Property Buying Process UK: How Do House Buying Companies Work?

You have probably seen ads on the internet and signs in your neighbourhood: We Buy Any House. Reputable companies have revolutionised the property buying process in the UK.

house buying process

Where once the proceedings were lengthy, drawn-out and quite costly, sales can be completed on a greatly accelerated timeline, ending with a deposit of cash into your bank account. If you are considering selling your home, exploring a cash house buying option may open up a world of possibilities for you – and allow you to unburden yourself from a house you no longer want, need or can afford.

The Property Buying Process UK

The traditional property buying process in the UK can be time-consuming, pricey and full of frustrations. It encompasses:

  • Engaging an estate agent
  • Applying for mortgages
  • Completing valuations and inspections
  • Listing and marketing the property
  • Setting up viewings
  • Waiting for offers
  • Negotiating
  • Accepting offers
  • Title searches
  • Drawing up contracts
  • Exchanging contracts
  • Establishing completion dates

And that’s if everything goes to plan. Each step can take weeks, if not longer. A new, more dynamic process is now available to homeowners who wish or need to sell their houses quickly and preferably for cash. It allows for a far greater level of flexibility and control for owners especially if they find themselves in situations such as:

  • Divorce
  • Impending repossession
  • Needing to relocate for a job or to be closer to family
  • No longer being able to afford maintenance or operation of an inherited property
  • Loss of income or job change that requires a move
  • The need to downsize
  • The desire to rent instead of own

Whatever the circumstances, a cash house buyer allows owners to move quickly through the process, make the sale and receive funds directly into their bank accounts. How does it work?

sale agreed

A More Streamlined Property Buying Process UK

Reputable house buying companies have access to technology and databases through which they can conduct property research quickly and efficiently; this allows them to extend an initial offer, or an offer in principle, within about 24 hours of you filling out a simple online form or calling them to express your interest in exploring the process.

They also have funding and capital that enables them to complete a purchase far more expeditiously than is possible with a conventional buyer. There is no lengthy mortgage application and approval process.

If, after you receive your initial offer, you are interested in continuing, they will instruct valuations experts to inspect the property. Most are able to offer 75-80% of total market value for your house. If valuations reveal significant issues that will detract from the value, they may extend a revised offer. Only in very rare cases will they retract an offer altogether. This allows homeowners to sell in ‘as-is’ condition, which significantly cuts the costs associated with selling a house.

Again, if you decide to take the formal offer, the process continues quickly on to completion. The work done by conveyancing solicitors and others is handled by the company – and better yet, paid for by the company. You do not have to worry about depleting your funds, which may already be in a dire position. This is in great contrast to a traditional sales process.

To provide a simple summary of the process:

  • Research house buying companies and select one that is reputable, has excellent (and honest) reviews, has a clear and user-friendly website with pertinent information, has financial standing to make purchases and who is a member of key industry organisations, such as the National Association of Property Buyers and the Property Ombudsman.
  • Visit their website and fill out a quick form.
  • Wait for your initial offer, which is typically received within 24 hours.
  • Decide if you want to accept the offer and continue or decline and pursue a different option.
  • Upon acceptance, the company will instruct valuations professionals. Using this information, they will extend a formal offer. This is generally around 75-80% of total market value.
  • Again, decide if this offer is suitable for you. If so, accept.
  • The company will take care of all of the legalities associated with a sale.
  • Move to completion.
  • Hand over the keys – and enjoy the cash in your bank account.
    This entire process takes place in 21 days or sometimes even more quickly.

Are you interested in a new approach to the property buying process in the UK? It’s finally here!