Selling a property can be a strategic move, especially if you’re aiming to liquefy an asset and realise the capital gains since you purchased it. But one question looms large: how long does it take to sell a property in the UK, from listing to completion? This timeline is crucial for landlords planning budgets and forecasting cash flow.
The Timeline: From Listing to Completion
Data indicates that the average property sale in the UK takes around 25 weeks (185 days) from when it’s first listed to when the keys are handed over. While homes go under offer in about 38 days on average, this is just the starting point. The remaining months are spent navigating the conveyancing process, arranging mortgages, and completing other legal formalities.
Key Stages of the Process
Listing the Property: 1-3 days
Once you’ve chosen an estate agent, they can arrange an Energy Performance Certificate (EPC) and professional property photos. It’s worth tidying up the space to make it more appealing to prospective buyers. A well-presented property could attract offers faster, cutting down the time it spends on the market.
Receiving an Offer: 5-14 weeks
The time taken to receive an offer largely depends on market conditions. Again the stats demonstrate that in a hot market, two-bedroom terraces might attract offers in just 27 days, while four-bedroom detached houses might take closer to 40 days. In colder markets, this process can stretch up to 14 weeks.
Conveyancing and Mortgage Applications: 12-16 weeks
This is where the bulk of delays often occur. Solicitors conduct vital searches (such as local authority and environmental searches), draft contracts, and liaise with other parties in the chain. Concurrently, your buyer’s mortgage application is processed. Poor communication or slow responses here can cause weeks of delays.
Home Owners Alliance: What is conveyancing?
Exchange to Completion: 1-28 days
Once contracts are exchanged, the sale becomes legally binding. Completion can happen the same day but typically takes about a week, giving everyone time to organise the move. In rare cases, this phase might extend up to 28 days.
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Factors That Can Delay a Sale
- Broken Chains
- A collapsed chain is one of the most frustrating setbacks. If a buyer pulls out, the entire process stalls. Agents can often work wonders finding a new buyer quickly, but it’s a disruption nonetheless.
- Conveyancing Delays
- Not all solicitors are created equal. Choose one with a reputation for responsiveness to avoid unnecessary delays. Proactive communication is key to keeping the process on track. Compare Conveyancing Solicitor Quotes.
- Slow Searches
- Local authority searches should take 2-3 weeks but can sometimes drag on for up to 13 weeks. Encourage buyers to stay in regular contact with their solicitor to expedite this step.
- Survey Issues
- Your buyer’s survey might uncover problems like damp or structural issues. These can lead to renegotiations or demands for repairs, slowing down progress.
- Mortgage Delays
- The sale process could stall if the buyer’s mortgage offer expires or takes longer than the standard four weeks to arrange.
Selling Chain-Free: A Smoother Option
If your property is vacant and your buyer doesn’t need to sell another property, the process could shrink dramatically. In these cases, conveyancing might take just 4 weeks compared to the usual 12-16 weeks. Chain-free transactions are rare but offer a significant advantage in speeding up the sale.
Tips to Speed Things Up
- Pick Your Professionals Wisely: Seek recommendations for reliable solicitors and agents. A proactive team can make all the difference.
- Stay Responsive: Quickly review, sign, and return documents to avoid becoming the bottleneck.
- Communicate Regularly: Keep in touch with your agent and solicitor to ensure everyone’s aligned on deadlines.
- Be Realistic: Set achievable timelines for each stage of the process and be prepared for potential hiccups.
Final Thoughts
While selling a property requires patience, understanding the process helps manage expectations and plan effectively. Whether you’re navigating the average 25-week timeline or benefiting from a quicker chain-free sale, preparation is key. Like when selecting your landlords property insurance broker, choosing the right professionals and maintaining clear communication can minimise delays and achieve a smoother sale.
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