Moving house advice

[Long slender neck]

I need to move to a bigger house, I still live in the first house I bought about 15 years ago. I've never sold before. I'm in the process of tarting up current house to sell. I'm a bit confused about the rest and what order everything should be done in. I'll probably be taking significant funds from bank of mum and dad, not because I need it, but this is better than increasing the mortgage which I will transfer to the new house. So what order do I approach solicitors, surveyors, estate agents, bank in? Any other general moving house advice welcomed.

[Rich Tea Wellin]

Don’t know loads about selling but from experience buying, do your research on solicitors. I have a feeling they are all useless but they are so pivotal to a good experience and quick turn around. Rather than the ones I had that took 3 weeks to reply to a word question and just got in the way

[Dunners]

Have clear and realistic expectations of what your current house is likely to actually sell for. Do not be guided by the asking prices of comparable properties on Rightmove. And remember that, even the latest price information reported by Land Registry will be based upon deals agreed up to six months ago, so will not reflect current trends.

So your first move should be to invite several local estate agents to provide you with a market appraisal. You need to understand on what basis they arrive at their appraisal (i.e. how many comparables, when those sales were agreed, what stage they are at etc), and this should help you form that realistic view.

If you still want to proceed, then you can consider which of these agents you wish to instruct, or to use a self-serve option (i.e. Purple Bricks). But you do need to weight up the pros and cons of the different options as you generally get what you pay for. If you do go with an agent, then they will be able to advise you more on when to instruct solicitors, surveyors etc, as well as vet prospective purchasers. They should also be able to do the background sales progression, which can be essential if there's a long chain.

As an existing homeowner who is dependant on selling, you will not be seen as a desirable buyer by the vendor of whatever home you wish to buy. This will put you at a disadvantage to negotiate a favourable price. By having your home on the market at a minimum, you improve your position. Having an agreed offer on your home is better still. You may even want to consider selling in full (and moving into rented), as the more you do to reduce your dependency on your sale the stronger your negotiating position on the home you wish to buy.

You will need a mortgage valuation on the home you wish to buy at a minimum, but I'd always go for a more detailed survey myself as it's worth trying to identify any faults before you exchange contracts. Plus, any you do find can then be used as part of on-going negotiations on the price. Once again, with surveys, you get what you pay for.

Finally, expect the whole process (both selling and buying) to be complete hell. If it's feasible, don't rule out extending your existing home if it's just additional space you require.

[Mistadobalina]

Id say get the solicitors on board ASAP as they generally takes yonks to do anything and work on a flat fee basis, not by the hour, so you might as well get on the process of identifying potential issues now. Even if they are good, the timeline for sorting stuff like lease issues can be hideous, so might as well get started.

[Beradogs]

Don’t do what I have just done, moved and then realised you hate the place. Go to see it at least twice and perhaps spend a weekend in the area. All things that I didn’t do.

[Dunners]

Also, you wont be transferring your mortgage from one house to the other. You'll probably be paying off your existing mortgage from the proceeds of your sale, and then taking out a new mortgage on the new house. Therefore, the new mortgage will be based upon an entirely new assessment of that house and your current employment/financial situation against the lender's most recent requirements and risk tolerance. Expect to pay a higher rate of interest.

[Rich Tea Wellin]

On surveys; if I was to buy again I’d f*** off surveyors who, in my experience, do the minimum amount of looking and the maximum amount of legal get out clauses, that you learn nothing. Especially if you’re buying an old house like I did. Instead I’d get in (if the seller allows it), experts in things like damp, structural, gas, electric, plumbing, etc… who will actually be able to spot big issues and give you an idea on how much it would cost to resolve

[Rich Tea Wellin]

Don’t do what I have just done, moved and then realised you hate the place. Go to see it at least twice and perhaps spend a weekend in the area. All things that I didn’t do.

I wonder what it could be that you don’t like about the area…

[Admin]

Have just typed a load of stuff and then seen Dunners has covered it already. Capitalist b*stard.

[Dunners]

On surveys; if I was to buy again I’d f*** off surveyors who, in my experience, do the minimum amount of looking and the maximum amount of legal get out clauses, that you learn nothing. Especially if you’re buying an old house like I did. Instead I’d get in (if the seller allows it), experts in things like damp, structural, gas, electric, plumbing, etc… who will actually be able to spot big issues and give you an idea on how much it would cost to resolve

Good point. To be fair to surveyors, what they can report on is often limited to what degree the existing vendor will permit them to look at. But I'd also recommend getting a reliable tradesman to accompany you on a second or third viewing. And definitely be aware of damp.

[Beradogs]

Don’t do what I have just done, moved and then realised you hate the place. Go to see it at least twice and perhaps spend a weekend in the area. All things that I didn’t do.

I wonder what it could be that you don’t like about the area…

Alright chuckles. Actually, you make a good point, except the people I don’t really like where I am now are stinking rich, and white.

[Admin]

On surveys; if I was to buy again I’d f*** off surveyors who, in my experience, do the minimum amount of looking and the maximum amount of legal get out clauses, that you learn nothing. Especially if you’re buying an old house like I did. Instead I’d get in (if the seller allows it), experts in things like damp, structural, gas, electric, plumbing, etc… who will actually be able to spot big issues and give you an idea on how much it would cost to resolve

As a surveyor myself, it always amazes me that anyone buys a house purely on a home-buyers report which basically confirms the house exists rather go for a full structural survey.

It's the biggest purchase anyone makes but huge numbers of people are happy to go ahead with nothing more than a cursory glance from a building surveyor who's being paid f*** all and expected to undertake at least 10 surveys a day. Bonkers.

[Dunners]

Caveat emptor

[Mistadobalina]

On surveys; if I was to buy again I’d f*** off surveyors who, in my experience, do the minimum amount of looking and the maximum amount of legal get out clauses, that you learn nothing. Especially if you’re buying an old house like I did. Instead I’d get in (if the seller allows it), experts in things like damp, structural, gas, electric, plumbing, etc… who will actually be able to spot big issues and give you an idea on how much it would cost to resolve

Good point. To be fair to surveyors, what they can report on is often limited to what degree the existing vendor will permit them to look at. But I'd also recommend getting a reliable tradesman to accompany you on a second or third viewing. And definitely be aware of damp.

Damp surveyors can be proper bandits. The worst trade for bullsh*tters charging a fortune for solutions that often make the issue worse. Every house has damp, but they will tell you that the damp levels taken in the dead of winter is about to destroy your house and you need to drop 6k on a misapplied damp proofing course that'll further restrict your buildings ability to get rid of moisture.

[Hoover Attack]

Don’t do what I have just done, moved and then realised you hate the place. Go to see it at least twice and perhaps spend a weekend in the area. All things that I didn’t do.

I wonder what it could be that you don’t like about the area…

The only place he'd be happy moving to is the 1950s.

[Dunners]

On surveys; if I was to buy again I’d f*** off surveyors who, in my experience, do the minimum amount of looking and the maximum amount of legal get out clauses, that you learn nothing. Especially if you’re buying an old house like I did. Instead I’d get in (if the seller allows it), experts in things like damp, structural, gas, electric, plumbing, etc… who will actually be able to spot big issues and give you an idea on how much it would cost to resolve

Good point. To be fair to surveyors, what they can report on is often limited to what degree the existing vendor will permit them to look at. But I'd also recommend getting a reliable tradesman to accompany you on a second or third viewing. And definitely be aware of damp.

Damp surveyors can be proper bandits. The worst trade for bullsh*tters charging a fortune for solutions that often make the issue worse. Every house has damp, but they will tell you that the damp levels taken in the dead of winter is about to destroy your house and you need to drop 6k on a misapplied damp proofing course that'll further restrict your buildings ability to get rid of moisture.

That may be so. But, on the plus side, it does mean you get to flash the report at the vender to negotiate a further price reduction. Which can be particularly effective if it's at the 11th hour, and you're threatening to pull out and collapse an entire chain. Proper sh*thousery, I know, but that 6K could go towards converting the basement into a cinema room and bar.

[Admin]

Caveat emptor

My assessment of you changes every day.

[BoniO]

Also, you wont be transferring your mortgage from one house to the other. You'll probably be paying off your existing mortgage from the proceeds of your sale, and then taking out a new mortgage on the new house. Therefore, the new mortgage will be based upon an entirely new assessment of that house and your current employment/financial situation against the lender's most recent requirements and risk tolerance. Expect to pay a higher rate of interest.

You can transfer mortgages - my daughter did just that a few weeks ago. It depends on your individual agreement. I'd also add that a good mortgage advisor can be well worth his money. Both my kids used the same one and got deals they would have been very unlikely to find themselves.

[Monkey Boy]

People will give you all different advice LSN. I moved two years ago so it’s relatively new in my memory. If you would like to know how I went about it DM me as it wasn’t straight forward plus don’t want to go into details on here

[Rich Tea Wellin]

On surveys; if I was to buy again I’d f*** off surveyors who, in my experience, do the minimum amount of looking and the maximum amount of legal get out clauses, that you learn nothing. Especially if you’re buying an old house like I did. Instead I’d get in (if the seller allows it), experts in things like damp, structural, gas, electric, plumbing, etc… who will actually be able to spot big issues and give you an idea on how much it would cost to resolve

As a surveyor myself, it always amazes me that anyone buys a house purely on a home-buyers report which basically confirms the house exists rather go for a full structural survey.

It's the biggest purchase anyone makes but huge numbers of people are happy to go ahead with nothing more than a cursory glance from a building surveyor who's being paid f*** all and expected to undertake at least 10 surveys a day. Bonkers.

We got a full structural survey but being a timber framed house they couldn’t/didn’t look at the actual frames (some of which were rotten), rising damp missed and other random sh*t. Literally useless and about £800

[Rich Tea Wellin]

Don’t do what I have just done, moved and then realised you hate the place. Go to see it at least twice and perhaps spend a weekend in the area. All things that I didn’t do.

I wonder what it could be that you don’t like about the area…

Alright chuckles. Actually, you make a good point, except the people I don’t really like where I am now are stinking rich, and white.

Ooo look at me moving to a nice area

[BoniO]

On surveys; if I was to buy again I’d f*** off surveyors who, in my experience, do the minimum amount of looking and the maximum amount of legal get out clauses, that you learn nothing. Especially if you’re buying an old house like I did. Instead I’d get in (if the seller allows it), experts in things like damp, structural, gas, electric, plumbing, etc… who will actually be able to spot big issues and give you an idea on how much it would cost to resolve

As a surveyor myself, it always amazes me that anyone buys a house purely on a home-buyers report which basically confirms the house exists rather go for a full structural survey.

It's the biggest purchase anyone makes but huge numbers of people are happy to go ahead with nothing more than a cursory glance from a building surveyor who's being paid f*** all and expected to undertake at least 10 surveys a day. Bonkers.

I think the value of a full structural survey is so dependent on the quality of the surveyor. I think a recommendation from someone you trust is critical in my opinion.

I've wasted a lot of money on full structural surveys in the past. So many get out of jail clauses like "floor could not be assessed due to floor covering", "evidence of woodworm infestation found but it is unknown if this is historical and treated - best get a specialist in etc". Of course some comments were of value but some of them could almost have been done remotely.

I'm not knocking the concept of a thorough survey but my personal experience in paying hundreds for the product has been poor. I haven't had one on my last 3 or 4 purchases but I do have a good eye for issues these days and have had no surprises.

[Long slender neck]

Also, you wont be transferring your mortgage from one house to the other. You'll probably be paying off your existing mortgage from the proceeds of your sale, and then taking out a new mortgage on the new house. Therefore, the new mortgage will be based upon an entirely new assessment of that house and your current employment/financial situation against the lender's most recent requirements and risk tolerance. Expect to pay a higher rate of interest.

But I'm about 2-3 years into a 5yr fix on a low rate at the moment

[BoniO]

Also, you wont be transferring your mortgage from one house to the other. You'll probably be paying off your existing mortgage from the proceeds of your sale, and then taking out a new mortgage on the new house. Therefore, the new mortgage will be based upon an entirely new assessment of that house and your current employment/financial situation against the lender's most recent requirements and risk tolerance. Expect to pay a higher rate of interest.

But I'm about 2-3 years into a 5yr fix on a low rate at the moment

Give them a bell and ask if it's transferrable

[Long slender neck]

I have and they said it is.