a very small firm, only a handful of fee earners - are specialist conveyancers and do it all day long.

  16. #16
    Registered User Chicklet's Avatar
    Join Date
    Mar 2003
    Location
    Glasgow
    Posts
    2,555
    Blog Entries
    1
    Rep Power
    11

    Re: Buying and selling a house

    Quote Originally Posted by Dreadful Scathe View Post
    Certainly here, property always goes for over the asking price - currently around 15% .
    $£%%^%$£$$% FIFTEEN $%("*$"£()"^ on toadstools perhaps!!!

    this time last year I didn't get two bidding ~30% over and then finally did get one at *insert hard sum* 36.84% over.

  17. #17
    Registered User David Franklin's Avatar
    Join Date
    Feb 2002
    Location
    London
    Posts
    3,426
    Rep Power
    14

    Re: Buying and selling a house

    Quote Originally Posted by Barry Shnikov View Post
    Except that most of the solicitors who do conveyancing - unless it's a very small firm, only a handful of fee earners - are specialist conveyancers and do it all day long.
    Pretty much everyone I know has used a small firm, so my impression is that's what the vast majority of people use. Could be a biased sample though.

  18. #18
    Papa Smurf
    Join Date
    Jan 2002
    Location
    Planet Scathe
    Posts
    12,528
    Blog Entries
    6
    Rep Power
    18

    Re: Buying and selling a house

    Quote Originally Posted by Chicklet View Post
    $£%%^%$£$$% FIFTEEN $%("*$"£()"^ on toadstools perhaps!!!

    this time last year I didn't get two bidding ~30% over and then finally did get one at *insert hard sum* 36.84% over.
    We are out in the sticks though - shame we never made it to "Basque Towers" for that party - you can come to ours though...i hope

  19. #19
    Registered User
    Join Date
    Apr 2004
    Location
    Bristol
    Posts
    3,166
    Rep Power
    12

    Re: Buying and selling a house

    Try and find a buyer and a seller who are in a similar situation to your self Eg they MUST also move

    I sold my last house to someone who was moving to my area and had a guaranteed bridging loan from their employer. The house I bought was already vacant

    Beware of Estate agents promising unrealistic valuation, as already mentioned check actual Selling prices House Prices A house near me was put on the market at £850,000 the owner turned down an offer of £750,00 over a year later, it finally sold for about £600,000 At the right price your house will sell

    Visit estate agents regularly to get a feel for how the market is moving, both In your existing area and your new area

    A friend on moving to Bristol got a job in an estate agent to find her dream house

  20. #20
    Commercial Operator
    Join Date
    May 2003
    Location
    The far east-Kent
    Posts
    3,687
    Rep Power
    11

    Re: Buying and selling a house

    Quote Originally Posted by Keefy View Post
    But I'm moving into rented when I do sell, I came out of rented to buy this place and I'll buy my next house coming out of rented as well. It just makes so much sense -
    It makes plenty of sense in a falling market, though finding somewhere suitable to rent can be a major job. If prices were rising as fast as they were last year, you could lose out big time doing this.

    I would recommend getting at least 3 quotes for your HIP, then just go for the cheapest, because they're basically not worth the money they're printed on.

    I've just had my buyer drop out, just days from exchanging contracts, I'm now looking at offers £60k down on the price 7 weeks ago, I'm VERY glad I'm going for rented accommodation.

    Greg

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Buying or renting a House/Flat ?
    By stewart38 in forum Chit Chat
    Replies: 35
    Last Post: 19th-September-2006, 05:02 PM
  2. Selling up - any advice?
    By Icey in forum Chit Chat
    Replies: 33
    Last Post: 10th-February-2006, 10:26 AM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •