Selling a house in Scotland: List now to be in your new home by Christmas
Dreaming about being in your new home in time for Christmas? Our Director of Property Sales, Tzana Webster, says you have to act now if you want to be in your new house in time to carve the turkey. Here’s why…
How long does it take to sell a house in Scotland?
With less than 100 days to go, the countdown is officially on if you want to be settled in your new house by Christmas. September into early October is the key time for listing your property on the market if you want Santa to hit up a new address come December, by giving yourself enough time to sell and pick up the keys for your onward purchase.
Making the move to a new home in time for Christmas will require careful planning, starting with getting your current property on the market. Looking at our data from October to December last year, property sales took an average of 10 weeks to finalise from listing the property for sale to concluding missives. With that timescale in mind, now is just the right time to start marketing your house for sale.
Why can it take 10 weeks to sell a house in Scotland?
In a recent ESPC property market report, the average time a property spent on the market in Edinburgh and The Lothians was 20 days – so why can it take up to 10 weeks to finalise a property sale in Scotland?
Although the time spent on the market can be a matter of days (at Watermans, our current average time spent on the market is 15 days), the conveyancing side of the process must also be handled before the property ownership is legally binding for the buyers.
Depending on whether you’re a cash buyer or buying with the help of a lender, the date of entry (the day that keys and payment are exchanged) can be anywhere from a minimum of 4 to 6 weeks from the date of the offer being accepted. Taking 6 weeks as a minimum, you could be looking at no less than 9 weeks between your house being put on the market and the sale being completed – so to give yourself enough time to sell, make your onward purchase and get moving, it’s important that you act now.
It might sound daunting, but it doesn’t have to be. With correct planning and an experienced solicitor estate agent on your side, you could be leaving cookies and milk out for Santa in your new living room this Christmas.
Tips for selling a house in Scotland
To get started with your property sale, Tzana says there are a few things you can do to from the off to ensure a smooth sale process.
Get a pre-sale valuation
Finding out how much your property could be worth is the first step in the sale process. Most estate agents offer free pre-sale valuations, meaning you aren’t obliged to list your property for sale with the first estate agent you speak to. Knowing how much your property could be worth can give you a better idea of what you can afford in your onward purchase – meaning you won’t waste time looking at properties that aren’t within your budget.
Speak to a mortgage advisor
Arranging a meeting with your mortgage advisor can help you to further understand your financial position in the moving process. If you are still paying a mortgage on your current property, you may be able to transfer this to your onward purchase.
Another option could be using the proceeds from the sale to pay off your current mortgage, and then applying for a new mortgage in principle for your next property.
An expert mortgage advisor will be able to explain all the options available to you, so you can be confident in your finances before you move.
Choose a solicitor estate agent
Having qualified solicitors handling the legal side of your sale on the same team as your estate agent means that you can be assured that you are being given sound, legal advice – and that your best interests are always being protected. This can be especially helpful in dealing with any complex legal transactions. And, having your solicitor and estate agent under one roof can often simplify the process, avoiding any potential delays that could be experienced in using separate firms.
Don’t be afraid to sell before you buy!
Completing the sale of your property before offering on your next might sound daunting, – but it can put you in a much more favourable buying position! Having an offer accepted on your current house means you won’t have to offer on your next home subject to the sale of your current house – making your bid for a property much more attractive than other buyers who are yet to sell.
Ready to sell your house in Scotland?
To be in your new home in time for Christmas, get in touch with the Watermans expert estate agency team for a free pre-sale valuation today. We offer straightforward property advice, so that you know where you stand at each stage in the process. Contact us on 0131 555 7055 or by filling out the form below to get started.