People say that moving home is one of the most stressful experiences, even more than that first purchase you made as a First-Time buyer. This is because of all the different elements that are involved in moving, and then making sure that all of them are working in synchronisation, but also having to have more people involved in the 'CHAIN' below and sometimes even above you. As experienced mortgage brokers at DJB Mortgage, allow us to take away the stress and headache of having to manage this on your own. We will assist you with the whole mortgage process starting from the moment you even thinking about moving. Our advisors will carry out a cost of moving exercise to determine a likely deposit and then help you work out a monthly budget based on your typical spending habits.
Once we have established your budget, we will search through mortgage lenders on the market to find the right mortgage tailored for your circumstances. We also have access to some exclusive mortgage deals designed just for our customers that you cannot access anywhere else. This will then confirm your budget for your onward purchase, but what else should you be thinking of when moving.
When selling and buying a home you will need to make sure that you have got a solicitor in place for both parts of the transaction.
You solicitor will transact on the sale of your property with your purchaser's solicitor and also transact on your purchase with the vendor's solicitors. When dealing with the sale you will be asked to complete a questionnaire around the property you are selling, this will include a fixtures and fittings list for if you are leaving anything for the buyers.
We would advise that you use the same solicitors for the sale and purchase as this just makes life a little bit more easy for you, dealing with only one solicitor rather than two.
When selling your home you will need to consider which type of Estate Agent you would like to instruct, as the choice can be vastly different from your traditional High Street agent to the new online agent approach. You will find that most High Street agents will not charge you the fee until you have sold your property as they will work on a commission basis, were your online agent normally asks you to pay a standard fee upfront even before they have sold the property. The online agent is normally the cheaper option, but you may find that you have to do a lot of the work yourself, such as viewings and even sometimes the negations with the potential buyer. With this being the case you may find that the traditional High Street agent will offer you a more tailor-made approach to selling your home and make sure that the requirements you have are met towards the
sale of your home.
You may find that the High Street agent may require a small fee upfront for covering things such as professional photos and an EPC. An EPC is needed to sell your home, however, EPC lasts for 10-years, so you may find that your property has one if you brought yours within the last 10-years, this can be checked at the following;
We would advise that you look to gain a couple of valuations, and then also make sure that the contract you are tied in to with the agent to sell your property is not anything more than 3-months.
Can I still move if I am tied into my current mortgage provider?
Yes moving home whilst being tied into your current mortgage deal is possible, it is known as porting. You still need to go through the same process of the mortgage being underwritten and affordability checks being performed.
Do I need to save for a deposit?
The deposit can come from the equity within your current home. We would go through a cost of move with you, work out how much equity you would have after all fees have been paid for and this would then leave you with the deposit or your onward purchase. If you do have additional savings, they can be added to the pot to give you a higher deposit.
How much does it cost to move?
This depends on many factors such as which estate agents you go with, solicitors you use for the transaction, how much your onward purchase is (stamp duty), and sometimes other factors will come into effect. We would take you through a cost of the moving and give you an idea of costs once we know what you are wanting to achieve.
I want to keep my current property, can I do this?
This depends on many factors but yes this can be achieved and is known as a 'LET TO BUY'.