How does a cash house sale work in Manchester?

1. What is a cash house buyer?

A cash house buyer is a company or individual that buys a property without relying on a mortgage. Because there is no lender in the middle, there is no mortgage valuation, no lender approval to wait for and no buyer's mortgage offer that can fall through.

That does not make a cash sale instant. Legal checks, searches and the Land Registry still take time, and your solicitor still has to do their work. What changes is how many things outside your control can delay the sale.

2. How is the offer calculated?

A cash offer is normally lower than the price the same property might reach on the open market. The buyer takes on the risk and cost of repairs, holding costs and resale, and needs to cover those and a margin for themselves.

The main things that shape the figure are:

• Comparable local sales
• The condition of the property and the likely repair costs
• Tenure, such as freehold or leasehold, and the lease terms if it is leasehold
• The time and cost involved in reselling or letting it
• The margin the buyer needs

3. The typical process

Most cash sales follow the same broad path: you give details of the property, the buyer reviews them and may look at the property, you receive an offer, and if you accept, solicitors take it through to completion.

4. Advantages and trade-offs

A cash sale can suit sellers who value speed, certainty and a simple process, for example when a property is empty, needs work or is part of an estate. The trade-off is price: you will usually receive less than an open-market sale might achieve, and you give up the chance of a bidding contest.

Neither route is right for everyone. It is worth getting an estate agent's valuation too, so you can compare the two honestly.

5. Questions to ask any buyer

Before you agree to anything, it helps to ask:

• Can you show proof of funds?
• Are there any fees I will have to pay, and who pays the legal costs?
• Can the offer change after it is made, and why?
• How long do you expect completion to take?
• Are you a member of a redress scheme, and how do I complain?

6. Manchester considerations

Greater Manchester has a wide mix of property, from city-centre leasehold flats to Victorian terraces and suburban semis. Leasehold terms, building-safety paperwork and the condition of older homes can all affect what a buyer will offer.