Buying/Selling a house - the basics...
Discussion
Evening all, please go easy on me as I don't really have anyone else to ask (sad I know) 
We currently live in a new build property valued around £145-155k, we bought it 2 years because we didn't really have any idea what we were doing and the one good thing about new builds is that its a fairly painless transaction.
As its a new build its a bit bland and not great value, so we've seen a property on the market for £135k that we'd like to buy. They problem comes is that I have no idea what the proper process or correct etiquette is!
Do I have to wait until my house has sold before i can make an offer, or can we arrange the purchase of the new house before selling ours (as we're fairly confident of a quick sale) with completion date dependent on sale of our house?
I have a mortgage adviser, estate agent and solicitor sorted (welcome recommendations though) - is there anything else I need? Any other advise would also be greatly appreciated.
We currently live in a new build property valued around £145-155k, we bought it 2 years because we didn't really have any idea what we were doing and the one good thing about new builds is that its a fairly painless transaction.
As its a new build its a bit bland and not great value, so we've seen a property on the market for £135k that we'd like to buy. They problem comes is that I have no idea what the proper process or correct etiquette is!
Do I have to wait until my house has sold before i can make an offer, or can we arrange the purchase of the new house before selling ours (as we're fairly confident of a quick sale) with completion date dependent on sale of our house?
I have a mortgage adviser, estate agent and solicitor sorted (welcome recommendations though) - is there anything else I need? Any other advise would also be greatly appreciated.
Thanks for the advice everyone. I would say our house isn't 'in demand' but the development is quite popular amongst BTL'ers and young couples. We purchased for £144k (5% first timer discount off list of £150k), had one estate agent valuation, who gave use the price above, i have two more coming next week and I'll put the house on the market based on the average of the three valuations. I'm hoping to have it up by then end of next week.
We're lucky to have plenty of equity in the house, so plan on lowering our mortgage so my wife doesn't have to return to work sfter maternity leave (I also quite fancy living somewhere with decent country roads around it!), so we can be flexible on the sale price. Overall i'm fairly confident we'll shift it but its all a bit intimidating going through it for the first time.
We're lucky to have plenty of equity in the house, so plan on lowering our mortgage so my wife doesn't have to return to work sfter maternity leave (I also quite fancy living somewhere with decent country roads around it!), so we can be flexible on the sale price. Overall i'm fairly confident we'll shift it but its all a bit intimidating going through it for the first time.
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