Common complications when selling a home
Once you’ve accepted an offer for your home, it should be plain sailing to enjoy the proceeds of a sale and move on… but unfortunately the UK house-selling process is often slow and full of difficulties. It’s vital to be aware of these so you can try your best to avoid them.
The biggest problem most people encounter when selling a home is entering a chain, whereby you have to sell your house in order to proceed with a purchase… as does the vendor of the property you’re buying… and so on; and so on. This can make it very difficult to sell property fast.
Many chains have a first-time buyer at the bottom, but the top of the chain can only be completed when a house is empty or doesn’t need to be sold in order for the current owners to buy their next property – or if the current owners aren’t seeking a new property at all.
You can avoid some of the pitfalls of the sales process by regularly contacting your solicitor, estate agent and mortgage lender for updates; in the hope that they’ll pursue other parts of the chain for further updates.
Other than property vendors, the main players in a property chain are:
Mortgage lenders – At every stage of the chain where a mortgage is required for purchase, the buyer’s mortgage lender must supply solicitors on both sides (buyer and seller) with proof of a valid and current mortgage offer. Many house sales fall through because a buyer is unable to get a full mortgage offer, after making an offer based on an agreement in principle.
Solicitors – The legal side of the process is frequently complained about because solicitors often have slow processes and are limited (or unwilling) in what they can discuss with various parties. Until solicitors have resolved all their queries and have all the paperwork they need – including signed contracts and other important documents from their clients – sales cannot proceed.
Estate agents – The agent who is helping to sell your property can be the best way to keep contact progressing between all the different links, as they can speak to other parts of the chain (whereas solicitors will usually only speak to the links either side). Some are more helpful than others but remember that you’re paying them a fee to help make your sale as smooth as possible.
If you want to avoid the hassle associated with a property sale chain, there are companies that will buy your home. National Homebuyers can give you a cash offer, so call 08000 443 911 or request a call back to find out how much you could get if we buy your property.
National Homebuyers – We Buy Any House
National Homebuyers are a UK based property buyer who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat or bungalow we will buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve your aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.
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