How long does it take to sell a house?
Deciding to sell a house is a big step, but it usually means you can move on to something bigger and better. The property market fluctuates all the time, often making a house sale difficult. The selling process can differ from house to house and it depends on a lot of variables, such as the quality of the property, the asking price, and whether it’s a freehold or leasehold property.
But, how long does it take to sell a house? There isn’t a common answer to this question, but we’ll attempt to answer it as best we can.
Continue reading our helpful guide to find out how long the house sale process takes..
How to conduct the house sale
Whether you want a quick sale or you don’t mind waiting for the right price, you must first decide on the way you’ll conduct the house sale.
The different ways to sell a house are:
- Open sale via high street estate agents or online estate agents
- Property auction
- Cash house-buying company
Whichever method you choose will generally dictate how long it will take to sell a house, but there are other factors, such as a property chain or if there’s a hot market at the time of selling.
House sales can be completed quickly via property auctions or house-buying companies, as this eradicates any property chains, but you will fall short of your asking price.
If getting every bit of value out of your property is important, using a local estate agent or online estate agent is your best chance. They can ensure your property listing is available either in a physical high street store or online.
How long does it take to sell a house with estate agents?
Selling your home with an estate agent involves listing the property on the open housing market. This means anybody can find your property and, if interested, can contact your estate agent to arrange a viewing.
Typically, to sell a house with estate agents, you’re looking at it taking anywhere up to 12 months. However, several factors affect how quickly it can be sold. For example, if a cash buyer comes along with a great offer and there’s no property chain, you could sell quickly.
Cash buyers do not need to have a mortgage lender approve their finances because they already have the finances. This can make the sales process much faster.
If you’re going through your first house sale, then an estate agent is a wise choice as they can help with every step of the process. Once you have an agreement with potential buyers, the conveyancing process can begin.
How long does it take to sell a house at auction?
If you need a quick sale and don’t want to list your property on the UK housing market, a property auction is a wise choice.
Many people sell properties at auctions because they want to sell it quickly. However, by doing this they’re risking selling it a lot lower than the market value.
But, it’s a convenient way of selling a property without having to go through the process of showing interested buyers around the home. It also puts sellers’ homes in front of cash buyers, who are keen on immediately purchasing a property.
Selling at an auction can usually take two to three months. A buyer is obligated to pay the full amount within 28 days of winning the bidding war.
How long does it take to sell a house with a cash house-buying company?
If you have no intention of selling your property for the asking price and you simply want a quick sale, a cash house-buying company is a fine choice.
The huge upside of the selling process with a house-buying company is the sale can go through in under six weeks, but you will not get the same value as if you were to list it on the property market with an estate agent.
How long does the conveyancing process take when trying to sell a house?
Once you’ve been given an acceptable offer for your house, the conveyancing process can begin.
They will conduct all the necessary background checks, searches and paperwork to complete the house sale, eventually setting a completion date and ensuring all money is transferred to the correct bank account.
The conveyancing process can take anywhere from six weeks up to 20. There are cases where it can go on longer, but this is rare and usually down to problems with either party, not the conveyancing solicitor.
So, what does the conveyancing solicitor do?
- Organises documents, check IDs and applies to the buyer’s mortgage lender for the mortgage loan
- May conduct property searches
- Organise exchange of contracts between seller and buyer
- Confirm to the seller that the money has been transferred to purchase the property
- Finalise all paperwork and hand over the keys to the new buyer
The conveyancing solicitor may also be involved in some extra checks for leasehold properties, such as checking the length of the lease and any ground rent, etc.
If both parties are prompt in their response to requests for documentation or to sign paperwork, the conveyancing process can be quite swift.
What could delay a house sale?
Several factors could impact the process of a house sale.
Unfortunately, there is a possibility that a sales contract – once drafted by a conveyancing solicitor – falls through because several issues are found with the property via a surveyor report. Mortgage applications can be rejected before a sale is completed, too.
It’s also common for house buyers to be in a chain, so they’re waiting for their own house to sell before they can go through with purchasing another. In this case, if one part of the chain falls through, the whole chain could collapse.
Another possible delay could be properties related to the Building Safety Act 2022. These can take longer to process because of the amount of information that’s needed to gather – such as fire safety information, leaseholder protections, liability period, and more.
Find the right conveyancing solicitor for your house sale
Are you looking to sell your home and need a reliable team of conveyancing solicitors? At GD Property Solicitors, we’re generally much quicker than the conveyancers that estate agents will pass sellers to – and we’re cheaper!
We’ve helped people all over the UK sell their homes by being an efficient and reliable team of conveyancers.
If you want to sell your home, we’re the right team of conveyancing solicitors to help you. Simply call 0161 710 1786 or send an email to info@gdlegal.co.uk to get started.