When selling your house, how long to completion? - Image 1

When selling your house, how long to completion?

Posted on: 17/06/2021

When selling your property, it can sometimes feel a little overwhelming and slow at times. One of the biggest questions that most sellers are keen to have the answer to is how long does it take to make a sale and complete the process?

In this article, we will be looking at the following:

  1. Factors Which Affect How Long It Takes To Sell And Complete
  2. Acceptance of An Offer
  3. How Long Does A Conveyance Take?
  4. Tips on Selling Property Quicker
  5. Using a Quick Buying Company To Sell Your Home
  6. Advantages of Using Quick Property Buyer
  7. Things to be aware of when Using Cash Buying Companies

1. Factors which Affect How Long It Takes To Sell And Complete

A major factor in determining how long a sale and completion may take will be the present state of the economy. Fluctuating growth and shrinkage in the economy, or fear of volatility occurring in the market, can create uncertainty. For example, when house prices reach a period of relative stability, such as most of 2019 where average house prices rose by just 1%, the result was a slower housing market as those on the hunt for the perfect property had a reduced sense of urgency and were not rushing to place offers.

In the alternative, here in 2021 the economy is looking to expand following the previous lockdowns. With a reported annual house price growth of 10.9%, properties in some parts of the country are selling as soon as they go on the market. And if buyers start to mess sellers around during the conveyance, vendors know they can get another buyer quickly.

Another key factor in the speed of selling your property can prove to be its location. Figures vary from the comparatively speedy Cardiff and Coventry, both of which clock in at a modest 37 days, to the slow crawl of selling a house in the Blackpool area, which has seen averages of over 70 days to complete.

2. Acceptance of An Offer

Once an offer is received, the buyers need to ensure they have a mortgage offer in place. Failure to have a mortgage offer in principle may result in a delay, and it is common for Estate agents to ask buyers whether they have one in place. This can be an important influence on sellers accepting an offer.

3. How Long Does a Conveyance Take?

On the gov.uk website it suggests that the average home sale can take three months, but this can vary significantly, such as when there is a long series of buyers each waiting for the sale of their home to be sold to purchase their next property.

This chain of buyers needs to have the process synchronised by solicitors all exchanging contracts at the same time. Not only can this be time-consuming, but frequently someone may withdraw from the process, causing a collapse of the chain. This adds further time to the process as a new buyer will need to be found at whatever point the chain failed. If you are part of a chain then it is more than likely that three months is on the short end of the time scale for you to sell your home.

4. Tips on Selling Property Quicker

If you find it necessary to have as rapid a sale as possible, here are a few tips.

  • Explore other ways to sell. You are not limited to just estate agents, although they are the most common and simplest way to sell. You can also be with more than one agent, widening the chance of a buyer being pushed through your door. Just remember that this comes with additional costs. You can consider marketing the property yourself in online forums or simply with a sign outside your door.
  • Home improvements. If something in your house is broken or just plain ugly, see if it can be renovated. Fixing leaks, repairs to broken plaster and having a general declutter can all improve the curb appeal of the property.
  • Preparation. Get energy certificates ready and have the boiler serviced. Keep any documentation regarding significant home improvements, such as re-wiring or cavity wall insulation.

5. Using a Quick Cash Company To Sell Your Home

In addition, there are quick house sale options.

Dedicated quick property buying companies exist that can offer you a quick house purchase in cash. They can complete in as little as 7 days. If this service suits you, look for a company with great customer service reviews and clear and easy to follow processes.

To help you know if this might be the right route for you, here are some comparisons of the associated costs and timescales.

Ways to Sell Average Sale Timescales Average Costs
Quick Property Buyer 2-3 Weeks £0.00
Other House Buying Entities 2-11 Weeks £1000
Property Auctions 6-12 Weeks £2500-£5000
Online Estate Agents 8-52 Weeks £1000 - £5000 (Often Upfront)
High Street Estate Agents 8-52 Weeks £5000

There are many advantages and disadvantages when it comes down to making use of a quick house sale service like our own, which we are open and honest about. You need to carefully consider your options. We've listed a few to help you make a decision:

6​ Advantages of Using Quick Property Buyer

  • Quick cash. It is a route to freeing up capital quickly, great if it is needed for another investment or project urgently.
  • No Waiting. Your property will not have to sit on the open market, waiting for potential viewings, offers and so forth.
  • No Chain. Without a chain or properties all waiting to sell at the same time, your sale can be finished in weeks, not months.
  • Avoid Legal Fees. All legal fees are included.
  • Hassle Free: You can avoid the many months of tension that comes with normal sales

7. Things to be aware of when Using Cash Buying Companies

  • Lower Values. It may not be a surprise, but with a fast house sale company, you are likely to be offered below the market value. Make sure you know your house value and make your own decisions from there.
  • Tie Ins. Read the contract and seek legal advice if necessary. Some companies will place tie-ins into their contract, preventing you from selling the property elsewhere.
  • Surprise Costs. Double-check that no surprise fees are to be added along the way. Any legitimate company will be open and honest about the full costs.

Overall, the process for using a house buying company can be quick and painless, and whilst a lower house value may put off some users, this is offset against the significant legal savings. Our service here at Quick Property Buyer, as with any reputable company, offers a free and no-obligation quote. If you need a quick sale and cannot wait for a sale on the open market, why not see what we can offer you?

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