Home Owner FAQ's
Most frequent questions and answers
Every property is different as is every house sale. However the typical estate agency operating within the UK should be able to sell a house within a 6 months period. In 2019 the average time to sell a house in the UK was in fact much shorter than this at a respectable 123 days across the country. The house sale statistics for Scotland slightly differ with the average sale taking approximately 89 days.
A cash sale is much different and should take a lot less longer – with the average sale taking just 14 days.
Each and every estate agency operating in the UK has it’s own fee structure, some basing it on a percentage of the sale price and others with a fixed fee. Online estate agencies such as Purple Bricks and Yopa offer a reduced fixed fee service to sell a property however they do to some effect offer a lesser service than a traditional estate agency.
Estate agents in London also require a much higher fee (often as much as 5% of the sale fee) compared to the rest of the country with the average being 2%.
Cash buying companies should not charge any fees and generally offer a fee free sale. This should also include all legal costs and valuation fees.
The value of your home shouldn’t be down to what an estate agent thinks – it’s really down to a conveyencer to decide. RICS (Royal Institute Of Chartered Surveyors) are the industry standard for valuing regular residential properties.
Online services that offer a free house valuation such as Zoopla are generally for a very broad estimation, and don’t take into account the conditon or other external factors that may influence the value of your home.
In general proof of your identity is one of the main documents that you will need to sell your property. This can be in the form of a driving licence or passport. You will also need property deeds (which your solicitor should sort out), a Energy Performance Certificate and other forms that will be provided by your solicitor such as a TA10 and TA6 which cover the contents of your property and fixtures and fittings.
As a general rule all mortgages must be paid off in full when it comes to selling a house. There are some modern methods of ‘porting’ a mortgage available from some lenders in 2020 whereby you continue on the same mortgage in your new property. You will need to speak directly to your mortgage lender to discuss your options and your next steps.
As long as you have a mortgage in place and your lender is satisfied with your financial capability you are able to take out a mortgage right away after selling your home – and can even apply and have everything ready prior to selling your home.
Being stuck in a chain means you have buyers waiting to move on to another property and could be waiting for a buyer for their property before they can sell. There is no given timeframe for this type of situation and you could likely be stuck in this situation for some time.
An alternative to get out of a chain sale is to consider a cash sale – however you will need to bare in mind that you will not get full market value for a cash sale.
The most active time to sell a property is generally at the start of the year. In 2020 we have seen a huge influx in volume of homeowners looking to sell their homes quickly. Our cash buying partners also tend to have more budget at the start of the year and therefore make better offers when buying for cash.