First Time Seller - so many questions!

[Frettchen]

Hello lovely people of knowledge!

I'm considering selling my house and buying a new build (using the help to buy scheme) and I'd love some advice.

It was all fairly easy when I bought my house 3 years ago. I got together the deposit, and had a financial advisor who sorted out the mortgage stuff, and the solicitor told me where to sign.

Now I've decided to move. I'm interested in a new build which should be completed in the summer. Suddenly it all seems a lot harder this time round. I'd be really grateful if someone could run me through the basics of what needs to be done, and in what order. So far I've registered interest in the new house. I've taken the number of their recommended mortgage adviser, and I've booked two local estate agents to come round at the weekend and give me a valuation on my house.

Once I know the rough market value of my house, I guess I'll be getting in touch with my current mortgage provider to see if they'll offer me a help-to-buy mortgage on the new property; and hoe much I'd have to get back on my current property to meet the deposit. I'll also call the mortgage adviser to see if I get anything different from him.

Then what? Do I put my house up for sale? Even though it's probably 6-8 months before the new house is ready? Do I make an offer on the new house (or do you buy new houses at the amount asked?) without having a buyer?

I could possibly put my stuff in storage and move into my mum's house if there's a gap between selling the old place and getting into the new one, so it's not the end of the world if the dates don't line up...

What's the normal order of things? What bits usually get forgotten about? Please help, I feel so unprepared!

Thanks in advance

To get an offer accepted on the new place and a new mortgage, you will need to have an offer confirmed on your place.

I would always put in an offer under asking place, even for new builds. Remember they want to sell as many as they can before the development is complete so hopefully they should accept an offer under. If you want to take a risk, you could hang around for a bit as prices may come down if the new builds aren't shifting off-plan. It's hard to know & depends on your area and appetite for risk.

You will probably find that your existing mortgage company does not have the best deal available now - contact them to see what they can offer but definitely shop around.

HTH

Don't trust the 'market value' estimates of estate agents - use a website like Zoopla to look up sold prices. If you have a fairly generic sort of house you should be able to get an accurate view of the value yourself. Expect estate agents to inflate the value to get you to sign on with them.

Do you know how easy your house is to sell? Have you looked at how quickly similar properties to yours are selling for?

We just sold our first house. Very desirable location starter type home, we knew it would sell quick, with a short chain. Process took 6 months, we already had mortgage offer in principle, house ready to market, knew which EA we wanted to use etc. So if anything 6-8 months doesn't give you a lot of time.

I dont think you do have to sell your house to put in an offer on the newbuild. I think we signed up for the newbuild and then had a date where we should be sold by or lost the new one. Do they have a part ex scheme?

But in any eventuality I agree 6-8 months isnt a long time, you do need to get moving now.