Independent estate agent Peach Properties helps maximise the value of each and every property we market for sale in Bow, Shoreditch, Bethnal Green, Whtechapel, Hackney and the surrounding areas of East London.
Many factors dictate the time it takes to sell a residential property in Bow. These include the type of property, the current market conditions, whether it is leasehold or freehold, whether there is a chain involved, whether the sale is to a cash buyer and even the time of year the property is launched on the market.
As a very rough guide, it takes between 9 and 11 weeks to complete a property sale in Bow after it has been listed with Peach properties. However, this time can fall to 4-6 weeks depending on buyer/seller situation and property type. This includes an average of between 3 and 4 weeks the property spends on the market.
However, we would point out that in a sellers’ market – when demand for property outstrips its supply – the time spent on the market can fall to as little as one day.
On the other hand, when there are more properties for sale than buyers, flats and houses in Brick Lane, Victoria Park and other areas of the vibrant East End can spend longer on the market – especially if they are not presented for sale in a way that will attract interest from the target market.
Selling property in the shortest possible time
No less than 7 steps have to be taken to sell a property at its maximum price in the shortest possible.
Step 1. Gaining an accurate valuation
The valuations team at Peach Properties has an in-depth knowledge of London’s East End.
We can give an accurate valuation of any type of property based on its type, location, size, state of repair, outside space, outlook and whether the sale includes a parking space.
An accurate valuation of a property is key to you achieving a good offer quickly. If a property is priced too high, it will fail to generate the number of views required to attracting a good offer.
When you launch your home or buy-to-let investment on the market with Peach Properties, we take care of every aspect of the sale, from instructing professional photographers, creating full colour brochures, drawing up floorplans, advertising on property search websites, sending out details of your property to our large database of would-be buyers in the area, conducting accompanied viewings, notifying you of offers immediately and keeping you up to date on the conveyancing process.
Step 2. Instructing a solicitor
Vendors who are keen to achieve a quick sale at the right asking price are advised to engage legal representation before putting their property on the market and to complete any documentation relating to the sale before receiving an offer.
Step 3. Receiving an offer
As soon as an offer is received, Peach Properties will notify you verbally and in writing. We will also check the buyer’s ability to go ahead with the purchase before you decide whether to accept the offer.
Timescale: Between 2 and 6 weeks. There is, however, no defined timescale for this stage of a property sale and can depend on varying factors and availability for contact once the conveyancing process gets underway.
Step 4. Accepting an offer
Once you accept an offer for your flat, warehouse conversion or house, Peach Properties will ask you to confirm the details of your solicitor before preparing a memorandum of sale and writing to all parties to confirm the agreed price.
We must point out that there are no legal obligations until contracts are signed.
Step 5. The conveyancing process
This involves the legal contract to transfer ownership being drawn up. This is usually done by a conveyancing solicitor who will draft the initial contract, answer questions from the buyer’s solicitor and negotiate the details of the contract.
The timescale for this step can vary dramatically, and depends on the time it takes to complete enquiries and searches.
At this stage you will also be able to agree on dates for the survey of your property, exchange of contracts and proposed date for completion.
Step 6. Exchange of contracts
Exchange of contracts can only take place when the following have been confirmed and agreed:
- Preliminary enquiries following receipt of draft contract
- Evidence of a good title
- Specific issues highlighted in the lease (if applicable)
- Local search queries
- Fixtures and fittings to be included in the sale
- The buyer’s mortgage offer (if applicable)
Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be transferred by the buyer’s solicitor to your solicitor. The completion date is then set by mutual agreement.
Timescale: 0 to 8 weeks. There is no fixed timetable for a conveyancing transaction so this will take however long it needs to be for everyone to be ready to complete. But there does need to be sufficient time for mortgage funds to be requested and for everyone to arrange removals. The time it takes to complete a property sale can be reduced if the buyer does not have to obtain a mortgage.
Step 7. Completion
Completion is when the residual monies (usually 90%) are transferred from the buyer’s solicitor to your solicitor’s account in exchange for the keys and the property’s title deeds.
Your solicitor will call you when the money has cleared in the firm’s account and will inform Peach Properties to release the keys.
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