Navigating Property Sales in the UK: Process and Timescales
Posted on 22nd March 2024
Selling property in the UK involves several steps, from deciding to sell and marketing the property, to handing over the keys to the new owners. This process can be complex and time-consuming, influenced by various factors including market conditions, property type, and location. In this blog, our Chloe Cardwell, Conveyancing Solicitor in Lancaster and Director, discusses the key stages of selling property in the UK and the current timescales for selling property.
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The Process of Selling Property in the UK
Decision to Sell
The first step is deciding to sell your property. Consider your reasons for selling, whether it’s upsizing, downsizing, relocating, or cashing in on an investment.
Valuation and Choosing an Estate Agent
Getting your property valued is crucial. You can invite several estate agents to suggest a market price and choose one based on their fees, services, and local market knowledge. Alternatively, you can opt to sell the property yourself, such as to someone you know, or you could decide to sell the property via auction. Read our Auction Conveyancing Solicitors’ blog, here.
Preparing the Property
Presentation is key. Consider decluttering, making minor repairs, and even redecorating to make your property more appealing. This can help achieve a quicker sale and possibly a higher price.
Marketing the Property
Your estate agent will take photos, create property descriptions, and list your property on various platforms, including online property portals and the estate agent’s website. They may also arrange for a ‘For Sale’ sign to be placed outside your property.
Viewings
If you have opted to sell via an estate agent, your agent will organise and potentially conduct viewings for prospective buyers. You can choose to be present during viewings or leave everything in the hands of your estate agent. Alternatively, your Auction Conveyancing Solicitor will have put together a pack for prospective buyers to view before bidding at auction.
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Receiving Offers
Interested buyers will submit their offers through the estate agent, or place bids via the auction house, who will pass them on to you. You can accept, decline, or negotiate these offers made via estate agents. With auction properties, the bidding process usually works on the basis of the highest offer wins, so you can sit back and watch the bids increase.
Accepting an Offer
Once you accept an offer via an estate agent, you will need to formally instruct a Conveyancing Solicitor to handle the legal aspects of the sale. An Auction Conveyancing Solicitor will be required if you have sold your property via auction.
Conveyancing
This stage involves the legal transfer of property ownership and includes searches, drafting the contract, and agreeing on a completion date. Our Conveyancing Solicitors in Lancaster will attend to all these matters on your behalf, keeping you updated throughout the process.
Exchange of Contracts
Once both parties are happy, contracts are exchanged, and the sale becomes legally binding. A deposit (usually 10% of the purchase price) is paid at this point, although usually the funds are Held to Order by the buyer’s Conveyancing Solicitor, pending completion. With new builds, the deposit is generally paid to the developer’s conveyancing solicitor. With auction properties, again the deposit is usually paid to the seller’s solicitor for them to hold.
Completion
On the agreed completion date, the remaining balance is transferred to your Conveyancing solicitor, and you hand over the keys to the new owner. The property is officially sold, and the buyer’s conveyancing solicitor will attend to post-completion requirements.
Current Timescales for Selling Property
The timescale for selling property in England and Wales can vary significantly depending on multiple factors. The average time from listing a property to accepting an offer is around 2-4 months, but this can be shorter or longer depending on the property’s location, condition, price, and market demand.
The conveyancing process, from accepting an offer to completion, typically takes an additional 8-12 weeks. Therefore, the total time from listing to completion can range from 4 to 6 months or more.
Factors Affecting Timescales
Market Conditions: A seller’s market, with high demand and low supply, can lead to quicker sales. Conversely, a buyer’s market might prolong the process.
Property Type and Condition: Unique or high-value properties, as well as those needing significant work, may take longer to sell.
Pricing: Competitively priced properties tend to sell faster.
Chain Length: Sales involving long chains of buyers and sellers can face delays.
Selling property in England and Wales is a detailed process with several steps, each critical to the success of the transaction. While the average timescale for selling a property can be around 4 to 6 months, it’s important to understand that this can vary widely, with the Conveyancing process taking around 8 to 12 weeks of this timeframe, on average. Preparing your property for sale, choosing the right estate agent, and being proactive during the conveyancing process, assisting your Conveyancing Solicitors in Lancaster as and when required, can help streamline the sale and potentially reduce the time to completion.
To instruct our Conveyancing Solicitors in Lancaster, contact Chloe via email to property@mglegal.co.uk or call 01524 581 306.
Why choose MG Legal, Conveyancing Solicitors in Lancaster?
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