A property sale is not just about getting a buyer and setting a completion date, several factors come into play once an offer is received. Timeframes can vary substantially based on whether there is a “chain” of property sales below a buyer, and indeed the finding of a property once you have got a buyer.

150 DAYS BECOMING NEW “Average Suggestion”

You get your property on the market, you get a great price quickly if you are marketing at the right price, not an exaggerated price, and then you realise that things come to a grinding halt.

WHY?

Conveyancing solicitors are busy – if you haven’t instructed them when you go on the market you will now need to start that process. It can take a few weeks to do all the forms, ID and money on account.

Local searches, which are part of the legal process and required if a mortgage is involved, are taking up to eight weeks in some areas to come back. Some solicitors will not even start the review of the contract until these are returned.

Mortgage companies are becoming inundated with changes in interest rates happening every few months.

WHAT CAN YOU DO?

I appreciate that instructing a conveyancing solicitor without having all things in place seems to be unnatural as there is
an uncertainty of whether you are just going to incur costs. However, with a market that may start to show signs of change, it would be wise to get all aspects prepared as soon as you know you will be putting your house on for sale. Delay may mean a price reduction or fall through if takes too long.

When deciding on an estate agent also question their sales progression plans; are they interested in all aspects of your move or just getting your instructions? This is more vital than ever.

WHICH SOLICITOR TO CHOOSE?

Go on recommendation of someone that has moved in the last six months. Speak to your local agents about who they find to be most responsive and helpful to the cause now. If you are tempted by an online conveyancer as its cheaper, be wary, look at their google or trust pilot reviews over the last three months.

On the average time suggested if you want to move this year I would recommend a conversation with a trusted agent and discuss your position. Most of all be prepared.