Sold subject to contract how long to complete

The hotter your market the easier your sale Original research. As Recommended By …. Table of Contents [hide]. Beware of misleading information Which factors most impact the time it takes to sell How quickly do your local agents sell property like yours? What to do if you need to sell quickly? How long does it take to get an offer? How many viewings on average to sell a house?

How long does it take to sell a house after an offer is accepted? What is the average time from accepting an offer to exchange of contracts? Average time from exchange to completion? Related guides. Related guides [hide]. Selling Your Home vs. Did you know?.. Check your market. How hot is your market? The property is still technically available as the contract is still pending. Other potential buyers may take this opportunity to enquire about the property and make an alternative offer to the seller.

Some transactions may even fail during this period making the property available to you. However, it is possible and some sellers may entertain higher or alternative offers. Gazumping is when a buyer succeeds in acquiring a property even though the seller previously accepted an offer from another buyer.

Gazumping is possible during the Sold STC stage as it's an uncertain time where another prospective buyer may sway the seller with a higher offer. As no contracts have been signed or exchanged, this is possible. This is a staggering number and proves how common the issue is. It's possible for buyers to try avoiding this risk by agreeing either verbally or in writing with the seller that no viewings will take place and no alternative offers will be considered once the property is sold STC.

This article has been part of our selling a house guide. You might have received a mortgage in principle, allowing you to make the purchase offer. Unforeseen issues like this can take longer to resolve. When you agree to buy a property, your solicitor will undertake several searches — including Local Authority, Environmental, Water Authority, Chancel Repair, and Location specific. A Local Authority search can take up to six weeks, which could potentially delay exchanging contracts.

Plus, if anything unexpected is revealed by the searches that could impact the purchase, this may also have a knock-on effect. Contracts are exchanged by solicitors representing both the buyer and seller. Despite agreeing on the date, there may still be delays on the day. If someone pulls out at the last minute, this will trickle down and could impact your exchange.

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