So how long from offer to completion?
Discussion
Ok folks,
not really for my benefit, but more of an info on time scales for house buying. Short of not being cash buyers, I reckon our position is the best you could be in for a quick completion. There is no chain, we have solicitors lined up, mortgage in principle and deposit ready in the bank. We are in rented accommodation with an open contract not requiring notice (Military quarters) The house we're buying is empty ready to move into.
I'm going to record the time taken from the offer acceptance (Today) to me being handed the keys, job done.
So todays date 29th September 2014, recieved the call at midday today, our offers been accepted.
lets see how quick we can get this going, would like to have Christmas in our own place this year.
not really for my benefit, but more of an info on time scales for house buying. Short of not being cash buyers, I reckon our position is the best you could be in for a quick completion. There is no chain, we have solicitors lined up, mortgage in principle and deposit ready in the bank. We are in rented accommodation with an open contract not requiring notice (Military quarters) The house we're buying is empty ready to move into.
I'm going to record the time taken from the offer acceptance (Today) to me being handed the keys, job done.
So todays date 29th September 2014, recieved the call at midday today, our offers been accepted.
lets see how quick we can get this going, would like to have Christmas in our own place this year.
mattdaniels said:
Sounds good, best of luck.
TBH in my experience it isn't the lack of lining things up that causes delays, its the comms between the various parties and resolving any niggles that the conveyancing throws up
Thanks, I shall ensure everyone is kept on their toes throughout, no worries about that. Hopefully they'll be glad to see the back of me once completedTBH in my experience it isn't the lack of lining things up that causes delays, its the comms between the various parties and resolving any niggles that the conveyancing throws up
Congratulations!
The biggest problem we have here (Bath) is the turnaround time for local searches, combine that with the reluctance of buyers solicitors to apply for them until contract papers are received makes buying here a minimum 12 (16 is more the norm) week process just to get to exchange.
It's incredible how many mortgage offers have had to be extended whilst the buyer is sat waiting.
FWIW, push to get the searches in fast, you're going to have to pay and get them anyway so don't delay if it's as bad where you are.
Similarly, if the conveyance is at all complex or perhaps leasehold, you MAY well find a local solicitor to the property can turn this around faster than an online conveyancing operation just due to local knowledge. Might also be worth checking that whoever you use is 'approved' by the lender.
Lecture over
Duncan
The biggest problem we have here (Bath) is the turnaround time for local searches, combine that with the reluctance of buyers solicitors to apply for them until contract papers are received makes buying here a minimum 12 (16 is more the norm) week process just to get to exchange.
It's incredible how many mortgage offers have had to be extended whilst the buyer is sat waiting.
FWIW, push to get the searches in fast, you're going to have to pay and get them anyway so don't delay if it's as bad where you are.
Similarly, if the conveyance is at all complex or perhaps leasehold, you MAY well find a local solicitor to the property can turn this around faster than an online conveyancing operation just due to local knowledge. Might also be worth checking that whoever you use is 'approved' by the lender.
Lecture over
Duncan
I was in a similar position (no chain, empty house and good cash deposit) to you and have just completed in the last 2 weeks...
I was hoping for 8 weeks as I had everything in place, mortgage offer / solicitors etc but still took nearly 12 in the end... I could have been 8 easily though if it wasn't for sub-standard work from solicitors on both sides (same firm sadly too which was a coincidence and I thought would make things even simpler)
If I hadn't off spoken to the vendor and EA regularly to push things along I think we'd still not have the keys...
God luck though, lots of people say 3-6 months is normal and 9 not uncommon but I have a friend who completed in under 4 weeks!
I was hoping for 8 weeks as I had everything in place, mortgage offer / solicitors etc but still took nearly 12 in the end... I could have been 8 easily though if it wasn't for sub-standard work from solicitors on both sides (same firm sadly too which was a coincidence and I thought would make things even simpler)
If I hadn't off spoken to the vendor and EA regularly to push things along I think we'd still not have the keys...
God luck though, lots of people say 3-6 months is normal and 9 not uncommon but I have a friend who completed in under 4 weeks!
). Made the offer towards the end of July, and should be completing tomorrow 
So 8-9 weeks. Back in the 'good old days', my best speed buy was the last house on a new estate so the selling solicitors were well up to speed. Bank was a bit snowed under with mortgage applications so as a 'good' customer they extended my overdraft to cover the purchase price, did a deal with the seller on Monday afternoon, completed and picked up the keys the following Friday.
Not a hope in hell today! Probably a good thing in retrospect.
Not a hope in hell today! Probably a good thing in retrospect.
Crafty_ said:
Offer in the last few days of February, got the keys 2nd July. Mainly due to the fact the legal beagles uncovered a Land Registry f
k up many years before that took well over a month to sort out.
^ This.k up many years before that took well over a month to sort out. You just can't legislate for the unknown. We tell clients to expect the mortgage offer to be issued in 2-4 weeks and then be in a position to complete around week 8. Some happen in half that time, some double that timescale as no application is the same. I have one case still going from last December...............
B3NNL said:
Ok folks,
not really for my benefit, but more of an info on time scales for house buying. Short of not being cash buyers, I reckon our position is the best you could be in for a quick completion. There is no chain, we have solicitors lined up, mortgage in principle and deposit ready in the bank. We are in rented accommodation with an open contract not requiring notice (Military quarters) The house we're buying is empty ready to move into.
I'm going to record the time taken from the offer acceptance (Today) to me being handed the keys, job done.
So todays date 29th September 2014, recieved the call at midday today, our offers been accepted.
lets see how quick we can get this going, would like to have Christmas in our own place this year.
It isn't going to happen. not really for my benefit, but more of an info on time scales for house buying. Short of not being cash buyers, I reckon our position is the best you could be in for a quick completion. There is no chain, we have solicitors lined up, mortgage in principle and deposit ready in the bank. We are in rented accommodation with an open contract not requiring notice (Military quarters) The house we're buying is empty ready to move into.
I'm going to record the time taken from the offer acceptance (Today) to me being handed the keys, job done.
So todays date 29th September 2014, recieved the call at midday today, our offers been accepted.
lets see how quick we can get this going, would like to have Christmas in our own place this year.
Because
1) The seller hasn't found her dream house. Which will be in an area she can't afford, and she won't compromise, unless she finds everything perfect. You will find this out late November.
2) The seller will find her dream home, but her solicitor will also get confused about clarification of a 400 year old set of deeds and a 'flying freehold'
3) You will push the seller to complete by easter or you'll have to pull out. He doesn't actually want to move, so this is the stress that will allow him to say "nobody puts pressure on my wife like that, so we are not selling it to you if you are going to be so pushy"
4) The Seller will have a higher offer and will take it. This will fall through 3 days after you exchange on another property.
5) Your bank will change their mortgage rules, the day you want to exchange.
6) The survey will find it's made of experimental bricks made of a cheese chalk concrete asbestos composite, and is sitting on a 700 year old well.
7) The Searches will show a bridleway through the lounge (did you notice the hoof marks ?)
8) the seller will be made redundant 3 hours before exchange and will take 6 months finding a new job, and strangely the estate agents will have managed to keep a chain of 26 together.
This and 1000 other reasons.
After 50% of the above happened to me, I'd only view empty or new houses, but even then the timescales were impossible to predict.
hairyben said:
Told the agent "as soon as possible" on ours 3 years ago, they suggested a date 3 weeks hence for completion. Empty property, no chain, simple 30's semi and I knew what we were buying, think it could have been sooner if I'd wanted to push.
Three years! Have you exchanged yet?I'll join you in this thread.
Offer accepted 23rd September. My buyer is in rented accommodation. The place I'm buying has no forward chain. Two properties, three parties, how hard can it be? Anyone want to raise my estimate of twelve weeks?
Yes, I know already... years ago I bought an empty flat, seller had already moved out. I was in rented and it still took 10 weeks for completion.
Offer accepted 23rd September. My buyer is in rented accommodation. The place I'm buying has no forward chain. Two properties, three parties, how hard can it be? Anyone want to raise my estimate of twelve weeks?
Yes, I know already... years ago I bought an empty flat, seller had already moved out. I was in rented and it still took 10 weeks for completion.
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