This is true because:
This is true because:
If they are trustworthy, you'll no longer have to worry about being gazumped.
In a fast moving market with strong price growth you may end up not being able to afford as much house as you first thought.
The worst-case scenario is that you may not be able to get back into the property market at the same level (i.e. You can't even afford to buy your old house back).
Having said that, at the moment interest are quite high (maybe even still rising) and outside of London house price growth is slowing.
This all reduces the risk of taking your time over finding your new home.
Most seasoned sellers don't mind renting. Once you've been part of property chain renting is a far less stressful option.
There is no shortage of good quality rental accommodation across the UK. It's pretty easy to find a short-term let at a reasonable price.
Having to get the removal men in twice used to be the big turn-off. These days it's not such a big deal.
Most decent removal companies will take your belonging and store them for you while you rent (at a very reasonable cost).
When you find you do finally buy they'll get your stuff and bring it to your new home.
In this case you have to make it clear to buyers that you'll only accept an offer on the condition that can you find a suitable property to buy.
Ask yourself how much time you'll need. Then try and agree that period with your buyer.
In return for their patients, you'll take your house off the market and promise not to sell to anyone else.
In legal parlance this is called a "Conditional Offer Acceptance". It can be a gentleman's agreement of you could speak to your solicitor about drafting a clause into your sale contract.
The main thing is that you may not find a house within the time period you've agreed. Or you feel that values have moved on since you first agreed a price.
In either case, you and your buyer need to sit down and renegotiate.
This is where a good conveyancing property solicitor will prove invaluable and make you thankful that you didn't go with the anonymous bucket-shop outfit you saw on the web.
Unfortunately, there's nothing you can do but put your house back on the market and start again.
It's a hassle but it's better then selling for less than you deserve.
Before you put your house up for sale, make sure you have answers to the following questions:
If you can answer all five questions, you're closer than you think to buying your new home.
As soon as you start getting a steady stream of positive viewings get out there and start house hunting in earnest.
By good we mean:
Experience tells us that there aren't many good conveyancing solicitors out there but if you find one they'll be able to control the pace of your transaction.
They can speed things up when needed but more importantly, they can slow things down if you need more time to find your new home.
When you sell a house, your conveyancing solicitor (not your estate agent) will be your greatest helper.
If you don't believe me just ask yourself this, "Would you take your house off the market for a buyer that still had a house to sell?"
This is because your offer won't be as attractive as the one from a chain-free buyer.
Typically, repayments on a bridging loan facility are between 0.75% - 1.25% (of the loan amount per month).
That can start to add-up quickly.
Anyway, I hope we've given you some food for thought and now have a better idea about whether to sell your house first or buying first.