Is a quick house sale really possible?
Many of us know the scenario well—you get a buyer for your property and a provisional exchange date is agreed. That date comes and goes with no word around when contracts are likely to be exchanged.
You chase your solicitor and they promise things are moving along, only for several more weeks to pass without word. The cost of the delays are mounting up. Both the seller and buyer are tearing their hair out.
It leaves us all wondering why there are so often delays and how people manage to sell a house fast. We take a look at the most common reasons.
The buyer’s solicitor will carry out local searches on the property to get information about planning and environmental issues.
If the searches take longer than expected, or if something unexpected comes up this can delay the process.
The buyer may choose to have a survey carried out on the property to check for any issues. If there is a delay in the buyer finding a surveyor or carrying out the survey this can hold things up.
If the surveyor does find any issues then the buyer may wish to negotiate on the property price or request that work is carried out.
Mortgage offers usually last between three and six months. If the offer runs out before the legalities of the sale are finalised then a new mortgage will need to be applied for, causing a delay.
Communication breakdown between solicitors
Sometimes it can take a while for the buyer’s and seller’s solicitors to make contact with each other to begin proceedings, or there can be a breakdown in communication during the process.
This could be due to workload, sickness or holidays.
If your sale or purchase is reliant on other people selling or buying property this is known as a chain. Often delays are down to other people in the chain or because a sale has fallen through further up the chain.
This can be frustrating as there is nothing you can do to speed things up.
If the property being bought is leasehold the buyer’s solicitor will need to obtain information from the management company. Often this can cause delays.
There’s lots of paperwork that needs to be completed in the conveyancing process and sent between various parties. If there is a delay in the seller or buyer returning paperwork to their solicitor, or delays in the solicitors sending paperwork on this can cause hold ups in the process.
Solicitor not instructed
If the seller or buyer hasn’t already instructed a solicitor when an offer is accepted on a property there can be a delay while one is sought.
If the buyer, seller or any of the solicitors take holidays during the process this can delay things. This commonly happens during peak holiday periods such as the summer and Christmas.
The above are just some of the reasons why there can be delays in the buying process. If you want to sell a house fast then you can try to speed things up by regularly speaking with your solicitor and estate agent to ensure things are progressing. You can also make sure you return any paperwork swiftly which you are sent to fill out or sign.
The alternative is to use a company which specialises in cash property buying, such as Reader’s Digest Property. We have partnered with trusted property buyers to provide a hassle-free way of selling a property with no fees to pay, no chains and a sale completion in a timescale to suit you.
If you would like to find out more about Reader’s Digest Property, or get a quote, please call us on 0800 433 7979 or fill out the form below
You could also download our free ebook about how we can help you to sell a property fast