Category: Buying

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Conveyancing Fees & Quotes Guide

Conveyancing Fees & Quotes Guide

Looking at conveyancing fees, the average conveyancing fees, and the difference between solicitors and conveyancers.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Whether you are buying or selling a house, chances are that you are going to be dealing with conveyancing fees at some point. The amount you will have to pay, the type of conveyancer you use, and are all points you will have to navigate. 

 

In this blog, we will be looking at the average cost of conveyancing, hidden costs to look out for, and how you can sell your property without the conveyancing fees. 

What is the difference between a conveyancing solicitor and a conveyancer?

Whilst a conveyancer and a solicitor complete the same job, there are differences between the two professions. It is the job of your conveyancer or your solicitor to guide you through the process and progress the legal side of your property sale. The real difference between the two professions lies in the specific knowledge that each one holds. A solicitor is a qualified lawyer who has excessive knowledge of a wide range of subjects, is able to tackle complex legal issues, and can offer a full scale of legal services. A licensed conveyancer on the other hand has specialised knowledge of property law but is not as well versed in wider aspects of the law. 

Is it better to use a solicitor or conveyancer?

Whether or not it is better to use a licensed conveyancer or a solicitor is completely down to personal choice. Both conveyancers and solicitors are knowledgeable in progressing property sales, but as selling and purchasing a house is one of the most stressful events in life, it is important you are comfortable with your legal representation throughout. 

What is residential conveyancing service?

Whilst the term residential conveyancing sounds quite complicated, it is actually referring to the process of progressing a house sale. If a conveyancer is residential, then it means that they specialise in the legal side of property sales or purchases. 

What is fixed fee conveyancing?

Fixed fee conveyancing is the same as run-of-the-mill conveyancing except all of the work is being done for a fixed fee. This way, the amount that you are quoted at the start, should be the amount that you pay at the end. A fixed fee conveyancing quote will usually be made up of the following: 

  • VAT

  • Conveyancers legal costs 

  • Estimate for third-party services 

The advantage of using fixed-fee conveyancing is that allows for easier budgeting and allows you to remain informed of the process and how much it will cost, however, surprise charges can still occur and not all agreements will be the same so the solicitor may make a profit. 

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What is no sale no fee conveyancing?

No sale no fee conveyancing is exactly what it sounds like on the tin. It means if your property purchase does not go through, you will not be left paying all of the charges. A lot of buyers and sellers will use a no sale no fee conveyance service in order to save on conveyancing fees. You will have to pay a small deposit, but other than that you will have nothing to pay until your house sale is complete. 

What is online conveyancing?

Online conveyancing works in a very similar way to traditional conveyancing, except it is all performed online. They will still undertake all of the legal work behind your house purchase or sale, but it will usually be for a cheaper fee. Other advantages of using an online conveyancer are that it is usually easier to track progress and they often have flexible working hours. However, on the flip side, you run the risk of falling victim to hidden costs and they may be harder to get in contact with. 

Can I complete the conveyancing process myself?

Whilst it is possible to conduct the conveyancing process yourself, it is not recommended that you do this. Unless the house purchase or sale is a very straightforward process and you are confident that you can understand the legal jargon, paperwork, and documents you will need to send off and sign for. However, you need to understand that any mistakes made will fall on your shoulders, and you could end up facing financial repercussions or even risk your house sale falling through as a result.

What is the average cost of conveyancing fees UK?

According to data from ReallyMoving, the average conveyancing fees in 2023 can range from around £500 – £1150 without including disbursements. Disbursements can add up to £700 more to your bill! 

 

Exactly how much you will pay in conveyancing fees depends upon a variety of factors, such as: 

  • Whether you are using a solicitor or a licensed conveyancer
  • If the property is leasehold or freehold 
  • The price of your property 
  • Where about your solicitor or conveyancer is based 
  • If you are using an online conveyancer 
  • The location of your property 
  • The type of property you are purchasing (Right to Buy, Help to Buy, Shared Ownership, etc)

How much should a solicitor charge for buying a house?

Whilst the exact amount you will pay in conveyancing fees depends upon a wide variety of factors, according to Homeowners Alliance, if you are selling a property, the same research has shown that you can expect to pay an average of £610 – £950.    

 

It is worth bearing in mind that if you are dealing with a leasehold property, then you can end up paying an average of around £300 more. 

What are disbursements and legal fees?

When it comes to conveyancing, the fees that you pay to have your house sale progressed can be split into two groups: legal fees and disbursements. These are categorised as: 

 

  • Legal fees – This is the basic rate that the conveyancer or solicitor will charge for doing the work
  • Disbursements – This is what third parties charge for certain services like searches

Disbursements

These are some of the disbursements you can come across during the conveyancing process: 

If you are purchasing a property, then whether you are using conveyancers or solicitors they will recommend that you get local authority searches done. These searches cover a wide range of areas however they will usually include a drainage search and an environmental search as well as a planning search if you wish to find out if any development has been planned for nearby. These will typically cost between £250 to £450. 

If you are buying a property through the Help-to-Buy scheme, then you’ll have to pay between £200 and £300 for the Help to Buy supplement. This is a fee that is charged due to all the extra legal work involved with the conveyancing work. 

If your deposit has been gifted, you will need to beware that you will likely have to pay extra money to cover the paperwork. This is necessary to prove that the money has come from a legitimate source and can cost up to £100. 

One of the key points in the conveyancing service is the transferal of ownership from the seller to the buyer. This will take place on completion and involves paying between £200 – £300 to the Land Registry. 

When you are selling a property, you will need to obtain a copy of the title deeds to prove you are the registered owner of the property. If you do not have a copy you will need to pay for a new copy, most likely from The HM Land Registry. The average cost of new Title Deeds is an average of £6 however if the property that you own is a leasehold, then you will likely have to pay more than this. 

Your mortgage lender will require the funds on a certain day, so in order to ensure that they arrive on time you will need to use a telegraphic transfer. Your solicitor will be the one in charge of transferring the funds and will charge a fee for the process, as well as the bank’s charge. The bank’s charge ranges from £20-£30. 

If you live abroad or you are a foreign national then you may end up paying slightly more to have these checks performed. These are legal checks to verify your identity and are often performed by online companies. You will usually pay between £6-£20. 

In order to make sure that the company you are hiring to progress your purchase or sale is legitimate, you will need to get a fraud check done. These are usually around £10. 

If the property that you are planning on purchasing costs more than £125,000, then you will need to pay stamp duty. Exactly how much you will have to say will depend upon a variety of factors, so it is a good idea to discuss with your conveyancer. 

If you are using a Lifetime or Help To Buy ISA, then your conveyancer will charge you extra for the work involved, but the amount is capped at £50+VAT. 

In the unlikely event that the property you are selling is unregistered, you will have to get the property registered with the HM Land Registry. This will cost you anywhere from £120 to £140.

Hidden fees and costs

When it comes to a property transaction there are some extra costs you will need to be wary of, as sometimes conveyancers will overcharge you for services you should not have to pay for. These are often disguised as ‘potential additional costs’. 

These are another case of overheads being passed off as additional charges and should be covered in the basic legal fee. If your case involves international phone calls and postage but other than that, this should not be part of the bill that you will need to foot. 

The SDLT is an important document that needs to be filled in and returned to HMRC by law. Even if you are under the threshold for SDLT, you will still need to fill in the form. This is a cost you are going to incur, so be sure to look out for it in your conveyancing quote. Your conveyancer will usually charge around £20-£50+VAT. 

This is called ‘professional indemnity’ and it is a very tricky charge. conveyancing fees cover this in the basic charge and so you should not be made to pay for it. This is an overhead of their business and some conveyancers will try charging you between £50-£100+VAT for it.  

Once your case is completed your conveyancer should hold onto your documents for a set number of years and whilst most will do this free of charge, some will need payment to keep them. If your solicitor wants a fee in exchange for keeping the documentation then it is a good idea to pay them as you never know when you may need them. They will often request between £15 – £50. 

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Can you negotiate solicitors fees?

Negotiating conveyancers fees can be a tricky area, so if you plan to do so you need to be sure you know what you are doing and are well-versed enough in the law to be able to know how much you will need to pay for the progression of your sale or purchase. In the early stages of buying or selling, your conveyancer will give you a quote of how much roughly the process will cost you. It is at this stage that you must look over your quote, check for hidden fees, and compare the number against other law firms. From this, you will be able to access how much negotiation power you have. 

 

If you have already agreed to a quote from your solicitor, then it is unlikely that you will be able to negotiate your end fee. As a rule of thumb, it is a good idea to negotiate your bills before you agree to a quote. 

How quickly can conveyancing be done?

The amount of time it can take to complete conveyancing can vary from conveyancing team to conveyancing team. It depends upon a variety of factors such as the type of property, and complexity of the case. As a good rule of thumb, conveyancing usually takes around 12 weeks to be fully completed but it can be done in as little as 4.

Does the seller pay conveyancing fees?

Both the buyer and the seller will be paying the conveyancing fees, however exactly how much each party will pay depends on what work they need to do in order to progress the sale, as well as the size of the property, and price. As a rule of thumb, the more complex your property transaction is, the more you will have to pay in conveyancing fees. 

How to compare conveyancing quotes?

When it comes to conveyancing quotes, there are things you will need to be wary of. Some conveyancing firms may try and add disbursements that should be covered in your basic fee, by hiding them in the small print or labelling them ‘potential additional disbursements’. So it is important when you get your conveyancing quote that you ask for a full breakdown of the prices involved with the progression so that you can check for hidden costs. 

 

Before you agree to any quotes, you should read over them carefully, checking for any hidden fees and reading about what will be included in the service, as well as shopping around and getting a wide range of quotes from a variety of conveyancers. This way you can get a balanced view of which route is the right one for you. 

Is there a way to avoid conveyancing costs?

Here at The Property Selling company, we believe that selling a house should be three things: fast, effortless, and free.

 

We offer you a full online estate agent service, without the fees – because it’s our mission to change the way you sell houses. 

 

We will be working alongside you every step of the house-selling process, covering everything, so you won’t have to. The days of expensive solicitor fees and legal work are over, and our team of property experts will continue to be there, even after the process is complete.

 

We will market your property on popular property portals such as Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals all for free! 

 

If you are ready to sell your home in as little as 28 days, then get in touch today and fill out one of our fast, free, no-obligation forms for your house valuation today!

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What Does SSTC Mean?

What Does SSTC Mean?

Looking at what SSTC means in a property sale means, what happens if a house is sold subject to contract, and how it can affect both buyers and sellers.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Whether you are buying or selling a home, the term SSTC is one that you need to get familiar with. Whilst you may have accepted on offer, or had your offer accepted, there is still a long way to go in the house-buying and selling process. 

 

But what exactly does sold STC mean and how will it affect your sale? 

 

In this blog post we will be looking at what sold subject to contract means, how it can affect you as a buyer and as a seller, and what it means for your house purchase or sale. 

What does SSTC mean?

If a property is marked as SSTC or as STC it means the same thing, that property is ‘Sold Subject To Contract’ and that the owner of the property has accepted an offer but it is not yet legally binding. After a property has been marked as SSTC the seller and the buyer will begin the conveyancing process and put in the groundwork towards the exchange of contracts. Up until the contracts are exchanged either the buyer or the seller can pull out without legal consequences. 

 

 

When it comes to the cost of the property, the price may have been negotiated before or this may happen whilst the property SSTC. This could be the result of an issue pulled up in the survey results. It is also worth noting that some estate agents will use the term ‘sale agreed’ instead of sold SSTC. 

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What does sold subject to contract mean for the buyer?

If a house is sold STC, it means you have made an offer on a house and that offer has been accepted by the seller.  After your offer has been made and accepted, it is time to instruct your solicitor. One of the first steps of this process involves your solicitor examining your draft contract and supporting documents and raising any enquiries you may have with the seller’s solicitor. You will need to look over all of the forms that your seller will have completed, and pass on any concerns or questions you may have to your solicitor. Your solicitor will be able to apply for the necessary property searches when you purchase a property, regardless of whether it is stc or not. 

 

At this stage in the buying process, it is also a good time to book a house survey to. Not only will it show the seller that you are a committed buyer, but it will also highlight any issues in the property before you are legally committed to buying it. 

 

It is also a good idea to get the property listing marked as SSTC as soon as possible as this is a good way to avoid gazumping. 

What does sold subject to contract mean for the seller?

If you are a seller and your property is SSTC, then you will have accepted an offer on your house. Once the buyer has provided here proof of funds, you will be able to request that your home is listed as SSTC. Your property will still appear on property portals unless the buyer requests that you remove the property from the site and you agree. Once you have listed your home as SSTC, a ‘ sold STC ‘ sign will replace the ‘For Sale’ sign outside your home. 

 

Whilst you may have a buyer in the pipeline, the work is far from over. There will still be various forms, documents, questionnaires, and paperwork that will need to be filled out, and you will need to provide the buyer with all the information about the property and the sale. 

 

You will also have to negotiate the draft via your solicitors, as well as work with the buyer to decide upon a timeline between exchange and completion as well as fixtures and fittings will be included. 

Can I make an offer on a house that is SSTC?

If you find the property of your dreams, but it just so happens to be a house that is sold stc, then fear not. Whilst the seller has accepted an offer, it does not mean they wouldn’t be open to a higher offer. Estate agents are legally obligated to pass on all offers unless the seller has asked them not to do so.  If another party swoops in and offers a higher price for a property when an offer has been accepted, it is called Gazumping. It is not a particularly nice or fair tactic on the housing market; however, it is incredibly common. 

 

 

When a property is gazumped, it is usually because a higher offer has been made, however, this is not always the case. Gazumping can also occur in house sales where timing is becoming an issue. If your solicitor is dragging their feet, or if selling your own home is taking longer than anticipated, you may find the seller accepts the other offer in favour of a buyer who is in a better position. 

 

 

As a sale is not legally binding until the exchange of contracts, which occurs quite late in the house-selling process, buyers can find themselves out of pocket the later on in the process that they are gazumped. This is why it is a good idea if you live in England or Wales to take out home buyers insurance to protect you in case your dale should fall through. 

 

 

If you spot a property that you like, you should register interest in the property with the estate agent in case that the sale should fall through when it is SSTC. According to data from Rightmove, around “15% of Sold STC or under offer properties” are back on the market after the sale falls through.

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Can I avoid Gazumping?

Whilst unfortunately there is no sure-fire way to guarantee that you won’t get gazumped, there are steps that you can take to help lessen your chances:

By taking the property off the market, you are reducing the number of potential buyers who may see it and gazump you. However, sellers are not always keen to do this so it is wise to offer something in return, such as getting the survey done as soon as you can. 

Acting quickly and being prepared are two of the best ways you can help to protect yourself against gazumping. Before you go in with your offer, it is a good idea to have your mortgage in principle finalised, as this will show the seller that you are a serious buyer. You should also have your conveyancing solicitor lined up and ready to go, as well as keeping all the necessary documentation you may need to hand. Once your offer on the property has been accepted, you should aim to keep in regular contact with both your conveyancer and mortgage broker so that your case progresses as fast as possible. 

As we have already mentioned, insurance is a great way to help protect you in case the worst-case scenario does happen. By taking out home buyers’ insurance, you will be able to recoup some of the loss you will face for surveys, solicitors fees, and any other costs you may have had to pay. 

 

Can a house that is sold subject to contract fall through?

As with any house sale, the sale of an SSTC property can fall through. Some of the most common reasons why an SSTC or sold STC property sale may fall through is because: 

  • The buyer cannot secure a mortgage 

  • The buyers’ property chain has collapsed 

  • Unforeseen problems have been highlighted in the housing survey 

You can help to avoid your property sale falling through by being clear and open upfront about the condition of the property, whether you are in a housing chain or a cash buyer and answering any enquiries as promptly as possible. 

How long does it take to go from sold STC to completion?

According to data from Rightmove, it takes an average of 150 days from when a property is marked as ‘sold subject to contract’ to reach completion. This figure is not set in stone though, as how long it takes to complete the sale will depend upon a variety of factors, such as how long it will take you to arrange your mortgage, how long it takes property searches to come back, and how complex your property chain is. 

How we can help

Whether you are trying to buy a house that is SSTC and need your own property selling quickly, or you are looking for your next property whilst your is STC, then we are here to help. Here at The Property Selling Company, we specialise in fast, effortless, and free sales, because we believe that buying or selling a home shouldn’t be complicated. 

 

We will be working alongside you every step of the house-selling process, covering everything, so you won’t have to. The days of expensive solicitor fees and legal work are over, and our team of property experts will continue to be there, even after the process is complete. 

 

We will market your property on popular property portals such as Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals all for free! 

 

So, if you are looking at purchasing a house marked as SSTC, or you are looking to find your next home, we can help you get sold in as little as 28 days! Fill out one of our fast, free, no-obligation forms for your house valuation today!

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Sell And Buy A House: How Do I Do It?

Sell And Buy A House: How Do I Do It?

Looking at how you can buy and sell a house at the same time, whether it is better to sell a property first or you should buy a house first and how an estate agent can help.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Buying or selling a house can be a difficult business when done individually, let alone if you find yourself in the position of buying and selling a house at the same time. The process involves paperwork, estate agents, solicitors, and more, and it can be easy to find yourself feeling overwhelmed fast. 

 

In this blog post, we are going to be looking at what it means to be both a buyer and a seller on the open market, the advantages, and disadvantages of selling or buying first, and how you can give yourself the best chance at a stress-free sale. 

What are buyers categorised as?

When it comes to selling your house, chances are you will be categorised in one of four ways by any potential estate agents. 

If you have already sold your property and have moved in with family or friends, or to a rental property then you will be in a great position as a buyer. As you have already sold you will know exactly what property you can afford to purchase, there will be no property chain involved with you and you can proceed with the sale immediately. 

If you are classed as under offer when looking for a new house, then you will also know exactly what your budget is. Whilst deals can still go under during this stage of the process of selling, it is still a good position to be in. 

If you have a property to sell on the market this means that whilst you don’t have any offers yet, you are still ready to get the ball rolling. You may not be taken quite as seriously as they may take those who have no property to sell, or who are under offer, but you will still be viewed as a motivated buyer. 

 

Estate agents may take into consideration the following: 

 

  • How hot or cold the market is at the minute 
  • If you have set a realistic asking price 
  • The length of time you have been on the market 

Often regarded as the weakest position a buyer can be in, being classed as having a property to sell will mean that your home is not yet on the market, but you have the intention to sell. If you were to make an offer on a property at this stage of the selling process, many estate agents would advise their clients to reject your offer altogether due to the fact that you will have no idea about your true buying price at this point.

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Advantages of selling a house first

  • Easier to secure a mortgage – If mortgage brokers do not have to service your old mortgage, they will be more likely to offer you a new one. Once you have sold your old property, it is a much simpler process to apply for a new mortgage, rather than waiting for your old one to run over. 

  • Not sale dependent – If you find the net home you want to buy, but another buyer shows interest as well, having sold your old property first can go in your favour. Sellers will mark you as “non-sale dependent” and will be more likely to sell to you as you won’t be stuck in a property chain and do not need to sell your current property to purchase your next one. 

  • Less stress – As you will have already sold your first property, you will only have to focus on the house purchase, rather than dealing with the very stressful situation of selling your old home whilst buying your new one. 

  • More time – When you sell first, you allow yourself more time to find the best property that you can. Because you are not having to worry about selling within a certain time frame or worrying about getting the asking price you want, you can focus fully on finding the perfect home for you. 

  • Maximum bid – Once you have sold your current home, you will know the exact budget that you can afford for your next home. You won’t have to worry about being able to afford the property as you will have the amount you can afford in the bank and will know exactly how much you can bid. 

  • No onward chain – If you are planning on buying a new one after selling your present property then that means that you don’t have to waste time stuck in a chain, waiting for the next sale to go through before you can start yours. 

Disadvantages of selling a house first

  • Offer acceptance – Because you are in no rush to find your new home, it means that when it comes to accepting offers you can find yourself taking your time, looking for the best one. Whilst this is all well and good in theory, it can mean that you find yourself stuck in limbo, not leaving the offer stage for quite some time. 

  • Rising market prices – Another downside that you will need to consider when selling your house first before buying is that the market is volatile and prone to change. You may find yourself having to settle if the perfect property does not crop up in time due to rising values. 

  • Finding accommodation – The biggest downside to selling your property before buying is that you will be left without accommodation after the sale has been completed. You will need to find somewhere to stay whilst you look for your new property. This can mean staying with family, friends, or maybe renting somewhere. But it is worth bearing in mind that you could find yourself displaced for quite some time and the minimum rental contract is usually around six months.

Problems that can occur when buying and selling a house

As with any house-buying adventure, when it comes to buying a property and selling your old home at the same time, problems can occur. Chances are you will be in a housing chain, which means you will be reliant on someone else in the chain buying another property in order for you to buy yours. 

 

Some of the most common issues that can arise in this situation include: 

When you decide to buy your new property and sell at the same time, you will need to factor in mortgage applications and how complicated they can become as they can often take longer than expected.  

Survey findings can have a large impact on buying a new home and selling at the same time. If an issue is discovered with the property, it can cause delays or even the collapse of a housing chain. 

The most common issue that can occur when it comes to buying and selling a home at the same time is that people get cold feet and want to back out of the sale. When this occurs it is extremely frustrating, as it means you will not be able to buy your new home until the sale of your current property has been completed.  

As given away by the name, all the properties in the chain are linked to each other. Meaning even the smallest ripples at the bottom of the chain can be felt all the way to the top. When taking part in any property purchase you can expect to experience delays when it comes to your completion day. 

A surprising number of selling and buying issues stem from bidding. The amount of power your own bid holds depends entirely upon sale dependency, onward chain after offers, or you are outbid while someone has a bud on in your home. 

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The selling and buying a house process

If you have decided to start the process of selling and buying at the same time it can be easy to feel overwhelmed and out of your depth. Whilst it is easier said than done, it is important not to panic, as the good news is that it is fairly commonplace, and selling a home and buying a property at the same time is the route that most homeowners choose.  

 

To help you start your selling and buying journey, we have created our handy guide to help you through the process: 

1. Value your property

As you are selling and buying at the same time, you will need to get an idea of how much your home is worth so you will be able to find a property within your price range. The best place to start is by using free online valuation tools. To do this you will need to enter basic information about your property such as the postcode, size, condition, and how many rooms it has. From there you should be able to receive a basic valuation for how much your property is worth. 

 

The next step you can take is inviting three local estate agents round to your property to give you their valuations to sell your home. They will be able to assess your property and give you a personal valuation. Once you have received all three valuations you will be able to work out the average price of your property and go from there. 

 

It is worth bearing in mind that some estate agents will overvalue properties in the hopes of winning business, so consider all three valuations carefully and avoid starting your selling journey with a high asking price that you will have to reduce in a few weeks. 

2. Sort out your finances

One key aspect of selling your home before buying property is working out your finances. By having a proper handle on your finances, you are putting yourself in the best position to get the most out of your current home and new house. You will need to work out how much you can afford to spend on your next house and how much equity you have in your current property. 

 

You will then need to consider the property chain. When you find the next property, you want to buy, you will need a deposit when you exchange contracts. It is always a good idea to exchange on the same day as your buyer does, as you will be able to use the deposit that they pay to you to pay your deposit on the property you are buying. 

 

However, if you want to purchase a new home that is more expensive than your current house, then you may end up paying more for your deposit than you receive. If this is the case, then your solicitor may be able to agree with the seller’s solicitor that a smaller deposit will be enough, but if this cannot be done then you will need to find the extra cash. Before you start this process, it is a good idea to work out whether you will be able to afford this. 

3. Mortgage Broker

When you are selling your house and buying a new property alongside each other, a mortgage broker is someone who can help guide you through the process. They will be able to advise you about whether you should remortgage or port your mortgage. 

 

They will also be able to warn you of any early repayment charges you might have to pay if you take out a new mortgage before you have paid back your original mortgage. 

4. Find your EPC and prepare your main documents

One of the first things you will need to do when you decide to sell your property is to find your Energy Performance Certificate or EPC. An EPC is a document that ranks your property on energy efficiency from a scale from A to G, with A being the most energy efficient and G being the least. Before you can put your property on the market, you will need to ensure that you own an EPC or that you have had a new one commissioned as it must be available to show any prospective buyers. 

 

EPCs last 10 years so if you have bought your property within the last decade, you will not have to buy another. It may end up costing you more, but most people go through their estate agents to get a new EPC. You can also get an EPC independently by going through local Energy Assessors in your area.  

 

If you are looking for a quick house sale or purchase, then it is critical that you have your main documents to hand and ready to go. By having these documents ready from the get-go, you can help to avoid any delays. 

5. Prepare your home for sale

If you want to sell your property quickly, it is important that you prepare your home for sale.  By correctly preparing your home, you can help to achieve the best price possible and a quick sale. In order to generate interest in your property and get a buyer to buy your home, you will need to make some small changes to your property. 

 

Simple tasks such as: 

 

  • Decluttering your property and moving any furniture that makes your room look small
  • Lightening your room with a fresh coat of paint in a neutral colour 
  • Boosting your kerb appeal by mowing the lawn, planting fresh flowers, cleaning the patio, and repainting any tired looking fences

6. Choose your estate agent

Now that you are ready to put your home on the market, it is time to choose your estate agent. You should be looking at how often the estate agent achieves the asking price, how quickly they sell and check out any Trustpilot or Google reviews that they have. In order to find the best estate agent, it is important to shop around and carefully consider your options, weighing up all your different quotes. 

7. Choose your conveyancer

A crucial step in the selling and buying process is sorting out your conveyancer. Whilst it may feel early to start looking for conveyancers, it will mean that when the time comes to instruct you will be ready to go. Be sure to shop around for quotes, read reviews, and don’t rush into the decision. 

8. Agree on a sale

When you are selling a property on the open market, there is no set time for how long it will take to find a buyer. The time between listing your property and receiving an offer will depend upon location, size, condition, and price amongst other factors. According to the HomeOwners Alliance, it takes an average of 10 weeks from listing to accepting an offer. 

 

Should you be in the position of receiving more than one offer, you will need to carefully weigh up your options. Not only will you need to consider the sale price you are being offered, but you will also need to consider your buyer’s circumstances. Are they motivated? Are they reliable, or are they likely to walk away?

9. Begin your property hunt

Once you have accepted an offer, it is time to start the property search for your next property! Online property portals such as Rightmove, Zoopla, and OnTheMarket are a good place to start, as they will allow you to see what properties are available in your desired area. 

10. Make an offer

Now that you have found the property that you are looking for, you are ready to start the process of purchasing. The first port of call should be to revisit your finances once again and to make sure that your new house price will fit into the budget. Does your new home require any work that will eat away at the budget? Have you factored in potential extra costs such as EPR, arrangement fees, and stamp duty?

 

Once you are happy with the prices you are ready to make an offer. As we have already discussed if you are under offer then you will be in a stronger position than someone who is still looking to sell their property. 

11. Formalise your mortgage

Congratulations! At this stage in the process of buying a home and selling at the same time, you will have had your offer accepted! However, before you start to celebrate you will need to go back to your mortgage broker and ask them to proceed with your full mortgage application. 

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12. Reach out to your conveyancing solicitor

This stage of the process can be the lengthiest so it is a good idea to get in touch with your conveyancer or conveyancing solicitor as soon as you can in order to avoid delays. Your conveyancer will want to conduct local searches before contracts are exchanged. 

 

While it can be a drawn-out process, it should all run smoothly. If you are unhappy with the lack of communication from your conveyancer, then get in touch, and if things still don’t improve you should consider asking for a new case handler. 

 

Some areas that you will want information about include: 

 

  • If the property has any boundary issues 
  • If the property has undergone building works 
  • If there are any certificates relating to work the property may have done, such as the installation of windows or bifold doors

13. Get a survey

The next step in the process is to get a mortgage valuation for your mortgage lender. A mortgage valuation is a check to make sure the property is worth putting money against. You will be unlikely to see it as it is just a superficial check for the lender to do for their own security. If you want reassurance about the condition of the property you are purchasing, you will need to pay to have a survey performed. 

 

By getting a survey performed you are alerting yourself to any problems that otherwise would be left undiscovered until much further down the line. There are different types of surveys that you can get done that range in thoroughness and price. Should the survey uncover anything that devalues the property, you will be able to renegotiate price, ask the seller to correct the issue before you complete, or you can pull out of the sale altogether. 

14. Take charge

Communication is the key to a successful house sale, whether you are buying, selling, or doing both at the same time. Whenever your solicitor sends you documents it is critical that you read them, sign them, and return them immediately. If you read anything that confuses you, don’t be afraid to pick up the phone and ask. 

15. Involve your estate agent

If you feel that the process is progressing at a slower-than-expected rate but don’t have the time to chase up your conveyancer yourself, then now is the time that you can get your estate agent involved. The Property Ombudsman Code Of Practice for estate agents states that they are obligated to monitor progress, assist you where they can, and report information deemed helpful to bringing the transaction to fruition. 

 

16. Choose your completion date

Once you have chased solicitors, signed off on any issues, and gotten your survey results back, you are ready to set your completion date and contracts can be exchanged. It is crucial that a completion date that works for everyone is chosen as this will make the whole process a lot easier. 

17. Organise your move

When you are buying a house and selling one at the same time, it is important that you make arrangements for the supply of electricity, water, gas, and telephone services. You will need to make sure that all your utilities are still working up until you move out. By planning your move ahead of time, you will be able to avoid any hiccups further down the road. You should also look at removal companies and decide how you will move from one house to the new one. 

18. Completion day

Congratulations! You are now the proud owner of a brand-new house! All the prep and hard work of the last few months has gone into this day, as today you will be selling a house and buying one. When completion day rolls around, money is moved between the solicitors, and they confirm the keys can be released to the new owners. The conveyancers will then register the transfers of land ownership with the Land Registry. 

Other costs involved with buying and selling a house at the same time

When it comes to selling your home before buying another property, there are extra costs that you will need to factor in when checking your final budget. One such cost is stamp duty. The good news is unless you are a cash buyer, you should be able to absorb the cost of this into your mortgage borrowing. 

 

You will also need to factor in the cost of estate agent fees and conveyancing fees.  Whilst these are necessary costs in the journey that you will need to pay, they can be easy to forget about.  It is also a wise idea to factor in some extra cash in the budget for any hiccups you may experience, rather than pushing your budget to the max.

How we can help sell your house

Here at The Property Selling company, we believe that a house sale should be three things: fast, effortless, and free.

 

We offer you a full online estate agent service, without the fees – because it’s our mission to change the way you sell houses.

 

We will be working alongside you every step of the house-selling process, covering everything, so you won’t have to. The days of expensive solicitor fees and legal work are over, and our team of property experts will continue to be there, even after the process is complete.

 

We will market your property on popular property portals such as Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals all for free!

 

If you are ready to sell your home in as little as 28 days, then get in touch today and fill out one of our fast, free, no-obligation forms for your house valuation today!

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How Long Does It Take To Buy A House UK?

How Long Does It Take To Buy A House UK?

Looking at exactly how long it takes to purchase a house, the timeline of the buying process, and how we can make the process easier.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

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Purchasing a house is one of the most stressful experiences you can go through, from finding the property you wish to buy, to negotiating asking prices and sorting out conveyancers. So, it is only natural to find yourself wondering ‘how long does it take to buy a house UK?’

 

In this blog post, we will be looking at exactly how long it takes to purchase a house, the timeline of the buying process and how we can make the process easier.

How long does it take to buy a house UK?

There is no one size fits all answer for this question, but according to research by The Post Office, it takes on average around 6 months to buy a house in the UK in 2022. However, the reality that some house purchases may take longer, or may be shorter than. If you are part of a housing chain, then the purchase will take longer than if you were a chain free buyer.

Timeline for buying a house

As we have mentioned above, the average time it takes to buy a house from start to finish is 6 months. But how exactly is that broken down? This is our timeline, talking you through the various stages and guiding you through the process of buying a house.

Mortgage in principle - 24 hours, once you have approached the lender

The first step is to apply for a mortgage in principle, also known as an agreement in principle. This is an indication of the type of mortgage you may be able to secure when you apply. It is based upon information you provide the lender and is usually valid for anywhere between 30 and 90 days. The time it takes to get a mortgage in principle varies from lender to lender, with some being able to supply you with one in 24 hours. However, in order to do this, you will need to have all of the relevant paperwork handy.

 

Whilst it may seem early, this is also the time to begin searching for a solicitor as you will need to instruct them as soon as you make an offer on a property. It is always a good idea to make sure that your conveyancer is approved by your mortgage lender to avoid problems further down the line.

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Finding the right property and making an offer - a few weeks to a few months

The next step in the process of buying a home is to start looking for the property you wish to purchase. By having your mortgage in principle, you will have an idea of the price range that you will be able to afford. Unfortunately, there is no exact answer for how long you may be looking for a new property. The type of property you are looking for, budget and the wider property market will all have an effect on your search. A house purchase is not a decision to rush into, so it is important to give yourself plenty of time to mull over any decisions.

 

Once you find a property that you are happy with, it is time to make an offer. You should talk to your conveyancing solicitor about the offer you want to make. Do you want to go above. below or match the asking price? You will need to consider a number of factors when making your offer, such as the time the property has spent on the market, the state of the market and whether there will be other interested buyers.

 

In order to make your offer, either you or your conveyancer to contact the current owner’s estate agent.

Offer accepted and pre-contract work - 4 to 12 weeks

Congratulations! Your offer has been accepted and now you can really get the ball rolling on your house purchase! During the pre-contract stage of the house buying process, there will be several different things going at once in order for your purchase to progress.

 

The first will be that you will now be able to turn the mortgage in principle that you obtained earlier on into the process into a real mortgage. Send in the details of the mortgage in principle to your lender, who will then conduct their own valuations on the home to make sure you are paying the right amount and will then send you a concrete mortgage offer within a few weeks.

 

This is also the stage when the conveyancing process can really begin. Whilst you will have already instructed your conveyancer in order to make an offer, this is when the work really ramps up. Your conveyancer will begin to draft up your contracts along with your seller, their conveyancer, and the Land Registry. It can take anywhere between one week to five in order to make sure your contract is clear and through.

 

It is also the role of your conveyancer to oversee the property searches and surveys. These surveys are conducted by surveyors and the aim is to find out as much about the property as you can before you buy. These searches will cover whether or not the current owner can legally sell, where the property boundaries are located, planning limitations and environmental risks. Once you are happy with the results of the survey you are ready to move onto the next stage.

Exchange contracts to completion day - 12 weeks

This is one of the most important parts of the house buying process. Once the contracts for your new home have all been drafted, the property searches have all been conducted, and you have secured your mortgage offer you can exchange contracts. This step in the home buying process takes around 20-30 days.

During the exchange of contracts, the buyer and seller’s conveyancing solicitors will swap signed contracts and you will send over your deposit to the solicitor. After the signed contracts have been swapped, the property purchase becomes legally binding.

 

When you buy a home, as part of the exchanging, a completion day will be set. When the completion date occurs is down to the buyer and seller. It can be anywhere from a few days to a few months away. This is the date when funds will be transferred, and keys handed over.

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What happens between exchange and completion?

Whilst the finish line for your house sale is on the horizon, there are still few more steps you will need to do before you can move into your new home. Now that you have exchanged contracts and are legally committed to buying the property, you should look into building insurance. Whilst it is not mandatory to take out building insurance, it helps to protect your property, even if you have not yet moved in.

 

In the days before completion, you may also need to sign a few more documents. Your conveyancer may need you to sign the transfer deed or completion statement depending on the complexities of your property sale.

 

The final step you will need to take before completion is to withdraw the funds. Your conveyancer will withdraw the funds from your mortgage lender, ready for the seller on completion day.

Completion date and beyond - 2 weeks

Congratulations! Completion day is finally here! This is the day when the dream becomes a reality, and you can finally move into your new home. In preparation for the big day your solicitor will have transferred the funds and will have they keys to your new home ready and waiting for you.

 

However, it is not all celebrating. Now that completion day has rolled around, there are still a couple more steps you will need to take before you can fully settle in.

 

The first thing you will need to do is to pay stamp duty. Stamp duty is a tax that you pay on all property purchases above £250,000. Your conveyancer will be able to inform you of whether or not you have to pay, as well as how much you will owe. Once completion day has passed you will have a limited timescale to pay, so usually your conveyancer will ensure it is paid through them before it is overdue.

 

The next step will be to ensure that you have registered new ownership with HM Land Registry. Your conveyancer will arrange this for you, but it is worth bearing in mind that depending on the housing arrangement you may have to pay a fee to do this.

 

After you have registered new ownership of your new property you will need to obtain the title deeds. Once the registration has gone through with the land registry, your conveyancer will have new copies of the title deeds sent over for both you and your mortgage lender.

 

After this is complete you are good to go! The home-buying process will be over, and you will be the proud owner of a new property.

Completion date and beyond - 2 weeks

Frustrated by long it takes to buy a house? Don’t want to wait 6 months to move into your new home? Then look no further as we have the soloution for you!

 

When it comes to buying your home, we are a little different to your traditional estate agents. Here at The Property Selling Company, we want to change the way that people buy and sell their homes, providing a less complicated option. Whether you’re a first-time buyer or looking for your next home, we pride ourselves on making the process faster and effortless. When you buy a property through us, you will benefit from our transparent and honest customer service.

 

Our dedicated team of property experts can help you buy a house in as little as 28 days, from start to completion. We have hundreds of beautiful properties on our website, all of which can be filtered by property size, type, and location. If you can’t find a property that strikes you, feel free to get in touch and contact us. One of our expert consultants would be more than happy to find the right property for you.

 

When you buy a home through us, we take the weight off your shoulders. We will support you with every step of the process, from finding a property to viewings, to negotiating and solicitors, we are by your side. And as an extra thank you for buying through us, we will cover all fees associated with buying a house, such as solicitors fees.

 

So, if you are ready to say goodbye to stress and get your next house purchase underway, get in touch with us today!

Buy your house through us 

  • You will benefit from honest and transparent customer service
  • Our dedicated team of property experts will be by your side from start to finish
  • As a special thank you for buying through us, we will cover your solicitors fees!
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