Moving House - Advice If You Have Done So Recently

[MC RISK77]

Hi everyone,

we are going to be embarking on a house move in the new year, and this will be a new experience as we havent moved previously when a chain has been involved, as i moved into my current home with no house of my own to sell.

Im just looking for some guidance really on what the stages of the process are, we are looking to get values soon and then put ours for sale thereafter,

What is a good % to pay to a estate agent?,

We also have plenty of equity in our current home around £100k and we are looking to sell ours for £250k with a budget for new place of of £325k, how does equity transfer work?

How much will you need for all searches, solicitors paperwork etc?

Thanks in advance and help much appreciated

[Nibor]

1% is all you should be paying an estate agent. Also, only agree to 6 weeks exclusivity, not the 12 they will ask for. You want them motivated to sell yours. Make sure you're paying nothing unless it completes. Make sure your house looks easy to sell when they value it as much as you can.

You can count on solicitors' costs including searches and disbursements to buy and sell being anything from £700 to £1200. I've used Simpson Millar a few times and they were reasonable. Whoever you use you will have to chase, they'll always sit on it. Give them a timetable and make sure they tell you whenever they are "waiting on responses" so you can check they have done everything they can. Too often they will ignore opportunities to do many things in parallel because it's simpler for the admin clerk who does all the actual work.

Don't forget you'll be paying stamp duty at 3% on what you're buying, or that the home you're selling is right on the threshold so going under £250k is worth £5k to the buyers.

Equity transfer is handled by your solicitor on the day of completion. When the money from your buyer arrives via BACS they will pay off your existing mortgage and pay whatever deposit you agreed on the new mortgage transferring any balance to you after taking their fees.

Before accepting an offer make sure you enquire about the buyer's circumstances. You want to hear cash buyer or investor, I'd take a lower offer from one of those if they can prove it than from a first time buyer with a 10% deposit or a mover. On a house I sold last year we lost FIVE buyers over 6 months because they were morons, everything from "didn't realise their car loan affected their borrowing limits" to "financial adviser told him not to buy a house and to rent instead".

When it comes to moving, paying someone to pack and move you is money you will never regret spending. It makes the day so much easier.

Anyway the whole thing is stressful so you should invest in cider. Best of luck.

[Fordy62]

I think Nibor has summed things up nicely.

It's worth noting (and it's pretty obvious) that the better mortgage deals come with bigger deposits. But, if the house you're buying needs work, don't put down more than you need to as a deposit. So, if you have 100k equity and you're buying a house for 320k, then you'll probably get the same interest rate by putting down 80k as you would 100k, but you'll be left 20k to do the work do you won't have to borrow on top!

I'm in exactly the same boat as you. Currently just sold and now playing silly buggers trying to buy!

Good luck.

[The Gasbuster]

1% is all you should be paying an estate agent. Also, only agree to 6 weeks exclusivity, not the 12 they will ask for. You want them motivated to sell yours. Make sure you're paying nothing unless it completes. Make sure your house looks easy to sell when they value it as much as you can.

You can count on solicitors' costs including searches and disbursements to buy and sell being anything from £700 to £1200. I've used Simpson Millar a few times and they were reasonable. Whoever you use you will have to chase, they'll always sit on it. Give them a timetable and make sure they tell you whenever they are "waiting on responses" so you can check they have done everything they can. Too often they will ignore opportunities to do many things in parallel because it's simpler for the admin clerk who does all the actual work.

Don't forget you'll be paying stamp duty at 3% on what you're buying, or that the home you're selling is right on the threshold so going under £250k is worth £5k to the buyers.

Equity transfer is handled by your solicitor on the day of completion. When the money from your buyer arrives via BACS they will pay off your existing mortgage and pay whatever deposit you agreed on the new mortgage transferring any balance to you after taking their fees.

Before accepting an offer make sure you enquire about the buyer's circumstances. You want to hear cash buyer or investor, I'd take a lower offer from one of those if they can prove it than from a first time buyer with a 10% deposit or a mover. On a house I sold last year we lost FIVE buyers over 6 months because they were morons, everything from "didn't realise their car loan affected their borrowing limits" to "financial adviser told him not to buy a house and to rent instead".

When it comes to moving, paying someone to pack and move you is money you will never regret spending. It makes the day so much easier.

Anyway the whole thing is stressful so you should invest in cider. Best of luck.

Great post.

Some estate agents have been charging as little as 0.75% in recent years, as the market has been difficult, and they have been chasing business.

This could change now with the government's new incentive, a plan, as such, to "stimulate" the market.

Estate agents will see this as an opportunity to "make hay while the sun shines".

[MC RISK77]

1% is all you should be paying an estate agent. Also, only agree to 6 weeks exclusivity, not the 12 they will ask for. You want them motivated to sell yours. Make sure you're paying nothing unless it completes. Make sure your house looks easy to sell when they value it as much as you can.

You can count on solicitors' costs including searches and disbursements to buy and sell being anything from £700 to £1200. I've used Simpson Millar a few times and they were reasonable. Whoever you use you will have to chase, they'll always sit on it. Give them a timetable and make sure they tell you whenever they are "waiting on responses" so you can check they have done everything they can. Too often they will ignore opportunities to do many things in parallel because it's simpler for the admin clerk who does all the actual work.

Don't forget you'll be paying stamp duty at 3% on what you're buying, or that the home you're selling is right on the threshold so going under £250k is worth £5k to the buyers.

Equity transfer is handled by your solicitor on the day of completion. When the money from your buyer arrives via BACS they will pay off your existing mortgage and pay whatever deposit you agreed on the new mortgage transferring any balance to you after taking their fees.

Before accepting an offer make sure you enquire about the buyer's circumstances. You want to hear cash buyer or investor, I'd take a lower offer from one of those if they can prove it than from a first time buyer with a 10% deposit or a mover. On a house I sold last year we lost FIVE buyers over 6 months because they were morons, everything from "didn't realise their car loan affected their borrowing limits" to "financial adviser told him not to buy a house and to rent instead".

When it comes to moving, paying someone to pack and move you is money you will never regret spending. It makes the day so much easier.

Anyway the whole thing is stressful so you should invest in cider. Best of luck.

Brilliant....thanks very much for taking the time to write this Nibor

[MC RISK77]

I think Nibor has summed things up nicely.

It's worth noting (and it's pretty obvious) that the better mortgage deals come with bigger deposits. But, if the house you're buying needs work, don't put down more than you need to as a deposit. So, if you have 100k equity and you're buying a house for 320k, then you'll probably get the same interest rate by putting down 80k as you would 100k, but you'll be left 20k to do the work do you won't have to borrow on top!

I'm in exactly the same boat as you. Currently just sold and now playing silly buggers trying to buy!

Good luck.

yep Good luck too mate