So how long from offer to completion?
Discussion
0000 said:
Boom.
EA called to say our vendor has decided after 18 months on the market and 13 weeks after accepting our offer that he doesn't want to sell.
£550 survey, £250 searches, plus whatever other charges the solicitor has for us and God knows what the mortgage broker will want this far down the line.
We've been trying to buy for years. It's getting silly now.
Happened to us a few years ago, she didn't tell anyone she didn't want to sell till it came to exchanging contracts, cost us a few quid that did.EA called to say our vendor has decided after 18 months on the market and 13 weeks after accepting our offer that he doesn't want to sell.
£550 survey, £250 searches, plus whatever other charges the solicitor has for us and God knows what the mortgage broker will want this far down the line.
We've been trying to buy for years. It's getting silly now.
Mum and Dad had this last month, 7 in the chain, everyone completing on the Monday and the person at the bottom called 5 minutes before exchanges and said 'I have decided I am not moving'.
That was it, 7 lots of surveys, solicitors, searches, bank guarantee transfers etc. all out the window, cost the old man £3000.
They started looking again, as the house he was buying said they were going back on the market.
Found something he preferred, put an offer in about 4 weeks ago and moved in on Tuesday.
The seller used Dads friend as their solicitor who did everything for them in a week. Very impressed with that.
That was it, 7 lots of surveys, solicitors, searches, bank guarantee transfers etc. all out the window, cost the old man £3000.
They started looking again, as the house he was buying said they were going back on the market.
Found something he preferred, put an offer in about 4 weeks ago and moved in on Tuesday.
The seller used Dads friend as their solicitor who did everything for them in a week. Very impressed with that.
juice said:
Ours just completed today.
01/09/14 - Offer accepted
24/10/14 - Completed
That was fairly painless apart from some issues about Coal Authority searches and issues about rights of way, which all got resolved. Overall very pleased with how quickly and efficiently everything was done. Big shout out to Sarnie who has been a complete star throughout the whole thing. To anyone thinking of sorting the mortgage out yourself..don't, use Liam..
Thanks Justin! 01/09/14 - Offer accepted
24/10/14 - Completed
That was fairly painless apart from some issues about Coal Authority searches and issues about rights of way, which all got resolved. Overall very pleased with how quickly and efficiently everything was done. Big shout out to Sarnie who has been a complete star throughout the whole thing. To anyone thinking of sorting the mortgage out yourself..don't, use Liam..
Had my buyer pull out two weeks ago. Didn't like the survey though the details raised were minor. The agent asked if he'd actually contacted the surveyor to discuss the report. Answer "No, I'm just pulling out the the sale". Consensus between me and the surveyor is that he just got cold feet.
Last week my vendor accepted another offer and I was ready to pull my house from the market to start again in the spring. This week I get an offer from a new buyer, re-establish my purchase and things are (apparently) now going ahead.
I'm not holding my breath though...
I feel that the main problem here (UK apart from Scotland) is the lack of commitment shown when people make an offer.
If you look at the other thread I started ( http://www.pistonheads.com/gassing/topic.asp?h=0&a...) you can see that before an offer is made in Scotland they have to have had a survey, arranged finance etc, so they are much less likely to change their mind. In addition the gap between offer and exchange of contracts ("Concluding the missives") is small. I'm not saying the Scottish system is perfect (you can pay for several surveys if offers are unsuccessful, and sealed bids tend to push up prices) but you can secure a sale more quickly which make your onward purchase more certain to happen.
Last week my vendor accepted another offer and I was ready to pull my house from the market to start again in the spring. This week I get an offer from a new buyer, re-establish my purchase and things are (apparently) now going ahead.
I'm not holding my breath though...
I feel that the main problem here (UK apart from Scotland) is the lack of commitment shown when people make an offer.
If you look at the other thread I started ( http://www.pistonheads.com/gassing/topic.asp?h=0&a...) you can see that before an offer is made in Scotland they have to have had a survey, arranged finance etc, so they are much less likely to change their mind. In addition the gap between offer and exchange of contracts ("Concluding the missives") is small. I'm not saying the Scottish system is perfect (you can pay for several surveys if offers are unsuccessful, and sealed bids tend to push up prices) but you can secure a sale more quickly which make your onward purchase more certain to happen.
Tuesday 11th November
Time since start: 32 working days
Finally after what seems like an age, Nationwide have finally come back with their formal offer and they are fully aware of the annex with a kitchen, so lets hope they don't have a change of heart like Natwest did!
Fingers crossed everything should now be back on track, all searches done, all surveys done.
Have told solicitors that we want to exchange by the end of next week. May be wishfull thinking, but lets see what happens.
Time since start: 32 working days
Finally after what seems like an age, Nationwide have finally come back with their formal offer and they are fully aware of the annex with a kitchen, so lets hope they don't have a change of heart like Natwest did!
Fingers crossed everything should now be back on track, all searches done, all surveys done.
Have told solicitors that we want to exchange by the end of next week. May be wishfull thinking, but lets see what happens.
Just exchanged with a completion date in a couple of weeks, so it'll be about 13 weeks from the date when we had a complete chain with accepted offers, to moving in. We're the top of the chain, and it'll have been a lot longer for the people further down.
There didn't seem to be anything too complicated to deal with, just 5 sets of solicitors enquiries and searches, surveys and a couple of mortgage offers and then 3 lost days at the end wrangling about the deposit... Assuming none of the parties were delaying on purpose, it felt like it could probably have been done in 8 weeks with a bit more urgency applied at every level.
We've not heard anything from our estate agent since the day the house was sold STC, and he's been totally unreachable to our buyers. Now he emails saying he'd like to put a SOLD board up as it'll really help his business !
Wednesday 19th November
Time since start: 38 working days
Well not wanting to tempt fate, but Mortgage contracts signed and returned.
Exchange contracts being written up now with completion due wed-fri next week.
On another note, had a few quotes now for the rising damp/woodworm/re-pointing & electrics upgrade...I hope to god I havent got myself a "moneypit" house to match the car!
Time since start: 38 working days
Well not wanting to tempt fate, but Mortgage contracts signed and returned.
Exchange contracts being written up now with completion due wed-fri next week.
On another note, had a few quotes now for the rising damp/woodworm/re-pointing & electrics upgrade...I hope to god I havent got myself a "moneypit" house to match the car!
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