If you’re selling a home in London, you probably want at least a rough idea of how long the process is likely to take. Understanding the timescales that are likely to be involved is important when it comes to preparing and organising for a move, and as experts in the industry, the team here at REMAX can give you a greater insight into the process.
Typically, it’s expected that sellers will either reject or accept an offer on their property within a couple of days. Should there be an especially high demand for their property, the process could take longer since there may be several offers for the sellers to consider. However, it’s essential to bear in mind that you may not always want to accept the offer that is highest. Speed could be the most important factor in your sale, and you may wish to accept a lower offer in return for faster completion.
There is no single answer to this question since there are many variables that come into play. Market conditions, local demand, and the complexity of the property chain all affect the length of time between offer and completion. Typically, though, this period is around 6 – 13 weeks. It very much relies, however, on how quickly your conveyancer, local authority, and indeed, you yourself, handle the requests and paperwork involved. Acting quickly in response to enquiries and providing information promptly as and when necessary is the best way to ensure the speediest conclusion to the process.
Conveyancing solicitors go through several different stages as they progress towards completion. They must gain confirmation of your available funds or mortgage offer. They must draw up the contracts. They have to arrange searches through the local authority, obtain information from the land registry, handle all pre-contract inquiries, and continuously liaise with the other party’s solicitor. Overall, it can take about 12 weeks.
This relies heavily on the conveyancing solicitors making the contracts available to each other, usually via recorded delivery. The buyer must also have the deposit ready for the exchange to be completed and buildings insurance ready to be activated as the new owner. Although there aren’t any hard and fast rules about the time of contract exchange, many solicitors do it at around midday. At that point, the purchaser has a legal commitment to purchase the property. Completion will then typically take place within a couple of weeks – usually in the afternoon (Friday is the most popular day for this). Sometimes, completion and exchange take place on the same day.
If you have any questions about the selling process, don’t hesitate to contact the team here at RIGHT-STEP Real Estate. We can answer all your questions and give you the advice you need, so give us a call on 0203 092 2987 or drop us an email at firstname.lastname@example.org. We’re looking forward to helping you.