We all dream about moving home sometimes. Whether it’s to be closer to mum, closer to friends, or just to buy something closer to the home we've always wanted.
But there’s a lorry load to think about, especially when you’re buying and selling at the same time. In fact, some say it’s as stressful as starting a new job or getting married.
So, that being said, we’ve prepared this handy guide to help you. It runs through 7 key steps, so you know what to expect and have fewer sleepless nights.
First up, think about the area you’d like to move to. Is a move there realistic and affordable? You can do the basic sums online.
- See what your current home might be worth by checking sold prices in your road.
- Look up what homes cost in the area you’d like to move to.
You might need to borrow more if there’s a big difference in price. So, see how much you could borrow and get a decision in principle (DIP) before you crack on. It’s free, good for 60 days and doesn’t impact your credit rating.
Check whether you can take your mortgage to another property, too. Here’s some information on porting your mortgage.
You might want to think about alternatives to moving as well. For example, what about an extension or loft conversion if you simply need more space? Work out your timelines too. Remember, moving home can take anything from 3 months to 8 months these days. So, try to get a move on if you need to move by a certain date.
Sell before you buy
You can’t make a serious offer on your next home until you’ve got a buyer for your current one. So, it’s smart to get your own home on the market asap.
Having a buyer in the bag will reduce your chances of losing your dream home to a rival buyer who can ‘proceed’.
You could even think about selling and moving into rented. This isn’t for everyone but does have some upside. You’ll be a ‘cash buyer’ (with money in the bank) when you do start house hunting.
But before you get ahead of yourself, focus on making that sale first. And this starts with making your home look handsome.
Prepare your home for sale
Want the best price? Then show your home in the best light possible:
- tidy your garden
- paint/varnish the front door
- straighten your gutters
- spruce up your carpets
- redecorate in neutral colours
- get an up-to-date Energy Performance Certificate (they last for 10 years)
- extend your lease if it’s got fewer than 80 years left (leasehold homes only).
And don’t forget to declutter! This will make your home look bigger. Plus, it’ll be easier for buyers to see past your stuff. So, don’t mess about. Make your home neat and tidy.
Get your home valued
It’s time to talk to estate agents. Get valuations from 3 for a range of opinions. Don’t get greedy and assume the highest valuation is right. The price might be too rich for sensible buyers. When picking an agent, think about whether:
- they’re high street or online
- a national chain or local expert
- their fee is fair (it should be 1-2% of the sale price)
- if they’re part of a professional membership scheme.
Our partner Get Agent can help you find the best performing agents in your area. Pop into My Home Manager in our Mobile Banking app to find out more.
If you like, you could list your home with more than one agent. The advantage? They’ll compete to find you the best buyer. The flipside? Expect to pay a higher fee (as much as 2-4%) for a multi-agency contract.
Top tip: if your home’s run down and needs renovations, you could think about selling at auction instead. You might find a cash buyer looking for a project. You’ll pay around 2.5% of the sale price in fees, but there might be extra charges too.
Go to market
- Once you’ve set your asking price - your agent can guide you here – it’s time to prepare for viewings. So, clean up, put some fresh flowers in the hall, then cross all your fingers and toes.
- Always get feedback after viewings. You might need to tweak something (maybe even the price) to find the right buyer.
- Not sure whether to accept an offer? Don’t just focus on the money. A buyer’s circumstances count for a lot too.
Location, location, location
They say home is where the heart is. But where your home is happens to be vital too.
So, check out the area you’re moving to. Find out about local amenities like shops, pubs, restaurants and leisure centres. See what transport links there are. And don’t forget to read up about crime rates and, if you’ve got kids, look into local schools and check the catchment areas.
Find a home in a street that suits you. Walk around the neighbourhood, flick through the local paper and talk to local people to get a good feel for the area.
House-hunting
Start by surfing the property portals: Rightmove, Zoopla, and OnTheMarket. Register with local estate agents. They might tell you about homes that aren’t on the market yet. You could even hire a buying agent if you’re looking for higher-value homes in sought-after areas.
Viewings
See a few different homes and get a feel for the local market. This will help you spot overpriced homes and bargains priced to sell quickly. Found somewhere you love? See it more than once at different times of day. Don’t forget to ask lots of questions:
- how long’s it been on the market?
- have there been many viewings?
- has anyone made an offer?
- have the owners lived there long?
- why are they selling?
- is there a chain?
Remember that knowledge is power. The owner could accept a lower offer if the home’s been on the market for a while. Ditto if the owner needs to move quickly.
Make an offer
Offer what you think a home is worth. Not what the estate agent tells you it’s worth.
Look at sold prices in the same road (and neighbouring roads) to get a good idea. You’ll find these on the property portals.
Bear in mind you might need to budget for home improvements too. If you can’t afford to do them straightaway, you could apply for an additional loan in the future.
Don’t forget to ask what’s included in the sale either. The seller might want extra for things like fixtures, fittings, curtains or the fridge.
If negotiations get tense, or there are rival offers, keep calm and stick to your budget.
Had an offer accepted? Nicely done. Now it’s time to make a full mortgage application.
This is called ‘conveyancing’. It’s how ownership of a home passes from the seller to you.
You’ll need a solicitor or ‘conveyancer’ to help you. Spoiler alert: don’t expect the best service if you choose the cheapest company.
The searches
Your legal rep will look for things that might affect the home. We’re talking flood risk, subsidence, sewage arrangements, pollution, and whether new roads or railways are being built nearby. They’ll also make sure the seller actually owns the home you’re buying.
Property information form
This contains the nitty-gritty about the home. For example:
- who supplies the gas and electricity?
- have there been disputes with neighbours?
- who’s responsible for which boundaries?
- how much is the ground rent and service charge (leaseholds only)?
Read this info carefully. It’s the small print you really shouldn’t skip.
You’ll need to fill out your own property information form for the home you’re selling too.
Organise a survey
Surveys are great for revealing potential problems. Especially big structural issues that could cost a lot to put right.
There are 3 types you can get.
- Level 1 – The lowest-priced condition report that points out any major defects or risks.
- Level 2 – A homebuyer report that digs deeper and gives a rebuild cost for insurance purposes.
- Level 3 – A full building or ‘structural’ survey that looks for hidden problems (ideal for older homes).
More detailed surveys cost more. But they could save you money down the line if they spot something serious. You might even decide to renegotiate your offer.
Our partners Countrywide offer Royal Institute of Chartered Surveyors (RICS) standard surveys. Look in My Home Manager for more information.
Remember that your lender will do its own valuation of your property to make sure it’s worth the amount you say it is when you apply for the mortgage.
Keep things moving
Fill in your property information form quickly and answer queries asap. Keep talking to your legal team and the estate agents to keep everyone motivated. Delays can slow down the chain and increase your chances of being gazumped. That’s when another buyer steps in ahead of you.
The point of no return
Paying your deposit
This is a big moment. It’s when you’ll pay your deposit and commit to buying your new home. Pull out after this and you might not get your deposit back. Eek!
Your legal rep will transfer the deposit, usually 10% of the purchase price, to the seller's legal rep on the exchange date. The deposit sits in the seller's solicitor's bank account until completion.
Set a moving date
Exchange is a good time to set a formal completion date. This is when you’ll actually move.
Some people like to exchange and complete on the same day. But others prefer a longer interval (which could be a week to two months). Use this time to pack and book a removals company.
My Home Manager has lots of packing tips and information to help you here. And you can go through the app to arrange a free removals quote with our partner, AnyVan.
Top tip: good removals companies get booked up weeks in advance. So, it’s worth booking one before exchange if everyone in your chain has agreed a moving date.
Get insured
You need buildings insurance in place from the date you exchange. Why? Because your new home becomes your legal responsibility from this point.
You don’t need to cover your contents at your new address until you complete. But it’s a good call to insure them during the move. Accidents happen!
Packing
With moving day approaching fast – are you excited? – you need to get packing. But ask yourself 2 important questions first.
Will your new home have room for all your stuff?
Can you get rid of anything before the big day?
There’s no point packing things you don’t need anymore. So, it’s the perfect time for a clear out. Take unwanted items to a charity shop or sell them online.
Follow these tips to lighten the load when packing:
- start weeks in advance (don’t leave everything to the last minute)
- pack rooms at the top of your home first and move downwards
- pack the stuff you use least first
- pack everyday items, like kitchen utensils, last
- label boxes and bags clearly
- use bubble wrap and packing paper to protect breakables
- take photos of the back of your TV so you know how to reconnect it.
Pack yourself a moving survival kit too. That’s everything you need to survive moving day and the first 24 hours in your new pad. For example, basic toiletries, snacks, your mobile phone charger, and maybe even the kettle.
Get set for your new home
There’s lots of annoying admin to do when you move in. So, here’s a helpful list of everyone you need to tell when you change address:
- the local council
- your bank
- your credit card company
- your mobile phone company
- the DVLA
- HMRC
- TV licencing
- Royal Mail (set up a mail redirect a week or so in advance)
- your energy company
- your water company
- anyone you’ve got a subscription with (like the gym)
- your broadband and TV provider.
It’s important to do the last one a couple of weeks before you move. So, you can book an engineer to connect you up straight after moving day.
Don’t forget to tell your friends and family that you’re moving, too. Or it could get awkward if they pop round unexpectedly for a coffee.
This is the last step in the home moving journey. It’s the day your legal rep transfers the remaining purchase money to the seller. And you finally call your new home your own.
But there are still a few things to do first:
- clean your old home so it’s nice for the new owners
- leave directions so they can find the fuse box and water stopcock
- take gas, electricity and water meter readings
- put out any instructions or manuals they might need
Then lock up, wave goodbye to your old home and drop the keys off at your estate agent.
Then pick up the keys to your new pad and wave hello to a brand-new chapter.
Once you’ve settled in, register with a local doctor’s surgery and put your name on the electoral role. Then you’re done!
You see, moving needn’t be as stressful as starting a new job. You just have to break it down to manage the workload.
If you’d like more helpful moving tips, check out My Home Manager in our Mobile Banking app. You’ll also find ways to save on your bills and make your home more energy efficient once you’ve settled in.