How long it will take to sell your house from accepting an offer to completion is estimated to take between 8-10 weeks. But the time taken will be affected by a number of factors. These factors among others include how efficient your and your buyer’s solicitors are. How good your estate agent is at chasing the deal. How long it takes for the searches to be returned to your buyer’s solicitor. Plus how ready your buyer is to begin the buying process and whether or not they require a mortgage.
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 may 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. These creative methods are completely legal, plus you may end up with the full asking price for your house or close to it.
The exchange of contracts on the sale or purchase of any property in the UK means that you’re entering into a legally binding contract. But if you don’t complete after you exchange contracts, which means that you’ve failed to complete the purchase of your new home on the agreed completion date, you could end up in a whole heap of trouble and additional costs. Most contracts for purchasing a house in the UK have standard conditions included in the contract. Within the standard contract it usually includes a clause whereby if the buyer fails to complete, after having served a notice to complete, the seller may rescind the contract. Where the the seller invokes this clause, the buyer may forfeit their deposit together with any accrued interest, which will be paid to the seller.
House price predictions after Coronavirus in the UK range from a drop of between 5% to 16%. Based on the average house price in the UK of £231,855, this represents an average fall in house prices of anywhere between £11,593 to £37,097. The level of fall will depend on how quickly the economy recovers from the Coronavirus lockdown. But also, the housing market will continue to be affected where the banks restrict lending by offering lower loan to value (LTV) percentages. In many cases the LTV has dropped from 90% to 75%, which would require an additional deposit of nearly £35,000! Plus if surveyors and valuers are minded to down-value houses for mortgage lenders, this will have a knock-on effect on house prices across the UK.
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.