We bought our first house in London 7 years ago and are looking to move further out to somewhere leafier where you get a bit more for your money. I have no idea how buying and selling work when there are chains involved... do you sell your house before offering on another, or do you offer on the one you want and then sell yours?
I ask because we live in an area where Victorian properties like ours sell in a day or two, normally to first time buyers - and we're moving to a place where properties linger on the market for weeks, with buyers involved in lengthy chains. So I anticipate (insofar as I can) that selling our place will be a quicker process than buying the next.
I don't really want to have some desperate young family hassling us to move out, months before we're able to move in anywhere, so I'd been hoping we could offer on a house and then put ours on the market & sell it quickly to first-time buyers. But I'm not sure this is the way it works.
Also, why do estate agents keep trying to get us to buy somewhere cheaper so we can be 'cash buyers' with the equity from our current house? I have no objection to spending less money on a house, of course, but they keep pushing us to view places that are not what we want, just so we can buy them outright, and I don't get what their motivation is. What's the advantage to the EA of our being 'cash buyers'? Does that make things go faster?
Can anyone help me understand?! Thanks!
Please or to access all these features
Please
or
to access all these features
Join our Property forum for renovation, DIY, and house selling advice.
Property/DIY
Property chains in London - how does it all work?!
5 replies
BipBippadotta · 17/05/2016 08:35
OP posts:
Please create an account
To comment on this thread you need to create a Mumsnet account.