Is your house purchase being slowed down by the seller?
This is a frustrating position to be in.
Luckily, you aren’t completely stuck for options.
Below is our advice about what to do if the house seller is delaying in the UK.
Selling time frames
It’s important to first understand whether your seller is being slow or not.
Selling a home in the UK takes approximately 25 weeks (around 6 months) on average.
Of course, ‘on average’ is doing a lot of heavy lifting here. Many factors could affect the time a sale takes, from the type of property to market conditions.
And each individual property is unique. Conveyancing can bring up all kinds of issues.
All things being equal (which they rarely are!), compare your sellers times for tasks against the following:
- Gathering necessary documents for selling (1 – 4 weeks): Property deeds, Energy Performance Certificate (EPC), etc.
- Negotiating the sale price and terms (1 day – 3 weeks): Agreeing on a final price and any conditions of the sale with the buyer
- Instructing a solicitor/conveyancer and drafting a contract (1 – 2 weeks)
- Completion (1 day): The buyer’s solicitor sends the remaining funds to your solicitor.
- Keys handover and legal transfer of ownership (1 day): Once the funds are received, the estate agent releases the keys to the buyer.
Why might a seller be delaying a sale?
There are many reasons sellers could be delaying a house sale.
Some of these are out of their control, for example:
- Property chain issues (i.e., they can’t sell until they have secured somewhere else)
- They are waiting for mortgage approval
- Their solicitor is slow.
Others are caused by the lender themselves. They might have:
- Changed their mind about selling
- Received a higher offer (if after verbally accepting your offer, this is called gazumping).
Ideally, you’ll communicate with your seller, even if it’s via the estate agent. This can reassure you that you’re both on the same page.
Get advice from a solicitor
If your seller deliberately slows things down, this could violate the contract if contracts have been exchanged.
If your seller causes the delay, your solicitor could help you to draft a ‘notice to complete’. This might be appropriate if they seem to be doing it deliberately.
You can usually rescind a contract if your ‘notice to complete’ is ignored.
If you’ve made a deposit to secure a property, you can often get it back (with the support of your solicitor). (Note: this is not the same as a mortgage deposit).
And you may also be able to claim financial compensation for losses.
Consider other living arrangements
You may also need to find a short-term solution to your living situation.
If your house sale is moving ahead, then temporarily moving in with a loved one could be a solution.
Delaying your sale could risk the entire chain falling apart altogether. Get advice from your estate agent.
A short-term rental or even a hotel can be a lifesaver if you’ve got nowhere else to go.
Keep your options open
You shouldn’t pigeonhole yourself, if you can help it. When a deposit has already been sent or contracts exchanged, a ‘notice to complete’ is your best option.
Pursue this to ensure you get all the compensation you deserve.
On the other hand, if the chain is slowing things down, it’s best to keep your options open on the market. If you’re on a tight schedule for moving out, this may be crucial.
View other properties and be ready to make an offer on them, once you’re free to do so, your current deal will definitely fall apart.
