So you have just agreed on a house sale, you are full of excitement and can’t wait to move out of your old home and into the new, but what’s the process now and how long should you expect the sale to take to exchange and complete?
According to Zoopla, it should take six weeks for a freehold property to complete, whilst a leasehold property will take slightly longer, at eight to ten weeks. However, it is worth chatting this through with your agent who can help provide an accurate idea of timescales for your particular chain.
One of the main factors influencing the length of time a sale takes is the number of Local Authority and other searches that are required. The situation of a property needs to be checked, as well as the property’s legal details, to ensure everything is in working order.
So what exactly does this involve, and how long will it take?
Here at Mackenzie Smith, Fleet’s Senior Client Manager Andy Moran has some wise advice for anyone wishing to sell their home quickly.
“To save time on a property sale, the best thing to do is take steps before your property is on the market. Firstly, get a valuation on your own home done. Secondly, sit down with your financial advisors to attain figures on what you can afford to buy, as well as to go through the costs of moving house. Thirdly, we advise that you appoint a very good solicitor to get yourselves legally prepared. This will assist you when a sale is agreed and can save you up to 7-10 working days on the overall selling process.”
Local Authority Searches have two main sections. The first is relating to land or property restrictions, such as whether it’s located in a conservation area or is a listed building, both of which will have legally binding restrictions to the future property owners. The second authority search relates to public highways, such as new roads or rail networks that could affect the property. Both of these searches are required by mortgage lenders and are crucial to the offer and indeed purchase.
However, every house is different and as such, more individual case searches will also need to be carried out. These are requested by your mortgage lender and/or your conveyancing solicitor. They cover environmental searches such as flooding or water considerations, for example, public sewage works on a property boundary that could affect future building or development that the buyer may be considering carrying out.
More information regarding Local Authority and individual case searches is available here.
If you would like any further information in regards to buying or selling a property, visit our website or speak to one of our experts by contacting your local branch below.
Ash Vale – 01252 353030 | firstname.lastname@example.org
Farnborough – 01252 375999 | email@example.com
Fleet – 01252 812121 | firstname.lastname@example.org
Hook – 01256 764666 | email@example.com
Hartley Wintney – 01252 844015 |firstname.lastname@example.org
Yateley – 01252 597900 | email@example.com
Lettings – 01252 514000 | firstname.lastname@example.org