When bills are mounting, it can be tempting to focus only on how quickly a house can sell. First, find out what a sale would leave you with and whether another option could give you the breathing space you need. An offer gives you a figure to consider; it does not solve every debt.
Speak to your lender and get independent advice
If you are behind on mortgage payments, contact your lender promptly. Explain your circumstances and ask about the options available. Free debt advice can help you consider your whole financial position. Find free debt advice through MoneyHelper.
If repossession proceedings have started, tell your adviser about any court hearing or deadline. An offer does not pause lender or court action. Read our mortgage arrears and repossession guide and GOV.UK repossession guidance.
Work out what a sale would leave after debts and costs
Ask your lender for the outstanding mortgage balance and any redemption charges. Your solicitor can explain how mortgages and other secured debts affect completion. Compare the likely sale proceeds with the amounts that must be paid, rather than just the monthly payments you are missing.
If the sale price would not cover secured debts and costs, speak to your lender and solicitor before relying on a sale. Do not assume selling the property will clear every debt. Tax treatment depends on your circumstances; get advice where needed.
Compare a cash offer with an estate agent sale
An estate agent may help you achieve a higher price, while finding a buyer and completing the sale takes time. A cash offer may be lower. Compare the routes using net proceeds, the buyer’s conditions and the time you actually have.
Check any existing estate agent agreement: a fee may still be payable depending on its terms. Our estate agent or cash offer guide explains questions to ask.
What happens if you request an offer?
SellHouseFaster reviews property details and makes cash offers within 24 hours of receiving the information we need. If you decide to proceed, a direct buyer purchases the property through the legal sale process. Requesting an offer is free and there is no obligation to accept.
Tell us about the property, its condition and any deadline. The buyer’s assessment, inspections and legal work affect whether a sale can proceed and when it can complete. A 24-hour offer is separate from a completed sale.
There is no selling fee payable to us. On a completed sale, we cover your solicitor or conveyancer fees and disbursements. Mortgage repayments and charges, taxes, moving costs and separate advice or unrelated legal matters are outside these sale legal costs.
An accepted offer is not an exchanged contract
In England and Wales, exchanging contracts makes the sale legally binding. Your solicitor should explain the position before you commit. Do not stop agreed payments or assume a sale is certain just because an offer has been accepted. Read the GOV.UK conveyancing overview.
Take an informed next step
Get independent advice, compare the figures and ask what conditions remain. For a Greater Manchester property, we can review the details and explain an offer for you to consider.
Prefer to talk? Call 0161 806 1235.
