Moving onto and up the property ladder is supposed to be an exciting time for buyers and sellers but paperwork and slow estate agents, mortgage brokers and conveyancers can add unnecessary stress and delays.
The average time for a property transaction to exchange after a sale is agreed ranges from 15 weeks, according to property platform OneDome, to 179 days, based on research by property technology firm Movely.
But there are risks that the longer a sale takes, the more chance there is of a buyer changing their mind, looking elsewhere at property or even having their mortgage offer expire.
Research by Santander warned this week that collapsed property sales are costing consumers £560 million annually and up to £1.5 billion for the UK economy.
There are attempts to improve the homebuying process. Estate agents and mortgage brands such as Connells, Yopa, HSBC and Lloyds Banking Group recently signed up to an industry charter committing to 28-day completion times by promoting more upfront information.
But this is only guaranteed to work if every property professional in the chain is signed up.
So what steps can you take, as a buyer and seller, to give your transaction the best chance of progressing smoothly and speedily?
Get your finances in order
You can show you are serious about purchasing a property by getting your finances arranged.
Having a mortgage in principle or even agreed can give you a better chance of having your offer accepted, plus it will save time if you don’t need to wait for approval.
Stephanie Daley, director of partnerships at mortgage broker Alexander Hall, said: “Preparation is everything when it comes to speeding up a sale and being proactive with respect to your mortgage is one area you can make a big difference.
“Sellers should also put themselves in the strongest possible position for their own onward purchase.
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“That means getting your finances in order to determine what asking price can realistically be accepted, while also factoring in costs such as tax, legal fees and surveys.”
Having all the required documentation ready in advance – from ID and bank statements to proof of income – helps avoid unnecessary delays, and a good adviser can guide you through any queries.
Sellers also need to be proactive if they want the process to move quickly.
Marc von Grundherr, director of Benham and Reeves, said: “That means instructing your solicitor as early as possible, signing and returning paperwork without delay, checking in weekly with both your solicitor and estate agent, and avoiding holidays at critical stages.”
The importance of upfront information
The more information a seller can provide upfront about any risks or defects in their property, the lower the risk of delays and disputes.
Sellers and estate agents are supposed to disclose any material information that could affect a buyer’s decision to make an offer.
Adam Day, head of estate agency brand eXp UK said one of the most common causes of delay comes from waiting too long to request property searches.
He said: “The speed at which results are returned depends entirely on the Local Authority and their current workloads, which can vary greatly. Searches have to be paid for upfront and fees are non-refundable, so some buyers hold off until after receiving their mortgage offer or survey.
“However, both of these can take time, and delaying searches inevitably slows the whole process. If you can afford the risk of losing the fee should the transaction fall through, instructing your conveyancer to process searches as early as possible can save weeks.”
He also suggests instructing a surveyor as soon as possible, adding: “Surveyors can be instructed immediately after the memorandum of sale is received, and removals can often be booked well in advance with flexible arrangements if the date changes”
Flexibility is key for sellers, according to Grundherr. He said: “Whether it’s allowing viewings, getting repairs completed, or agreeing move-in deadlines, sellers who adapt to changing circumstances and demonstrate a willingness to cooperate are far more likely to keep their buyer engaged and see their transaction progress smoothly.”
Make sure the presentation and price is right
Research by Zoopla suggests a property that requires an asking price cut often takes 2.4 times longer to sell, so it is important to get the pricing right initially to attract buyers.
Shepherd Ncube, chief executive of Springbok Properties, said: “Presentation and marketing are crucial when it comes to speeding up a sale. Decluttering, cleaning, and staging your property can make it far more appealing, while professional photography and detailed floorplans are proven to attract more interest.
“Sellers of older homes should also be realistic that what feels characterful to them may feel dated to today’s buyers, which either requires some level of modernisation or a greater willingness to negotiate on price.”
Choose your conveyancer wisely
A property purchase or sale is probably the most expensive transaction you will ever be involved in so don’t skimp on the legal side.
A decent conveyancer is worth paying for as they could be vital in spotting issues with a property you are purchasing, such as any restrictions on the land or leasehold charges.
Check online reviews or seek recommendations from friends.
Grundherr said: “A good solicitor or conveyancer is absolutely vital when it comes to speeding up your property sale.
“An overworked solicitor can slow progress to a crawl, so it’s important not to choose purely on price. The cheapest options are often the busiest, and homeowners should also be cautious about automatically using the conveyancer recommended by large national or hybrid estate agencies, as these partner firms can have poor reputations.”
Consider auctions
If you are struggling to find a buyer or just want a quick sale, it may be worth considering auctions.
Ncube said: “Auctions platforms and quick house buying companies allow you to sell your home in its current condition, and while this may mean adjusting your price expectations, these methods can be effective in guaranteeing a fast sale.
“They are often used to resolve time-sensitive situations, such as salvaging a chain-break, where speed is more important than maximising the last pound of value.”
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