How long does a property purchase take to go from offer to completion?
The time it takes to complete a sale from the offer accepted date in Reading Berkshire can vary depending on several factors.
The time it takes to complete a sale from the offer accepted date in Reading Berkshire can vary depending on several factors. While there is no fixed timeline, here is a general overview of the process and the timeframes involved:
- Offer Accepted: Once the seller accepts the buyer's offer, the process begins. This stage typically involves exchanging information and agreeing on the terms of the sale, such as the price, completion date, and any conditions.
- Conveyancing: Conveyancing is the legal process of transferring property ownership. It involves various tasks such as property searches, reviewing legal documents, and handling contracts. On average, conveyancing can take anywhere from 8 to 12 weeks, but it can vary depending on the complexity of the transaction, the responsiveness of the parties involved, and any legal issues that may arise.
- Mortgage Process: If the buyer requires a mortgage, the time it takes to complete the mortgage application and obtain a mortgage offer can vary. This process typically takes around 4 to 6 weeks, but it can be shorter or longer depending on the lender's requirements, the buyer's financial situation, and any potential delays.
- Surveys and Valuations: The buyer may choose to conduct property surveys and valuations to assess the condition and value of the property. The timeframe for surveys can vary depending on the type of survey required and the availability of surveyors. Typically, it takes around 2 to 4 weeks to complete the surveying process.
- Exchange of Contracts: Once all the necessary checks, searches, and negotiations are complete, both parties (buyer and seller) will exchange contracts. At this stage, a completion date is usually agreed upon. The time between the exchange of contracts and the completion date is typically around 1 to 4 weeks, although it can be shorter or longer depending on the parties' preferences and circumstances.
- Completion: On the agreed completion date, the remaining funds are transferred, and legal ownership of the property is transferred from the seller to the buyer. This is when the sale is considered complete.
In total, the entire process from offer acceptance to completion can take approximately 12 to 16 weeks, but it can vary significantly depending on the specific circumstances of the sale. It's important to note that unforeseen issues, such as delays in obtaining mortgage offers or legal complications, can extend the timeframe.
It is also worth noting that the initial price of the property can be a major factor in the time it takes for a property to sell. According to property technology specialists Spectre, the average process for vendors who initially overprice their home and then must reduce the price takes more than 18 weeks, or an additional 80 days. It takes more than 27 weeks for owners requiring two price reductions to reach a sale agreement, nearly 36 weeks for those requiring three price reductions, and nearly a year for those requiring six or more. Comparatively, 31% of realistically priced properties sell within the first two weeks, compared to just 7% of those that require a single price reduction.
Luckily at WhiteKnights, we have 2 dedicated sales progressors on hand to make sure that any lumps and bumps along the way are ironed out as quickly as possible. You should never underestimate the importance of this sales progression service, and many estate agents do not offer this.
Find out how Dani and John, our sales progressors can get your home move quicker than the average sale: CLICK HERE.