Selling & Buying at the Same Time

(Leasehold & Freehold)

1. Preparation (Before Marketing)

Sale

  • Arrange EPC (if not already valid)
  • Decide asking price
  • Gather property documents
  • Complete Property Information Form (TA6)
  • Complete Fixtures & Fittings Form (TA10)

Leasehold sale only

  • Order management pack (LPE1) early
  • Check ground rent and service charge accounts
  • Locate share certificate (if applicable)

Purchase

 

  • Budget for purchase costs (stamp duty, legal fees, removals)
  • Obtain mortgage Agreement in Principle
  • Research target areas and properties

2. Offer Stage

Sale

  • Accept offer (subject to contract)
  • Confirm buyer’s position (chain, mortgage, deposit)

Purchase

  • Make offer on chosen property
  • Agree price and inclusions
  • Confirm your position as a seller in a chain

3. Instruct Solicitors & Mortgage

  • Instruct one solicitor for both sale and purchase
  • Provide ID and source-of-funds
  • Submit full mortgage application
  • Pay search fees

Sale

  • Issue draft contract pack to buyer’s solicitor

Leasehold sale only

  • Send management pack to buyer’s solicitor

Purchase

  • Receive contract pack from seller’s solicitor

Leasehold purchase only

  • Review lease, service charge, ground rent, major work

Freehold purchase only

 

  • Review title, boundaries, rights of way

4. Surveys, Searches & Enquiries

Purchase

  • Arrange survey
  • Review survey results
  • Raise enquiries via solicitor
  • Renegotiate price if needed

Sale

 

  • Respond to buyer’s enquiries
  • Provide guarantees, certificates, planning documents

5. Chain Management & Exchange Preparation

  • Monitor chain progress via agent
  • Agree target completion date across chain
  • Finalise mortgage offer
  • Review report on title (purchase)
  • Sign sale and purchase contracts
  • Arrange buildings insurance (from exchange for purchase)

6. Exchange of Contracts

  • Exchange sale and purchase contracts (usually same day)
  • Pay purchase deposit (funded from sale proceeds if applicable)
  • Confirm completion date

7. Between Exchange & Completion

  • Book removals
  • Notify council tax and utilities of move date
  • Arrange broadband at new property
  • Set up Royal Mail redirection
  • Start packing

Leasehold only

 

  • Book lift / move-in slots
  • Notify managing agents of move-out and move-in dates

8. Completion Day

Sales

  • Vacate property by agreed time
  • Take final meter readings
  • Leave keys with estate agent

Purchase

 

  • Transfer keys from estate agent
  • Take meter readings at new property
  • Check property condition

9. After Completion

Sale

 

  • Confirm mortgage redeemed
  • Pay estate agent fees
  • Close utility accounts

Purchase

  • Solicitor pays Stamp Duty Land Tax
  • Land Registry registration completed
  • Set up utility accounts
  • Update address (DVLA, bank, employer, GP)
  • Change locks

Leasehold purchase only

 

  • Serve Notice of Transfer & Charge
  • Set up service charge & ground rent payments
  • Register with managing agent
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