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Time taken to sell a house from acceptance of offer

Whats is the current average length of time a property takes to complete - from accepted offer tthru to completion

Asked on Sep 29 2014, General in London | Report content

Answers (1)

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  • For what it's worth - much longer than it used to. Whilst the massive upturn in the property market over the last 12 months has created fantastic buying and selling conditions, it has also brought about some issues. Firstly, when the market crashed in 2007, many conveyancers moved into other industries as there was simply not enough business to keep them employed. This means that many conveyancing firms are now massively under-staffed and under-equipped. This obviously has a knock on effect on how much time is spent on your case and how long it takes to get to completion. Also, the new mortgage regulations that were brought about in April this year means that lenders are looking into much greater detail about your spend and as a consequence, mortgage offers are taking much longer to come through. I would advise that in current conditions, you should be looking at somewhere between 14-16 weeks. If time is of the essence, make sure you instruct a local solicitor with a good reputation, even if you have to pay a bit extra, you will be grateful you did. Pay as soon as possible for your searches (if required) and complete any paperwork as soon as you receive it. That's certainly how we see it in the Midlands, might be slightly different in London. I hope this helps and best of luck with your purchase/sale.

    Answered on Sep 30 2014, Report content

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