A quick house sale usually works like this: you share details of your home, a cash buyer values it and makes an offer, and if you accept, solicitors on both sides handle the legal work through to exchange of contracts and completion, often within weeks rather than months. Because the buyer already has the money, there is no mortgage approval to wait for and no chain behind them.
The trade-off is price. A cash buyer is paying for the chance to buy quickly and resell or let the property later, so offers are usually below what your home might fetch on the open market. This guide describes the process in England and Wales, with notes on Scotland and Northern Ireland at the end.
Who is involved in a quick sale?
There are usually four parties: you, the cash buyer, your solicitor or licensed conveyancer, and the buyer’s solicitor. The Office of Fair Trading’s 2013 study of the sector found that firms fall into different types. Some buy homes themselves, some broker sales to investors, and some pass homeowners’ details to buyers.
Sell My Property Online is in that last group. With your consent, we introduce you to vetted cash buyers on our panel, and those buyers pay us for the introduction. We do not buy, value or make offers, and we are not an estate agent or a solicitor. You can read more about how it works.
Step 1: your enquiry
You tell us about the property: its address, type, condition, whether it is freehold or leasehold, whether there is a mortgage, and why and how soon you want to sell. The more accurate this is, the fewer surprises later. MoneyHelper notes that leaving important things out can cause hold-ups and may even lead to a lower offer.
Step 2: how does the buyer value your home?
Most buyers start with a desktop valuation. The OFT found that firms use online valuation tools, sold price data from HM Land Registry and property websites, and conversations with local estate agents about similar homes. A few only give a figure after inspecting the property.
A visit usually follows. The buyer, or a surveyor acting for them, looks at the condition of the home, any work it needs and anything that could make it harder to resell. Every valuation involves judgement, which is one reason different buyers can reach quite different figures.
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Cash buyers usually offer less than full market value in return for speed and certainty. You are free to turn down any offer.
Step 3: the offer
The first offer is normally made subject to survey and contract. The OFT warned that these early offers are not firm and that the final price can change after a survey. So ask for the offer in writing, together with the answers to three questions:
- What could make the price change, and when?
- Is the offer conditional on anything else?
- What fees or costs will you pay if the sale goes ahead, and if it does not?
You are free to say no. Before you decide, it helps to know what an estate agent would expect to achieve, so you can see what speed is costing you. Our guide to how much cash house buyers pay explains how to judge an offer.
Step 4: instructing a solicitor or conveyancer
Once you accept an offer, you instruct a solicitor or licensed conveyancer to act for you. Choose your own. MoneyHelper points out that a buyer might want you to use their legal adviser but cannot make you.
Who pays the legal fees varies. The OFT found that many firms did not charge sellers fees, and that some paid the seller’s legal costs, usually only if the sale completed. Arrangements differ between buyers, so get the buyer’s position in writing, including what happens if either side pulls out.
Your solicitor will check your identity, obtain your title from HM Land Registry and send you forms to complete. These include the Law Society’s Property Information Form (TA6), the Fittings and Contents Form (TA10) and, if the home is leasehold, the Leasehold Information Form (TA7). Our guide to the documents you need to sell lists what to gather.
Step 5: searches and enquiries
After you accept an offer, GOV.UK explains, the buyer’s solicitor arranges searches and a review of the title. They will also raise questions about your answers on the forms. A cash buyer has no mortgage lender to satisfy, which removes one source of delay, but they will still want to know what they are buying.
Some cash buyers choose to rely on search indemnity insurance rather than wait for a council search. That is the buyer’s decision, made with their own solicitor, and it is not suitable in every case.
Step 6: exchange of contracts
When both sides are happy, the solicitors exchange signed contracts. GOV.UK is clear that an offer is not legally binding in England and Wales until this point. Before exchange, either side can walk away or try to change the price, which is how gazundering happens.
At exchange, the buyer normally pays a deposit. MoneyHelper says this is usually 10% of the sale price. From then on, you are both committed to the sale on the agreed terms.
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Step 7: completion
On completion day, the buyer’s solicitor sends the money. Your solicitor pays off your mortgage and any other debts secured on the home, deducts the agreed fees and sends you the balance. You hand over the keys and leave the property in the condition agreed in the contract.
MoneyHelper says completion typically happens between 7 and 28 days after exchange, although exchanging and completing on the same day is possible.
How long does a quick sale take?
GOV.UK says selling a home takes about five months on average. A quick sale can be much faster, but the OFT found that while firms advertised the fastest possible times, such as seven days, three to four weeks was more typical. Our guide to selling in 7 days explains what has to line up for the fastest timescales.
Common causes of delay include:
- waiting for a grant of probate before an inherited home can be sold
- a leasehold management pack from the landlord or managing agent
- a title that is not registered, or has errors to put right
- a mortgage or secured loan that needs a redemption figure
- slow replies to enquiries on either side
Is the process different in Scotland and Northern Ireland?
In Scotland, offers are made through solicitors and followed by letters called missives. Citizens Advice Scotland explains that the sale is not binding while those terms are being negotiated, but once missives are concluded neither side can withdraw without paying compensation. Most sellers also need a Home Report before marketing. Our guide to selling a house in Scotland covers this in detail.
Northern Ireland follows a process much closer to England’s. nidirect explains that the sale becomes legally binding when contracts are exchanged.
If you would like to see what vetted cash buyers on our panel might offer, and compare that with your other options, you can get offers for my home. It is free, and there is no obligation to accept anything.
Common questions
Do I pay Sell My Property Online anything?
No. Cash buyers on our panel pay us for each introduction, and the homeowner never pays us. Whether the buyer contributes to your own legal costs varies from buyer to buyer, so ask for their position in writing before you agree to anything.
Can I use my own solicitor for a quick sale?
Yes. MoneyHelper points out that a quick sale company might want you to use its legal adviser, but it cannot make you. An independent solicitor or licensed conveyancer acts only for you, which matters if the price or terms change.
Is an accepted offer legally binding?
Not in England, Wales or Northern Ireland. Either side can withdraw or change the price until contracts are exchanged. In Scotland, the deal becomes binding when missives are concluded between the solicitors.
What happens to my mortgage in a quick sale?
It is paid off from the sale money on completion day. Your solicitor or conveyancer gets a redemption figure from your lender, repays it, pays any other agreed costs and sends you the balance.
Related guides
- How much do cash house buyers pay? Why offers are below market value, and how to judge one.
- Can you really sell a house in 7 days? What has to go right for a 7-day sale, and why most take longer.
- Documents you need to sell a house A checklist of the paperwork for a sale, and where to find it.
- Selling an inherited or probate property quickly Grants of probate, confirmation, council tax, tax and executor duties.