How Long Does It Take To Buy And Sell A House?

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One of the most common questions we are asked here at Foden Property is how long does it take to buy (or sell) a property. The short answer is that there is no set timeframe as each property transaction will have its own unique set of issues to overcome. In order to explain what some of these issues might be, Foden Property Director Katie Hatten asked Kelly Davies, Director of Foden Solicitors, and an expert in residential property transactions, some of your frequently asked questions. 

What are the timescales that people should expect when buying / selling a property? 

As an average, we generally say to our clients that the process will take about 8-12 weeks. However it is really important to stress that this timescale is from us receiving the contract papers and not from the date at when an offer is accepted. Having said that, we have completed some properties within a matter of days, whilst others are still dragging on a year or so later. Each transaction comes with its own set of challenges and we are unlikely to know what those will be when we start the conveyancing process. They are going to unfold as the transaction goes on. 

Are there any changes which have slowed the process down over the last few years? 

One of the biggest ones for us is the introduction of Freehold Management Companies for many housing developments. If you’re selling a home which has a yearly estate service charge, then you need to make sure that you obtain a management paperwork pack from the relevant company. As solicitors, we will need to check through the pack and potentially look at expenditure sheets, accounts and deeds of covenant which will need to be entered into by the new buyer. Both the buyer and seller could also have additional fees to pay in relation to dealing with restrictions on titles when a title gets transferred. 

None of these things are issues in themselves, but they do add another layer into the mix which can mean the transaction takes longer to process. 

Is there anything that sellers can do to help speed up the process? 

Ensuring you have all of the necessary paperwork and information ready right at the outset when you put your property up for sale would be really helpful. You can also consider getting

your solicitor instructed at this stage along with filling out all of your property information forms and organising your deeds and relevant certificates. 

Your solicitor can then have a look through all of your documents to make sure that nothing is missing which could hold up the selling process. For example, if you’ve recently installed new windows, do you have the necessary certificates for these? Or if you’ve added a conservatory or extension, do you have all of the consents to show that you had permission to complete the work? 

As the housing market starts to slow down and becomes less of a “sellers market”, do you think this will cause any challenges for the conveyancing industry? 

From a seller's perspective, I think if you can get all of your information together quickly then that is definitely going to help. If a potential buyer has to wait too long for the process to go through, then you are giving them a chance to see what else is on the market. Especially if there is someone else offering a similar property for £10,000 or £20,000 less who is looking for a quick sale. 

Also, if any questions arise from your buyer or their solicitor, then make sure you deal with them promptly. The longer the buying process goes on then the more likelihood there is that that buyer might see something else they want to buy. So it is really important for paperwork to be organised early on so that any problems that crop up can be ironed out so that they don’t later impact on a potential sale. 

Finally, what would your advice be to anyone who is planning on buying or selling a property in the next few months? 

Try not to set dates or targets at the beginning of the process as you will only be disappointed when they aren’t met. This is especially important if you are in a chain as you never know what issues and problems could crop up along the way. We would always advise getting organised 

with all of your paperwork and making sure you fill in forms as soon as you can to avoid delaying the process. Finally, try and stay calm during the process. Whilst it might be frustrating if it is taking you longer to move into your home than you would like, the sale will only happen when all the pieces of the puzzle have come together. 

If you would like any help or advice on buying or selling your home, please don’t hesitate to get in touch with the team at Foden Property or Foden Solicitors. 

You can also watch to the full version of the conversation between Katie and Kelly over on the Foden Property YouTube channel.