There is always speculation into how long it takes to buy a property and this can often be a barrier for potential vendors. There are several factors that can contribute to selling a property and this article will discuss typical market and industry averages. Andrew, our Sales Manager, said “it typically takes between eight to twelve weeks to sell a lease hold property and up to eight weeks for a freehold property”. This is the average at Keylet sales, based out of our Cardiff Bay branch.
There are other useful steps that can be done to help speed this process along. Preparation like any other task is important. Getting your finances in check, along with insurance policies and solicitors in place as early as possible will help minimise any delays. A good legal team always helps. Getting the right conveyancing solicitors that will work quickly to make this process as efficient as possible is a must. Don’t be afraid to contact them regarding the process, just make sure that everything is done on your end in terms of the necessary paperwork. Be aware, if you are part of a property chain this can delay the process, the larger the chain the longer the delay could be. As mentioned above, freehold properties tend to complete at a quicker rate. If the property is a lease hold this can take longer, solicitors will have to look into the current lease and this could take time. Make sure there is a full survey report before buying, if there are any structural issues this can cause serious delays.
Local knowledge goes a long way in the selling process. When selecting your solicitor be wary of location, a solicitor from Manchester may look to raise a coal mining search because the property is in Wales however, this is made on the presumption that the solicitor does not know the local area. A local firm would only raise relevant searches leading to less time taken and a quicker selling process. Local solicitors also have a lot more experience with local developments and could pre anticipate any problems that may occur. At keylet we would recommend local solicitor firms such as Howells and Gordon Dadds, they have excellent knowledge on the local area.
If you are looking to purchase a property, whether it may be your first home or an investment opportunity, Keylet can help. With two offices based out of Cathays and Cardiff Bay we have the local knowledge to help you find the perfect place to buy. Our portfolio ranges from student HMO’s in Cathays, to developments such as Empire House, Cyprian House and Cathedral Parc, to executive apartments in Cardiff Bay. Visit our website for more information or contact our sales team on 02920 489000 (option 1).