So, you’ve accepted an offer on your home!? Congratulations! Now the real fun begins!
There are many reasons why moving house can be stressful for both buyers and sellers; some of the factors associated with moving house are within your control, whilst other are not.
Factors Outside of Your Control
- Gazumping – this is when the buyer’s offer has been accepted by the homeowner, but the homeowner then accepts an offer from another person before contracts have been exchanged. And many times, the buyer has already forked out the cost of surveys! This is legal in England and Wales. Unfortunately, there is nothing you can do to prevent this from happening. The only best endeavours you can make are:
- Ask the homeowner to remove the property from the market immediately after accepting your offer.
- Ensure that your funds are in place prior to your offer – whether that be cash or a mortgage in principle.
- Use a good, efficient conveyancing solicitor.
- Ensure you arrange for surveys and complete any documentation required by your conveyancing solicitor in a timely manner.
- Mortgage Issues – Even though you may have a mortgage in principle, the key words here are ‘in principle’. It is not guaranteed that you will be given the mortgage based on the terms set out in principle, especially if your financial situation has changed.
- Seller Changes Mind – Some homeowners are also worriers, just like buyers! Once they accept an offer on their home it provokes many of the same concerns expressed by homebuyers! And as such many homeowners change their mind and cancel the sale of their home.
- Survey Issues – It is always prudent to have a survey conducted on the home you are buying. If the survey returns an unfavourable outcome, such as structural damage or rot, the house purchase may no longer be financially viable considering repair costs and may elicit further negotiations.
- Chain Collapse – Sometimes the people you are buying your new home from have also put an offer in on a new home. If their sale collapses it would mean that they have nowhere to live if they sell their home to you! Many homeowners like this will seek temporary accommodation in order to sell their home. Others will cancel the sale of their property until they find a new home to live in.
Factors Inside of Your Control
- Thought of Upheaval – many people get stressed out over the thought of packing up all their belongings! Undoubtedly it’s a big job. I remember moving out of a 1 bedroom flat, and I thought it would take 3 or 4 car journeys at best. 15 car journeys later I finally moved into my new home!! I’d recommend lots of boxes and potentially hiring a removals company to assist you.
- Fear of Unknown – Will I have noisy neighbours? What will my commute to work be like? Will my kids make new friends? There is always a raft of unknowns. But you should remember that you are moving home for a reason, and that reason should be your primary focus. Maybe you’re moving home to give your kids a better education in a new school? Maybe you’re moving so that your mortgage repayments are more manageable? Maybe you’ve moving to get more living space? These positive reasons for change should outweigh any negative thoughts of the unknown.
- Lack of Preparation – Moving home requires preparation. It doesn’t merely consist of boxing up your belongings and transporting them to your new home. You need to take meter readings for gas and electric, notify your telephone and broadband supplier, your energy supplier, your water supplier, your milkman, your newspaper shop, your bank, the DVLA, the local council, and redirect your mail at the Post Office!