House sale

[sherrardk]

Do cash house sales go through any quicker than those that need a mortgage or does it just depend on lots of different factors? Thanks

[Eve]

Lots of different factors but time saved by not having to sort the mortgage (including the legal side) can make things a lot quicker if everything else plays ball - just too many other variables.

[maclarencat]

It didnt make it any quicker for us.

[Postdog]

No, but maybe. I bought my house cash and the people selling were going to rent. Ideally it should have taken just a few weeks but, as said, variables delayed that to over a couple of months

[R1Geezer]

most of the time consuming stuff is jumping through lender's hoops. The whole process can be done in a day and has been several times. Most of the stuff is non essential anyway but probably a good idea, eg searches, surveys etc So yes being a cash buyer can speed things up especially if you do a lot of running around yourself rather than waiting for solicitors to write to each other in snail mail!

[sandyRoe]

With a cash sale you're not obliged to get a survey. You should, it's money well spent. Even if it's only for peace of mind.

[DTCwordfan]

geezers right - when the will is there.....we managed to complete inside a week even with a mortgage, buyers market though back in 95. seller needed to sell, we had sold, our solicitor was a close friend.

[tamborine]

We moved into our house an hour after purchase at auction.

[sherrardk]

This sounds awful - its my granddad's house that someone has offered cash for (£40k for a house that he spent all of his life paying for). Just wondered because we would use the money that he generously left to me (1/4 of 1/3, to go on holiday - he would like that we spent the money on something that the children would really enjoy. I did receive about £100 in November which I spent on Lego advent calendars).

[R1Geezer]

£40K for a house, where??

[tamborine]

Is the market value £40k after a lifetime of paying ?

[starone]

What sort of a house is that then, for only £40K or did you mean £140K?

[starone]

There is obviously no onward chain so there should be no difficulty in coming to a swift conclusion.

[sherrardk]

Hi R1Geezer - it's in South Wales. I feel terrible that my granddad's 'worth' after all his years of working is so little. (I honest don't want anything from his 'estate'.) The house obviously needs a lot of work but it is three bedroomed with a garden. I haven't been there since my gran died eleven years ago (so I could conveniently ignore the fact that she is gone.)

[tamborine]

Is it by the sea ? Put up the details - you might get a better offer.

[Buenchico]

I know that house prices vary enormously across the country but I've just been looking on the RightMove website for 3-bedroom properties in some random locations around South Wales. I'm coming up with prices like £185,000 for a semi-detached property near to Merthyr Tydfil (but as low as £50,000 for some terraced properties in that area) or £410,000 for a terraced house in Cardiff's Pontcanna district (with terraced properties elsewhere in the city starting from around £70,000). Even looking for the lowest prices for a terraced property in Cwmbran, I'm still getting figures in the region of £90,000.

I recommend seeing what properties are being offered for in the area where your father lived:
http://www.rightmove.co.uk/
(By default, the most expensive properties are listed first. Click on 'Sort by Lowest Price', in the top right-hand corner, to reverse the order).
If the property needs a lot of work, knock 15% (or, at the most, 20%) off the usual market price. However I suspect that you'll still find that, by selling at £40,000, you'll be losing at least £10,000 pounds (and possibly far more).

Chris