This includes the type of property, the state of the market, whether the apartment, flat or house is a leasehold or freehold property, how long is remaining on the lease, and even the time of year the property goes on the market.
As a very rough guide, it takes between nine and eleven weeks to complete a property sale in central London after it has been listed with LDG. However, this time can fall to 4-6 weeks if it is a cash deal for a freehold property.
This completed sale time includes an average of between three and four weeks the property spends on the market.
However, in a sellers’ market, when demand for property outstrips 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, apartments, flats and houses in the West End can spend longer on the market, especially if they are not presented for sale in a way which will attract interest from the target market.
Selling a property at the best price in the shortest possible time involves no seven steps.
Stage 1. Listing a property to accepting an offer
The property valuations team at LDG has an in-depth knowledge of London’s West End and the surrounding areas of central London. We can give an accurate valuation of any type of property based on its style, location, size, condition, and even the number of parking spaces available.
An accurate valuation of a property is key to you achieving a good offer quickly.
Vendors who want to achieve a quick sale at the right asking price should seek legal advice about putting their property on the market, and complete any documentation relating to the sale before receiving an offer. This includes taking steps to extend the length of the leasehold.
As soon as an offer is received, LDG will notify you verbally and in writing. We will also check the buyer’s ability to proceed before you decide whether to accept the offer.
Stage 2. Accepting an offer to exchange of contracts
Once you accept an offer on your central London property, LDG will prepare a memorandum of sale, write to all parties to confirm the agreed price, and ask you to confirm the details of your solicitor. There are no legal obligations until contracts are signed.
The seller is responsible for drawing up a legal contract to transfer ownership, although 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 and whether all parties are available to answer any queries that may arise.
At this step of the process, the seller will also be able to agree on dates for the survey of the property, exchange of contracts and proposed date for completion.
Exchange of contracts can only take place when the following have been confirmed and agreed:
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.
Stage 3. Exchange of contracts to completion of sale
Your solicitor will call you when the money has cleared in the firm’s account. They will then inform LDG to release the keys.
Central London estate agent LDG would like to point out that our insight into how long it takes to sell a property in the West End is intended to act only as a guide.