In the property market, one of the most common frustrations for buyers, sellers, and agents alike is the length of time it takes to complete a sale. While it may seem like an unnecessarily drawn-out process, several factors contribute to these delays. Understanding these factors and taking proactive steps can help expedite the process. Some of the most common reasons we see for these delays are:
- Overpricing: Properties listed at prices above market value tend to linger on the market. According to Zoopla, overpricing a home can double the time it takes to sell. And this is the easiest point to address by looking closely at the prices of recent sales of similar properties in the area.
- Legal and Conveyancing Delays: One of the most significant causes of delays is the legal process, including conveyancing and local authority searches. Research shows that waiting for local authority searches can significantly hold up sales, contributing to overall market sluggishness. This underlines the importance of instructing a proactive and communicative conveyancing solicitor.
- Mortgage Approval Delays: Securing a mortgage can be a time-consuming process. Buyers often face delays due to slow approvals, further extending the sales timeline. This is largely out of the hands of a buyer, but using an experienced mortgage broker can help to grease the wheel and move things along.
- Chain-Related Issues: Sales dependent on a chain of other transactions are particularly prone to delays. A single issue in the chain can have a cascading effect, slowing down multiple sales.
- Lack of Preparedness: Often, buyers or sellers are not fully prepared with the necessary documents or information, causing preventable delays. This can be avoided by gathering all relevant documents at the point you decide you are going to sell your property, so you have them in place when they are required.
While the property sale process can often seem frustratingly slow, understanding the reasons for delays and taking proactive steps can help speed things up. By working closely with a knowledgeable agent and being prepared, buyers and sellers can navigate the process more smoothly and efficiently.
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