How long does it take to buy a house if paying cash UK
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Selling to a cash house buyer is undoubtedly the fastest way to sell a house in 2024, especially when compared to the 12 month timeline associated with selling with a traditional estate agent.
However with a range of options available, including cash buying investors and cash house buying companies, it can be difficult to understand the differences in the timeframes involved.
In this article, we’ll break down how long it takes to sell a house for cash, what you can expect in terms of when the funds will arrive in your bank account, and explore the key factors that can impact the speed of your sale.
How long does a cash buyer take to buy a house?
Selling your home to a cash buyer can significantly speed up the process, cutting down the total time from several weeks to even months. There are typically two types of cash buyers; individuals buying on the open market and professional cash buying companies, such as The Property Buying Company.
Both types of cash buyers eliminate the need for mortgage approval, a step that normally adds around four weeks to the timeline of a typical sale.
While individual cash buyers can speed up the sale process, they still need to undergo the standard conveyancing process, similar to any other buyer. This process takes between one to two months. As a result, the average time for an open market cash buyer to complete a purchase is about 10 weeks, which can be longer if the buyer is involved in a property chain.
Cash house buying companies on the other hand, often have dedicated relationships with solicitors, and in our case, we have a nationwide panel of conveyancers. This allows us to complete purchases quickly — sometimes in as little as 7 days.
How long does a no chain cash buyer take to complete?
As mentioned, no chain buyers on the open market usually complete a house sale within an average of 10 weeks.
Cash house buying companies are always chain free and can buy your house in as little as 7 days. At The Property Buying Company, most of our sellers prefer to take 2 to 3 weeks to sell, which allows us to complete within that same timeframe.
How long does it take to receive cash from the house sale?
When you exchange and complete, we will release the funds from your house sale immediately. Depending on which bank you use, the money could take a couple of days to transfer, or it could happen instantly.
We are one of the fastest cash house buying companies in the UK, providing an initial offer in 24 hours, and then complete within the same week.
What house selling method takes the longest?
The longest method of selling a house in the UK is the DIY approach, where the average selling time can range from 6 to 12 months. This method heavily relies on how well your house is marketed and priced. If your house is not listed correctly or marketed effectively, the process could take even longer.
Similarly, selling via a private house sale can also take 6 to 12 months. Both DIY and private sales prevent you from advertising on major property portals like Zoopla or Rightmove, forcing you to rely on alternatives such as local newspapers, Gumtree or Facebook Marketplace. Unfortunately, this increases the likelihood of attracting “window shoppers” rather than serious buyers.
On the open market, the longest selling method is through traditional or online estate agents, where sales usually take between 3 to 6 months. Traditional estate agents handle most of the work for you, but their services come with higher fees.
Online estate agents, while more affordable, require you to do much of the legwork. They will list your house on platforms like Rightmove and Zoopla, but if you need additional support, you’ll need to pay for extra service packages upfront.
Is buying a house with cash quicker?
When compared to private house sales, DIY selling, and using traditional or online estate agents, selling to a cash buyer is significantly faster. In fact, selling to a cash buyer can be up to 52 times quicker than a DIY or private sale and 26 times faster than selling through an estate agent.
How quick can The Property Buying Company buy your house for cash?
At The Property Buying Company, we can buy your house for cash in as little as 7 days. In some cases, depending on your circumstances and requirements, we can also help you complete the house sale within that 7 day window. This means that from the moment you agree to sell to us, you could have the transaction fully completed, and the funds transferred, within just a week.
However, many homeowners prefer a slightly longer timeframe to allow themselves time to find onward accommodation and manage the logistics of their move. We’re flexible and can work around your timeline.
What is the quickest a house sale can be completed?
While we usually say we can complete a sale in as little as 7 days, the fastest transaction we’ve ever completed was within just one day! This was a test to see how efficiently our team of solicitors, sales progressors and consultants could work together. Although this isn’t the norm, it does demonstrate our ability to complete extremely fast sales if necessary.
If you require an urgent house sale, such as if you are facing repossession, relocation or any other pressing circumstances, get in touch with our team. We may be able to accommodate your needs and speed up the process to suit your situation.
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What can slow down a cash house sale?
In a cash sale, the process is generally a lot faster since there is no need for mortgage approval or waiting for the house to sell on the open market. But, there are still some factors that can slow it down.
Conveyancing delays
Conveyancing involves the legal transfer of property ownership from the seller to the buyer. This includes property checks, drafting contracts and making sure all legalities are covered.
Conveyancing can cause 4 to 6 week delays if there are issues with miscommunication between solicitors, lack of availability of required documents or parties involved, or slow responses from third parties (such as mortgage lenders, or local authorities).
Using The Property Buying Company helps mitigate conveyancing delays, by offering the assistance of their panel of solicitors, who are experienced in fast house transactions. Our solicitors have streamlined processes that allows them to avoid unnecessary delays, and focus on the essential legalities associated with cash sales.
Local search issues
Local authority searches check for any potential issues related to the property, such as planning permissions, flood risks, roadworks or building regulations.
Some local authorities can take longer to process search requests, and sometimes potential issues uncovered need further investigation. All of which can extend the process by 6 weeks or more.
Because we are familiar with various locations, we may bypass the need for extensive local authority searches in certain cases, especially if we already have knowledge of the area, or if we are prepared to accept the level of risk. In some cases, we may use Indemnity Insurance to cover potential risks instead of waiting for local authority search results.
Leasehold properties
A leasehold property means that the buyer will own the property but not the land, which is owned by a freeholder. There are usually terms in the lease regarding service charges, ground rent, and rules for the property.
Leasehold documentation can be more complicated, with the need to review the lease, ground rent, service charges and any management company agreements.
The freeholder and managing agents may be slow to provide necessary information, and there may be issues with extending the lease or disputes over service charges. Leasehold related issues can add 4 to 6 weeks to the process.
We are familiar with buying leasehold properties, including understanding complex lease agreements, service charges, and freeholder issues. Here, at The Property Buying Company, we have established contacts with freeholders or management companies, allowing us to speed up the process of obtaining essential documents and negotiating any lease issues.
Additionally, because we are buying your property for investment purposes, we are less likely to be deterred by lease complexities that may stall a private buyer.
Difficult tenants in situ
If a house is sold with tenants in situ, there can be challenges with ensuring the tenants leave the property or comply with the terms of the sale.
Tenants may refuse to leave, which may require legal action or negotiation. Notice periods (under Assured Shorthold Tenancies) can delay vacant possession. Tenants may not allow access for viewings or surveys. If tenants are uncooperative, legal processes to evict them or resolve issues can take 6 to 12 weeks or longer, depending on the tenancy agreement.
The Property Buying is willing to buy houses with tenants in situ. Which is particularly beneficial in cases where private buyers may have demanded vacant possession instead. Because we are experienced in dealing with tenants, we can either manage the tenancy after the purchase or work with the tenants directly to make sure there is compliance with the sale terms.
How can I make my property sell for cash faster?
To sell your house for cash quickly, it’s essential to have all your documentation in order, resolve any legal disputes, and inform any tenants of the impending sale to ensure compliance. Additionally, presenting the house well by decluttering and addressing any minor issues can boost its appeal to cash buyers.
For the fastest sale, consider working with a reputable cash buying company like The Property Buying Company, where we handle all aspects of the house sale, including covering fees and help you complete the house sale in as little as seven days.
How long is too long for a house sale?
The length of time that is considered “too long” for a house sale is subjective and depends largely on the seller’s circumstances. For some sellers, especially those who are willing to wait for their desired asking price, a house could remain on the market for an extended period without concern.
However, if a homeowner needs to access equity quickly, anything longer than a month might feel too long. From a cash buying company’s perspective, if a house remains on the market for more than a month without receiving viable offers, it may be viewed as stagnant.
In this case, the seller may need to adjust their strategy by reducing the asking price or considering alternative methods, such as selling to a cash buyer. Additionally, homes that stay “on the market” (OTM) for several weeks, may develop a negative perception among potential buyers, suggesting that the house is less desirable, which could attract bargain hunters rather than serious buyers aligned with the seller’s goals.
Why choose us?
We are the UK’s most highly rated cash house buyer, which means we make sure our customers are protected at every stage of the buying process, following all regulations and industry standards to safeguard your interests. We pride ourselves on building strong relationships with our clients, allocating only one property consultant to your case.
This means you will have a dedicated point of contact throughout, providing consistency and personalised support.
Not only are we one of the UK’s most trusted cash buyers, but we also bring over 13 years of practical experience in the cash buying industry. Our team, with more than 100 years of combined expertise, knows the market inside out, allowing us to guide you through a quick, efficient and transparent process.
We recognise that selling your house can feel daunting, which is why we prioritise your peace of mind, offering support and guidance at every step. Not only this, but we will do all of it for free – meaning you will never have to pay a penny.
Want to find out more? Or maybe you want to make the leap and sell in as little as 7 days, whatever it is, fill out our postcode form below!
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