There’s plenty of guidance out there for people buying their first house, yet when it comes to homeowners who want to move onto the next rung of the property ladder, advice is harder to come by. So whether your growing family needs more space, or you’re on the hunt for your forever home, here are some of the things you need to consider to ensure the process runs as smoothly as possible.

Setting sale for new pastures

Once you’re on the property ladder, you’re not just buying, you’re also selling, and this comes with its own set of costs. For instance, you’ll need a valuation, and you’ll also have associated estate agent fees for marketing your property. These days, you also have to ensure your property has an energy performance certificate (EPC), if you don’t already have one.

A more tangled chain

Once you’re in the process of selling one house and buying another, you’re not just part of a chain, you’re in the middle of it. Because the actions of the people you’re selling to and buying from are out of your hands, this adds an element of risk to the process and brings in factors that are beyond your control.

For instance, your buyer could get cold feet and withdraw from the purchase at any point. Or a survey might reveal something seriously wrong with any of the properties in the chain, which could hold up or even derail everyone’s plans. Depending on how far along you are in the buying and selling process, you could find yourself spending money on non-refundable mortgage booking fees, deposits, and other installments that you can’t recover.

Hopefully this won’t happen, but it can, and could cost you thousands of pounds whilst you have to start the process again. This means it’s important to consider these risks when budgeting for your moving costs.

Consider your mortgage

Stepping up the ladder also means you can shop around and consider different types of mortgages. It’s worth speaking to a financial advisor who can point you towards the best deal that suits your circumstances. It’s also important to remember that once you hit your mid-40s, you’ll probably find that most providers are only prepared to offer you a 20-year mortgage, which means monthly repayments are higher.

Conveyancing done right

When it comes to drawing up your moving budget, our instant online conveyancing calculator is a great place to start. You’ll discover what your conveyancing fees will be straight away, and that’s all you’ll need to pay when we bill you at the end of the process, with no hidden fees. And we promise to work hard to ensure your transaction completes as quickly and smoothly as possible.