Homes for Britain
Homes for Britain helps homeowners like you to successfully sell their home in the quickest possible time frame with the minimum amount of stress and hassle. We offer sensible advice and guidance here on the website and a range of house sale solutions from our approved suppliers and partners.
Jennifer Taylor – House Sale Advisor
How long does it take for a house to sell?
On average, a property in the UK will take 102 days to sell. According to a recent survey, properties in Edinburgh take just 39 days to sell while properties in London take approximately 126 days to sell. This will depend on a range of factors such as demand in the area, the market and the time of year. From accepting an offer to the property sale completing, you can expect to wait between 12 and 21 weeks. Then from exchanging contracts and picking up the keys to your new home will take between one to two weeks.
How much do Estate Agents charge to sell a house?
According to recent statistics, the average fee for an estate agent to sell your house is 1.42% of the final selling price. You can expect estate agents to charge anywhere between 1% and 3.5% of your property’s final selling price. This price should include VAT. Due to an increase in online estate agents who offer to sell your house for a fixed price, some high street estate agents also offer this. This sum can range from £600 to £2,000. Bear in mind that the price estate agents charge to sell your house may not include aspects such as photographs, attending viewings or compiling reports.
How much does it cost to sell a house?
There are several fees to consider when you are selling a house. There will be the estate agent’s fee which is typically 1.42% of the final selling price of the property. There are often also fees for conveyancing which are usually between £750 and £1750. These fees will rise if you are also purchasing a property as well as selling one. Other fees for selling a house include remortgaging which can be up to £3,000 and the cost of removals which is usually between £500 and £1,500. You may also have to pay for an EPC certificate (typically around £100) and property photographs (£100 to £200).
What documents do I need to sell my house?
To sell your house, you’ll need the following documents; • Proof of identity, such as a passport or driving license • Property title deeds or a Title Absolute if you cannot locate the property deeds • Shared freehold documentation (if required) • Energy Performance Certificate (EPC) or Home Report in Scotland • Leasehold or Management Information (if required) • A TA10 which is a fitting and contents form • A TA6 which is a property form that covers aspects such as boundaries and complaints. • Mortgage details.
What happens to my mortgage when I sell my house?
If you are not purchasing another property when selling your house, then you will need to pay your mortgage off in full when you sell. Your solicitor will be able to contact your lender and ask for a redemption statement. This will state the outstanding loan amount. When your sale completes, you will pay off the outstanding loan amount from your completion funds. If you are purchasing a property, you may be able to port your existing mortgage (if your lender agrees) or you will need to apply for a new mortgage. The current mortgage will be paid at the completion of the sale.
How soon after buying a house can I sell it?
You are able to sell your house at any time, even the day after you purchase it. However, unless you are a property flipper (you bought the house to make improvements and then sell on at a higher price) you may lose money by selling your home quickly after purchasing it. You may suffer costs such as mortgage repayment penalties or Capital Gains Tax. On average, most people stay in their home for 13 years before selling.
Do you have to use a solicitor when selling a house?
While it is not a legal requirement to use a solicitor when selling a house, it may be a requirement if you have a leasehold property. A solicitor will be able to complete all of the legal obligations, and they also have insurance for any mistakes. If you sell your home without a solicitor and there is an issue, then it will be up to you to sort it out which can be stressful, costly and time-consuming.
How long does it take to sell a house from offer to completion?
From accepting an offer to completion will typically take between 12 and 21 weeks to complete. During this time, all of the legal aspects and conveyancing will be completed. If there are issues with the conveyancing or legal aspects, then the process may take longer.
How long does it take between exchange of contracts and completion?
The time it takes between the exchange of contracts and completion is whatever all of the parties involved decide is best. Usually, one to two weeks is enough time for all parties to be sorted. However, if there are issues in a property chain, then it may take slightly longer usually no more than 30 days.
How soon after exchange can you complete?
Once you exchange contracts, it usually takes around one to two weeks to complete the sale. During this time, the solicitors will confirm the monies have been received. It is also enough time for parties to plan removals. If you are in a property chain, then some people may need to take longer to complete the purchase. However, this should be a mutually agreed date.
Can a house sale fail after exchange?
Yes, a house sale can fail after the contracts have been exchanged. If a party pulls out of the house sale, then they will need to pay certain costs that are stated as forfeit clauses in the Condition of Sale. Typically, the buyer will lose their deposit if they breach the contract. If the seller pulls out after exchange, then they will be liable to pay for any costs the buyer may have faced because of the breach of contracts. Costs you can reclaim include lost income, accommodations, removals cost and mortgage interest.
When is the best time of the year to sell a house?
Usually, the best time of year to sell a house is in the spring. According to data from Rightmove that average number of days to sell is at its lowest in March with 57 days and April with 58 days. Winter is the worst time to sell a house, with properties listed in October taking, on average, 79 days to sell and November and December taking 71 days to sell. It is also wise to avoid listing your property in summer too as many people focus on their holiday plans rather than buying a house.
Can a seller back out of an accepted offer on a house?
A seller can back out of the house sale at any time. This means that a seller can back out of a sale after they accept an offer on the house without repercussions. It is only once the contracts have been exchanged and signed that the seller may face financial consequences for backing out of the deal. If a seller does back out of an offer being accepted before contracts are signed, they may have to pay the commission to the estate agent.
Do Solicitors charge if house sale falls through?
Solicitors are likely to charge for the work that has been completed before the sale falls through. This could include aspects such as conveyancing and registering at the Land Registry. The solicitor may also charge to inform of the other party’s solicitors if you are pulling out the purchase. Usually, solicitors don’t charge a fee is a purchase fails, but it is important to check the contract to make sure you know what fees may apply.
How long does a house offer take to be accepted?
Usually, buyers can expect to hear back relatively quickly when they submit an offer. It is commonly accepted that it will take less than 72 hours to hear back from the seller. However, there may be extenuating circumstances (such as the seller being away) which could mean that it takes longer for you to hear back. The estate agent should keep you informed on when you should expect to know if your offer has been accepted.