In the United Kingdom on average, it takes about 185 days to sell a home. This period starts when the house is listed and ends on the sales completion date. There are different stages involved in the six months average home sales process.
- First-time property listing – 1 to 3 days
- Receive buying offers: 35 to 98 days
- After offer acceptance, conveyancing & buyer’s mortgage application process commences: 84 to 112 days
- Legally binding Exchange to completion – up to 28 days
The total duration from property listing to completion is approximately 17 to 34 weeks based on multiple factors. If you are in a hurry then approach Home House Buyers. The expert team has 20 years of experience in selling a house quick in London. They even buy a home in as-is condition for cash at fair market value and completion within a week.
Factors that slow the house sales process
Broken chain
When both or either of the buying or selling party pulls out, the entire chain collapses. The House chain includes an array of interdependent property proceedings. However, at both ends, there is a selling and buying party. All the other parties involved will either be selling or buying. When there is a pull-out by either the buyer or seller, the home chain breaks. This could be because of unfavorable survey results, mortgage rejection, sluggish conveyancing, and personal issues.
It is best to go for a chain-free buying party. It means having a cash buyer in the home sale process that doesn’t need a mortgage arrangement can speed up the whole process. At any stage during the conveyancing process, it is better to have clear and timely communication. Handle potential dilemmas proactively and as quickly as you can. It will help to avoid broken chains and guarantee a successful sale.
Delays with solicitor or conveyancer
Conveyancing is organized by the buyer and is a lengthy process. The buyer’s solicitor makes all the necessary arrangements for the local searches that include legal, environmental, drainage and water, and land registry searches. Therefore hire a reliable conveyancer or solicitor to take care of the sales process. If involved parties don’t get a proper response, frustration builds up because of time lags in the process.
During the searches, some issues may come to light, which the seller needs to fix or may be requested to lower the home’s asking price before the sale moves forward. Your solicitor will handle the negotiation on your behalf if a situation arises.
Delays in mortgage arrangement
The buying party initiates the conveyancing process and simultaneously makes mortgage arrangements but there can be delays because the bank may not approve until the searches are completed. If the buyer has proactively obtained a mortgage agreement before home shopping it is great, but ensure to check the agreement’s validity. It expires within six months, which means they need to start the reapplication process. It takes 4 weeks as they applied again and thus the sales process can progress.
To speed home sale processes in London choose professionals carefully, keep documents ready, clearly communicate, and stay updated! You can quickly hand over keys to the new homeowners!