Are you considering selling your home for work, a school place or more space? Whatever your reason, having to buy a new house and sell your current property at the same time can feel overwhelming. But with a helping hand from the experts covering Essex and East London, from Iford to Woodford Green or Redbridge, the house moving process can progress easily.
Start working out your budget using an online valuation tool, then get an accurate valuation of your home to work out your budget. Explore property portals to get a feel for the local housing market too.
When you have a valuation you can calculate the amount of equity you have in your property by subtracting your remaining mortgage from the figure.
Talk to your mortgage lender to determine if you can remortgage or port your existing loan. Find out the costs if you decide to move lenders, and look at the options available to help you decide the best plan for your financial situation.
Budget for the cost of selling and buying a house, including stamp duty, the survey, and your conveyancing solicitor’s fees. Recent changes mean stamp duty is likely to be your biggest expense, unless you are a first-time buyer. You need to pay a 2% tax on any residential properties from £125,000 to £250,000 and then 5% on the portion from £250,000 to £925,000 and 10% up to £1.5million rising to the top level of 12% – use a property deal analyser to figure out your exact expenses. Recent interest rate falls combined with more flexible mortgage criteria has led to a busier housing market with the leading experts predicting rises of up to 3% across the capital.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Get a local real estate agent on board to get your property on the housing market. Ask for recommendations, check online reviews, and invite three agents for a valuation.
You’ll need an energy performance certificate (EPC) costing around £75 before you market your home, so book an inspection with an accredited assessor as soon as possible.
Then start your property search. Speak to your local agent and regularly check online property portals like Rightmove and Zoopla.
It is important to factor in the property chain position for your move, where progress is dependent on the sale before the transaction can be completed. The shorter the chain, the speedier and simpler the whole process will be, minimising the number of people involved. Longer chains are likely to be more complex and can be fraught with delays and uncertainty.
In the London market, which has an average of five parties involved in a chain (compared to the UK figure of three) it may be wise to see if you can sell first so you can look for your dream home chain free which would give you an advantage negotiating in a competitive market.
Keeping in close contact with your estate agent throughout this time is key to reducing stress with regular updates to ensure constant communications.
Keep your eye on the local property market. If you find yourself in a seller’s market, weigh up competing offers carefully. Evaluate buyers’ circumstances as well as the pound signs.
Once you’ve accepted an offer, you need to buy a new home. Research local selling prices and factor in essential renovation costs so that you can make an informed offer.
Once it’s been accepted, instruct a surveyor. A basic house survey typically costs less, but in-depth surveys can reveal more.
Get quotes from several conveyancers or solicitors. Find reputable ones through a personal recommendation or by comparing reviews. Don’t necessarily go with the cheapest – seek a proactive conveyancer to help with a speedy house sale.
Before you start to market your property, you can gather the key documents to be well prepared and avoid any delays. Allow yourself a month for this, as it can cover many different areas from title deeds, energy performance certificates, planning permissions, guarantees and service records. Your solicitor will normally guide you on what is needed. A complete list can be found here.
For any mortgage application you will need to provide ID, which is normally a current passport or driving licence together with proof of address papers such as council tax statements or energy bills – but no more than three months old.
Mortgage providers may ask for evidence of your financial position from payslips and bank statements to a list of your household expenses – so it will be good to get this ready sooner rather than later.
Your estate agent can advise you of any actions you need to take to enhance your sale potential. Buyers in the Capital range from international investors to families moving for school catchment areas so a neutral, decluttered home would be most attractive to the widest audience.
Experts recommend creating an appealing first impression with a welcoming, polished and freshly painted entrance. Once they are through the front door make the surroundings look as spacious as possible removing any rubbish and ensure good lighting. Clear worktops and surfaces as much as possible and remember to show the interior and garden are well maintained to give the best impression.
Talk to your agent – they can communicate with both parties and may be able to keep the process moving.
Set dates, arrange movers, exchange contracts and prepare to complete. Prepare to pay a deposit on exchange of contracts – often 10% of the purchase price paid by the first buyer and passed up the chain. If you are upsizing, your new house’s purchase price is probably higher, so you may need to contribute more to make up the full 10% at the exchange.
Buying and selling houses at the same time can run smoothly, but handling two transactions at once can throw up challenges.
You can find out more about the potential problems of property chains in our article.
London’s property market is exceptional, with the added elements of international, investment buyers and individual borough micro markets. This leads to greater competition for in demand properties and pricing variations. Across England the average property chain links only two to three buyers, whereas in the capital it can extend to at least five separate parties, with such a large population and the pressure to move to bigger homes or popular areas.
In contrast, there is also a significant proportion of chain free cash buyers who want to buy quickly for investment reasons. But generally, the time it takes to gain a buyer for a London property is longer than it works nationally with an average of 59 days leading to tensions in the process with longer waits with greater competition to secure their next home.
Recent research revealed the variation in markets in London with Waltham Forest properties being snapped up in 19 days whilst Westminster sales took 61 days. This creates a high risk of gazumping in certain boroughs with buzzing markets.
Lots of homeowners share the same uncertainties about buying and selling a house at the same time. Here are some of the most frequently asked questions.
No, put yourself in the best negotiating position by getting your home on the market before viewing properties. If you have accepted an offer on your home, you’ll be more attractive to sellers and may be able to negotiate for a better deal.
Yes, this is possible if you exchange contracts on your new home on the same day as the buyer of your current home. You can then use the deposit they pay you to settle the deposit on your new home.
A first-time buyer might be able to complete a purchase in as little as four. However, research shows that the average time is closer to five six months if you’re part of a chain. The market is also subject to seasonal variations with a traditional Spring surge as the weather warms up and a quieter time in the months around Christmas.
It depends on the number of people in your chain and the complexity of their purchases and situation. Keep your stress levels lower by staying realistic. If you need to move for a particular reason, such as school applications or work, consider going into rented accommodation after you sell your current home.
If you’re buying and selling your current home at the same time, make sure everything progresses smoothly by setting your paperwork in order from the start. Gather guarantees for work on your property, gas and electrical safety certificates and mortgage documentation ready before your solicitor needs it. Be prepared to quickly complete your seller forms and respond to any queries immediately.
Return your conveyancer and real estate agent’s calls promptly. Check-in regularly, especially if you haven’t heard anything for a week or so. Bear in mind that badgering them with unnecessary calls will waste time that could spend on your searches.
Completion is the day when all outstanding funds are transferred to the sellers in the chain, and keys are given to the buyers. Lots of people have fixed ideas about good days to complete a house purchase, but you need to be flexible. If you are buying and selling at the same time, the date must work for everyone in the chain.
There’s a lot to do on moving day, so get organised by making a comprehensive checklist of all your essential tasks. This is true for any home move, but more so if you are buying and selling your home at the same time when the deadlines may be tight.
Sorting through all your belongings before you put your home on the market will help you stage your house to sell – and make packing easier. Get quotes from removal companies at an early stage and decide what level of service you’ll need. Don’t leave packing to the last minute – schedule time to make the property clean and tidy so that you can vacate promptly on the day.
While your sale will likely go through smoothly, sometimes things don’t go as planned. This is amplified when your sale and purchase could be affected by what happens up or down the chain. From problems with a survey to a buyer changing their offer at a late stage – or pulling out altogether, setbacks can cost you money and even jeopardise the sale. You may not be able to prevent this, but you can at least help your part of the chain go smoothly.
Remain calm and think logically. Maintain good communications with the buyer of your current home and the seller of your new home.
Some home buyers choose to get a bridging loan – short-term finance that lets you buy a house before selling. They’re not an option for every buyer, and the clock is ticking since they often last up to 12 months.
Selling your home first gives you a clear budget and avoids a convoluted chain. It puts you in a stronger position as a buyer and can make gazumping less likely. But pause to consider the cost of renting before moving to your new house, and that prices may increase while you wait.
Don’t forget about costs such as removals and solicitors fees for buying and selling a house. These are some of the fees and charges you may have to cover:
We cover the expenses in more detail in our article – find out about house selling costs here.
A big part of minimising the stress of buying and selling at the same time is having an excellent local real estate agent on your side. If you’re looking to sell in east London, we can help. Contact us today for more advice about managing the process.
For anyone looking to avoid a property chain, selling your house first, before buying a new home is a key consideration.
Selling your house can be a complicated process, but breaking it down can make it less intimidating. That’s why we have compiled this step-by-step guide to the process of selling a house in east London. Whether you’re selling for the first time, are buying at the same time, or just aren’t sure what the current advice is in 2026, read on for tips on how to sell your house. We’ll talk you through everything from mortgage matters to professional photography. We also answer your frequently asked questions about the selling process. Find out more.
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