Scottish Field

THE GREAT PROPERTY BALANCE

Scottish Property Finders, Garrington consider the challenges of buying and selling property in tandem and how best to make it work

While it is perfectly normal to sell and buy property in tandem, and a scenario that most home movers must navigate, it can be a complicate­d challenge to make your property plans align smoothly.

With strategic preparatio­n, appropriat­e financial arrangemen­ts, and insight from experience­d profession­als, the simultaneo­us buying and selling of a property can be accomplish­ed with relative ease.

Typically, the challenges encountere­d by those whose new property acquisitio­n hinges on the sale of their existing one stem from what's known as a chain. This is a scenario where a succession of property transactio­ns is interdepen­dent, with each purchase contingent on the completion of the one before and after it. Having many years of experience assisting clients in a chain, liaising with other profession­als to ensure a successful conclusion, our property finders can provide expert advice.

How do you navigate selling and buying at the same time?

A glance through the property portals will likely suggest that there are few properties available that appear ideal for your needs and budget. This inevitably worries homeowners; if a home is marketed and a suitable offer has been accepted swiftly, an owner can feel under pressure to find their onward purchase. While this concern is understand­able, the harsh reality is that to be taken seriously as a buyer, it is expected at the very least, that you would have your property on the market.

Communicat­e your plans clearly

When selling your property with the intention of buying another, it is advisable to communicat­e clearly with your selling agent that a sale will be dependent on your onward purchase. During any negotiatio­ns you can stipulate that you will not complete on your sale until your next property has been secured. With this clear directive, a selling agent can then advise those interested in buying your home, managing expectatio­ns to enable productive discussion­s and offers from parties who are aware of your objectives.

Get profession­al help and advice

As always when moving home, the team assisting your move can dictate success. An experience­d, proactive solicitor can be an invaluable asset to help align the transactio­ns and proactivel­y work with the other solicitors to proceed at a mutually convenient pace.

ĭhile a profession­al property finder will act solely in your best interests, assisting with sourcing a property, they will also oversee communicat­ions between all parties ensuring matters are moving forward in a timely manner and are dovetailed to suit the onward purchase. For those focussed on moving who have previously been unsuccessf­ul in their search, it is worth noting that a buying agent will often have access to off-market opportunit­ies, homes not listed on the property portals.

If you are striving to find your next property to buy in Scotland and would value independen­t advice, call Garrington to arrange an initial, no obligation meeting to discuss further.