Upsizing House

Upsizing your home can be an exciting time. It could herald someone moving in with you or be a move to more spacious living conditions for you and your family. We look at some of the points to consider when upsizing your house, as well as how to upsize on a budget.

At Lockings Solicitors, we have been helping families move house for many years. We have strong roots in the local community and often represent our clients in several home moves over time.

All the members of our conveyancing team have a high level of expertise, meaning we will be able to deal promptly and effectively with any complications that might arise. We are also known for the excellent service we provide. If you ask us to deal with your property upsizing, we will work proactively to avoid delays and ensure that you are kept up to date with progress throughout.

We are on the panels of approved solicitors of all major mortgage lenders and hold the Law Society’s Conveyancing Quality Scheme (CQS) accreditation in recognition of our high levels of legal competence, risk management and client service.

Why upsize your house?

People have a range of reasons for wanting to upsize, including:

• Adding to the family members in your home, whether through having children or welcoming older relatives to live with you
• Moving in with someone
• Needing more space as your family grows up, such as children needing their own rooms or the requirement for an extra reception room or more storage space
• Wanting more outside space
• Needing a space for working at home
• Wanting more space for hobbies
• Wanting room outside to add a garden office or gym

When should you upsize your home?

Deciding when to upsize can be a challenge. While you may be able to make your existing home work for a little longer, if you move now, you will be able to start enjoying the benefits immediately.

Looking at external factors can help you decide when the time is right. For example, if you want to move to be near a good school, it is advisable to allow around a year. This will give you plenty of time to look for the right property, find a buyer for your home and go through the conveyancing process before you need to apply for a school place. Local authorities generally require you to have an address in the area when you choose a school to give you a better chance of being given a place. Leaving your move until closer to the cut-off date can result in stress if it takes longer than expected to complete.

Similarly, if you are thinking of adding to your family, including by having a baby or moving a relative in with you, upsizing your home sooner rather than later can avoid a last-minute panic.

How to upsize your house on a budget

Making sure you can comfortably afford your new home is crucial. A larger property will generally mean more maintenance and repairs as well as higher Council Tax and utility bills.

Check how much you can borrow, leaving some room to allow for potential increases in mortgage payments.

Moving costs that you will need to take into account include:

• Estate agency fees on your sale
• Legal costs on your sale and purchase
• Mortgage arrangement costs and mortgage valuation fee
• Mortgage charges when redeeming your existing mortgage
• Survey fees on your purchase
• Stamp duty
• Removals
• The cost of carrying out work to your new home, if this is needed

If you have a limited budget, you may be able to find a larger home by moving to a more cost-effective area. Alternatively, you could consider taking on work to a property in need of renovation or adding an extension, loft conversion, garage conversion or garden office to give you the space you need.

Contact us for a full breakdown of the costs involved in the conveyancing transaction. We can give you a clear schedule of expenses, to include search fees, Stamp Duty and the Land Registry’s fee for registering your purchase.

Benefits of upsizing your home

Upsizing your home means that you can have a property that better meets your needs and those of your family. If you have children, they are likely to appreciate their own space as they get older. If they move out, having an extra bedroom will give you the scope to have friends and family to stay.

You are also likely to have a less cluttered feel if you have more space for everyone and better storage options.

If you work from home, a bigger property can give you a dedicated workspace. As well as helping you focus during the working day, this gives you the opportunity to shut work away during your downtime. A bigger property can also be an investment if property prices rise.

How to upsize your house

If you are upsizing, you will usually need to tie in a sale and purchase. It is important to be organised if you have two transactions to deal with at once. Taking the following preliminary steps will give you the best start and help you move without undue delays:

Find the right mortgage lender

Looking at the financial side of the transaction first means you can establish exactly how much you can borrow, if you need a mortgage, and find the right lender. A mortgage broker can help you decide which type of loan is right for your circumstances.

You can then approach your chosen lender for a mortgage offer in principle. This will give you an idea of the amount that you will be able to borrow once you find a home to buy. It will also demonstrate to potential sellers that you are ready to proceed.

Decide which estate agent you want to use

You can approach estate agents at an early stage. They will be able to give you some guidance about the price you can expect to receive for your existing home and the length of time it might take to sell.

You can also have a look at the sorts of property you will be able to afford and decide what compromises you are prepared to make, if necessary.

Instruct a solicitor

Instructing a solicitor before you have found somewhere to buy will help you get your transaction off to a quick start once you are ready to proceed. If you instruct us, we can carry out the preliminary work, to include verifying your identity and opening files for your sale and purchase. We have a simple-to-use online portal that will allow you to easily provide us with the information we need.

We will also let you have the initial forms to complete for your sale, giving information to the seller about the property and the fixtures and fittings you will be leaving.

Contact our East Yorkshire and York area conveyancing solicitors

If you are thinking of upsizing you house, we would be delighted to represent you. If you have any questions, please feel free to call and we will be happy to answer them for you.