The process of selling a house can vary greatly. How long it takes from the moment that you accept the offer to when the sale completes, and you pass the keys to the new owners depends on many factors.
While here in the UK the average sale process takes between six to 12 weeks, it can be slower or quicker when impacted by buyers and property issues.
For instance, when the person you are selling to is a first-time buyer, it may take up to just 10 weeks to complete. However, in circumstances where the property you put up for sale is unregistered with lost or destroyed deeds or has a boundary discrepancy, it can extend the process to between four and 12 months.
In this article, we’ll take a close look at how long a house sale can take by exploring the factors that have an impact.
Property type
Average timescales vary between property types. The swiftest sellers tend to be standard family homes that are in good condition. Niche, aged or unique properties can take longer. Modernised homes often sell quicker than fixer-uppers that require repairs. Location and size also affect marketability.
Market conditions
The present state of your local property market substantially influences timescales. In a seller’s market with limited inventory and high demand, properties sell quickly, sometimes within weeks. However, in a buyer’s market when there is excess inventory, house sales can lengthen to between three to six months because buyers can take time to negotiate. Keeping tabs of market trends can provide perspective on expected general timelines.
Buyers
The home buyer you are selling to can have a powerful impact on how fast a property sale is completed. For instance, a buyer can speed up a house sale significantly if they can move through the process quickly. If they are a first-time buyer, they will not need to sell a property of their own to secure funds for the sale. Buyers who are part of a chain can slow down sales when the chain breaks down and they lose their own buyer due to delays.
Buyers can also hasten house sales when they make strong offers, come preapproved for financing and are decisive in negotiations. Cash buyers can facilitate a much faster sale than buyers who must first secure a mortgage from lenders.
Estate agents and solicitors
The efficiency of the solicitors you select to represent your interests can impact timescale. Choose proactive solicitors (bennettsmith.co.uk/contact-us) that offer full transparency on the prices of their services that are well-reviewed by happy clients. It’s also wise to select solicitors in the region where you are selling to benefit from their experience and local knowledge. The same rule applies to estate agents involved in sales. Legal professionals that respond to queries quickly and manage documentation efficiently are an asset to speeding up sales.
Legal proceedings
When legal proceedings are involved, it can substantially affect house sales because it creates uncertainty for buyers, possibly lowering the seller’s original asking price. It can cause significant delays, and in some cases even preventing sales from taking place when legal issues are serious enough.
Additional paperwork
Extra paperwork slows down property sales because it introduces additional steps to the conveyancing process. It requires more time for conveyancing solicitors to review and verify documents and then process them, leading to delays in the exchange of contracts and completion of the property sale. This is especially true when inaccurate or missing paperwork demands further investigation and communication with involved parties like surveyors, lenders and previous owners.
Anti-money laundering checks
Finally, anti-money laundering regulations can also impede house sales by needing extensive source of funds checks and identity verification for both sellers and buyers, adding more steps to the house transaction process.
Do you need conveyancing solicitors in North Wales?
At Bennett Smith Solicitors, we are experts in conveyancing in the North Wales area. With many years of experience in the area, our skilled team is committed to facilitating the sales of residential properties. We understand that selling a house is often a stressful experience and provide first-class customer care and total transparency regarding our prices.
By choosing our team, you’ll have total peace of mind in knowing the complicated process is being handled dependably and professionally. To ensure the process moves as swiftly as possible, you can count on us for close communications and speedy responses as we work closely on your behalf with all parties involved.
To explore our comprehensive service, reach out to us today for a one-to-one with our conveyancing solicitors.
