September 02, 2025
By understanding what these look like, you can prepare for the challenges and put yourself in a stronger buying position.
Though it might not have felt this way at the time, buying your first home is relatively straightforward when it comes to your finances. You know your income and how much you have in savings. This time, new questions arise – first of all, do you need to sell your existing property to fund the new one?
Sometimes, people can take out a larger mortgage to free up some money. Keep in mind that stamp duty on a second property is applied at a higher rate.
More often, homeowners will sell up to afford the purchase. This involves arranging for a professional to value your existing property – either a chartered surveyor or an estate agent who can factor in the local housing market before giving you a free valuation. You can also look at what similar houses in your area are selling for.
Either way, talk to a mortgage broker or lender to see what you can borrow. Even if you port your mortgage to a new property, you still need to reapply for it.
Assuming you’re selling up, the next question is: when? Will you aim to buy and sell at the same time? Or sell your existing property first? There’s no right or wrong, but your timings do require some careful thought.
Since buying a property can bring many unknowns – and stresses – the big advantage here is that you enjoy more certainty. You only start looking for a new property once you’ve got your cash in the bank and know exactly what you can afford.
As a cash buyer, you’re also more appealing to other sellers who will appreciate that you have no downward chain (your purchase of their property doesn’t rely on someone buying yours, another person buying theirs, and so on). As a safer bet for a seller, you might be able to negotiate a better property price.
An obvious drawback is the need to move into temporary accommodation, which can be hard work and expensive. According to Zoopla, the average removal cost for a three-bedroom property is £1,700.
Another concern is the potential erosion of your purchasing power. If property prices rise while your money is sitting in the bank, you won’t be able to afford as much. (The opposite is true if property prices shrink, but this is a less likely scenario.)
For these reasons, people often choose to complete the sale of their existing property and the purchase of the new one on the same day. You’ll need an experienced solicitor to handle the legal steps of the buying process – known as the conveyancing – which include:
Stay in regular contact with your solicitor to talk through any problems and keep things moving.
Of course, a major step this time is selling your existing home. The right estate agent will give you expert advice on how to market the property before they conduct viewings, negotiate offers, and handle the sales admin. Consider how to prepare your property for viewings and look for the necessary documents to sell your property, including:
Buying a property when you already own a home will hopefully give you more financial clout and, therefore, options. Inevitably, however, the process is more complex, especially if you are buying and selling at the same time. Don’t underestimate the importance of a skilled estate agent who can give you the advice and confidence to pursue your next exciting venture. Get in touch with your local Winkworth branch.
Property Valuation
Book your free market appraisal today
Other news that might interest you
September 29, 2026
If your child is starting primary school next September and you want to move home before then, you’ll need to plan carefully. Here’s what to consider.
September 29, 2026
From original fireplaces and period details to an electric car charging spot, here’s what homebuyers are seeking out.
September 15, 2026
As the days cool, many people are eager to settle into a new home before Christmas.
September 01, 2026
You spotted your dream property. You worked out your budget and mortgage payments. But did you factor in all the buying costs along the way?
September 01, 2026
When moving home brings a flurry of excitement, conveyancing can feel like a weight of admin.
August 17, 2026
Headlines focus on landlords exiting. Yes, there are new challenges. But rental demand remains strong UK-wide, and reforms bring clearer guidelines — helping tenant-landlord relationships.
August 04, 2026
A significant shake-up of the leasehold system aims to protect millions of flat-owners from excessive charges and unfair treatment by managing agents.
July 21, 2026
Choosing between a new-build and a historic home can be tricky. Price, size and location all matter, along with maintenance, character and efficiency. Here are key factors to consider before deciding.
July 07, 2026
Looking for a new home this summer? It’s easy to get caught up in the excitement, so use this checklist to make sure you consider all the practical details before deciding on your dream property.
