If you mean you want to sell your house in 5 days but subject to contract, then you need to find yourself a good local estate agent. Also, prepare your house for sale and fix up any low cost repairs, plus de-clutter each room in your house. But if your intention is to sell your house and complete within 5 days then you’ll either need to take a hit on the price you accept of 25-30% discount. Or you need to be willing to accept alternative creative methods of sale, where you may end up with the full asking price for your house or close to it
Simultaneous exchange and completion means that you will exchange and complete on the same day. Whilst it’s usual practice to allow at least a week or two between exchange and completion, there are times when a same day completion is an advantage.
Whilst there doesn’t have to be, there is usually a gap between the exchange of contracts and the completion date. The gap is usually between two and four weeks long. This allows time for both parties (i.e. the buyer and the seller) to organise their personal belongings in readiness for moving. But also to arrange funds from mortgage lenders where appropriate.
To find out how long a house has been on the market there are a few simple ways. These include asking the estate agent, looking on the internet on Rightmore, Zillow and Zoopla or asking the vendor. As a seller, and if it’s your houses that’s been on the market for a while, you may be at a disadvantage as a stagnant property can become less desirable. But as a buyer you may have an edge when it comes to negotiating the price and terms.
If you’re stuck with the problem of “I can’t sell my house but want to buy another“, you don’t have to sell your house. But if you prefer to sell first, there are a number of options for you. Solutions to sell your house before you buy another include selling to an investor for cash, selling using a lease option or opting to not sell your existing house at all. This would be letting it out to tenants, but beware of the tax implications of this solution.
Most mortgages in the UK are portable. This means that you can transfer your mortgage from your current property to your new home you’re purchasing. Before your lenders will approve the transfer of your mortgage, they will want to value the new property first. But you may need to borrow more to buy this new property, plus there may be fees to pay for the transfer. However, down-sizing may be a problem, depending on the loan to value calculation for the new property.