When it comes to selling a house, most of us just want two things: a good price for our home and a quick and effortless sales process. That’s not too much to ask… right?
Unfortunately, the terms ‘quick and effortless’ and ‘selling your home’ don’t always go hand-in-hand. That’s because there are a number of things that can happen that are outside of your control, such as a disruption higher up the housing chain. Having a great agent (like Yopa!) on your side is a good place to start, of course, but in the meantime, here are our top tips to consider when it comes to selling your home quickly.
If your sale is less straightforward, you can find more advice on selling investment, inherited, tenanted and co-owned properties, and the associated tax implications, in our homeowner guides.
What can slow down a house sale?
In our experience there are two big factors which influence how quickly a house will sell, specifically: If you are in a chain and if your property is leasehold.
Are you in a chain?
How long a sale takes depends on the property, the buyer, the complexity of any chain and the legal work. A simple sale with a first-time buyer will generally take around 8-12 weeks to complete once the property is listed, whereas long or complex chains can take double that time. Each person in the chain will need to complete on the same day to have the necessary funds available. The more parties there are to coordinate the greater the risk of the chain ‘falling through’. Not all is lost – it just takes patience and a fair bit of coordination with your conveyancer. Make sure your documents are ready early, know who your agent and conveyancer contacts are, and reply quickly to questions to keep things moving at your end. If things slow down, ask what is outstanding on your own sale.
Freehold vs leasehold:
If your property is leasehold expect extra paperwork, such as information from the freeholder or managing agent, which can add time. Ask your conveyancer to request it early.
Unfortunately, there’s little you can do to mitigate either of the above scenarios, but by taking them into consideration you can set more realistic expectations and deadlines.
Other things that might slow the moving process include:
- Conveyancing paperwork: Missing documents, delays in lodging required forms like the TR1: freehold transfer with the Land Registry and slow replies to enquiries and searches can all hold things up. Ask your conveyancer what is outstanding.
- A mortgage offer being delayed: Don’t assume that an offer in principle is a sure thing. Lenders will only rubber stamp a mortgage and release funds once a property has been found and a full assessment of both the property and the buyer’s financial situation has been conducted.
- Delays on the survey: Most buyers will need to carry out a survey on the property before their mortgage is fully approved. Seller, tenant or surveyor availability can delay the process, so allow plenty of time.
- The property is valued at less than the offer price: If a surveyor values a property at a lower amount than the agreed upon selling price, the lender may refuse to loan the full amount. If this happens then the price will need to be renegotiated with the seller or – alternatively – the buyer may need to raise additional cash from other sources.
- Defects found during the survey: In some instances, property defects may be found during the survey. If there are any significant issues, then the lender may not release the mortgage until repair work is carried out. Alternatively, it could mean that the sale price is renegotiated, or the seller may be asked to rectify any issues before contracts are exchanged.
- Delays from the local council: Most house sales will require that searches be made during the conveyancing stage. Many of these searches are carried out through the local council and are intended to discover anything untoward about a property such as boundary disputes, planning constraints, or risk of flooding. Unfortunately, all councils operate at different speeds, and in some instances these searches can add delays to the conveyancing process.
Top tips to speed up a house sale
When it comes to selling your home quickly though, there are plenty of aspects to the sale which are within your control and can save you a lot of time (and potentially money, too).
- Preparation,
preparation, preparation – The easiest way to speed up a house sale is to
make sure you have all your ducks in a row from the outset.
- Make sure you have all the necessary documents relating to your property to hand, such as title deeds, boundary information and planning permission.
- Instruct a conveyancer before an offer has been made on your property. If you’re in the process of looking for a solicitor or conveyancer then make sure that they are CQS (Conveyancing Quality Scheme) accredited, as this tends to mean that they are recognised as offering exceptional service.
- If you are really pushed for time with your sale, consider paying for local authority searches before you get to the conveyancing stage. These can take up to six weeks to come through and can often slow down the selling process, but if you pay for searches upfront then you could always pass the cost on to the buyer later.
- Choose an experienced local agent with plenty of successful sales in your area and don’t be afraid to speak to multiple agents, or change to a new agent, to find the right one for you.
- Set a competitive asking price – Be realistic, and make sure you are being consistent with similar homes for sale in the local area. Make sure you seek valuations from more than one agent as some agents will suggest a higher asking price as a way of securing your business. A competitive asking price can also help drive up the sale price when you have multiple offers.
- Stage your home appropriately – Declutter, spring clean and take care of any small DIY jobs and maintenance which can make a big difference to the appearance of your property, particularly its kerb appeal. Make sure any property listing photos are also high quality and show your home to its best advantage, but make sure they are not misleading and avoid very wide angled shots or obvious filters.
- Keep the lines of communication open – Especially with your estate agent, conveyancer, and your buyer’s conveyancer. Provide a response to any query as quickly as you can and touch base regularly, ask if they’re waiting on anything, or if there’s anything you can do from your side to progress the sale.
- Online property auctions – Online property auctions have grown in popularity over the past few years, and for good reason. The concept is simple; motivated buyers are introduced to motivated sellers through a secure and transparent auctioning process. This means that transactions can generally be completed quickly and securely, providing a positive outcome for all involved.
- Consider companies who buy houses for cash – If you need a quick sale, there are a number of companies in the UK who offer to buy houses for cash, either by purchasing the property directly or by finding interested third-party buyers. The cost for this service is usually between 10 and 25 per cent of the property’s market value though, which is a lot higher than a normal estate agent fee, and whilst there are reputable firms, there have also been many reports of more unscrupulous companies in the sector, which is not currently regulated.
