Buying a flat - how long?
Discussion
I am close to agreeing a final price for a flat which I'm looking to buy. I will be speaking to my mortgage advisor tonight about applying for a mortgage (he told me in principle, my circumstances should ensure a smooth process).
The flat is a friend of a friend's and we are not going through an estate agent. She has some temporary accommodation with family lined up until she buys a new place.
How long should I realistically expect to wait before being able to move in?
The flat is a friend of a friend's and we are not going through an estate agent. She has some temporary accommodation with family lined up until she buys a new place.
How long should I realistically expect to wait before being able to move in?
A bit of a tricky one to be honest as so much depends on you, her, the nature of the property and the efficiency of your respective solicitors (and the management company and their soliciotrs).
Best case? Exchange in 4 weeks.
More likley? 10 weeks.
Longest I've known? Must have been about 9 months.
Is it purpose built? Relativley new? Share of freehold? Any idea on the length of the lease?
If your finances lead you to believe your side will be "smooth" then that will help, but your solicitor will be working for your mortgage lender, too (although you will be charded for it) so the circumstances of the property and lease are of interest to them too. Probably of more interest in these tightened economic times.
Since you're not using an agent it is best to develop a good relationship with your solicitor, your broker and the vendor. Be careful with the vendor though, as the move is stressful, demanding and mostly out of your and her direct controls. It is easy to get pi$$ed off with each other when you'd really be better off working together to your potential best interests.
Best of luck.
Best case? Exchange in 4 weeks.
More likley? 10 weeks.
Longest I've known? Must have been about 9 months.
Is it purpose built? Relativley new? Share of freehold? Any idea on the length of the lease?
If your finances lead you to believe your side will be "smooth" then that will help, but your solicitor will be working for your mortgage lender, too (although you will be charded for it) so the circumstances of the property and lease are of interest to them too. Probably of more interest in these tightened economic times.
Since you're not using an agent it is best to develop a good relationship with your solicitor, your broker and the vendor. Be careful with the vendor though, as the move is stressful, demanding and mostly out of your and her direct controls. It is easy to get pi$$ed off with each other when you'd really be better off working together to your potential best interests.
Best of luck.
Girlfriend has just gone through this.
No chain either side, both parties wanting to move ASAP. Only thing to resolve was mortgage. She had offer accepted early December, moved in last weekend. So 8 -10 weeks seems par.
I've done it in 3 weeks before. But that was with having a mortgage offer in hand.
No chain either side, both parties wanting to move ASAP. Only thing to resolve was mortgage. She had offer accepted early December, moved in last weekend. So 8 -10 weeks seems par.
I've done it in 3 weeks before. But that was with having a mortgage offer in hand.
Stevenj214 said:
Thanks for the quick reply. A guide of 4-10+ weeks helps a lot!
On the home report, the tenure is marked "Absolute Ownership". It's an ex-local authority flat.
Neither of us have engaged a solicitor as yet. Is it necessary to have separate ones?
While it is technically possible for one practice to work for both the seller and the buyer in a transaction it is best avoided. If you post a thread asking for a decent conveyancer in your area in this forum someone with locla knowledge is bound to pipe up.On the home report, the tenure is marked "Absolute Ownership". It's an ex-local authority flat.
Neither of us have engaged a solicitor as yet. Is it necessary to have separate ones?
I sold a flat just before Christmas. I put in on the market and completed the sale 5 weeks later. It was 10 days before they viewed and 2 weeks when they made the offer, so we went for exchange in just under 3 weeks and completed a couple of days later.
It can be done, but its not the norm, unless both sides, and the solicitors are working to a common goal.
Typically allow 6-10 weeks would be my advice. It may take a few weeks to organise the removes for example.
It can be done, but its not the norm, unless both sides, and the solicitors are working to a common goal.
Typically allow 6-10 weeks would be my advice. It may take a few weeks to organise the removes for example.
Slightly off topic from the original question but are you saying it is a freehold flat? These are pretty rare and sometimes hard to raise a mortgage on. If not you may have shared ownership of the freehold, still in effect a leasehold flat but you are also part freeholder of the block. Failing that it's standard leasehold but if that's the case you need to know how long left, it will have an impact on the price you'd want to pay and also if too short will again make getting a mortgage tricky.
As for how long, it can take ages if it is a leasehold and you have an arsy management company in the middle - sold one in London recently and my lot made the sale a right ballache, all about money at the end of the day and as soon as the had their palms crossed with silver they backed down. Arses ... can you tell I am bitter?
As for how long, it can take ages if it is a leasehold and you have an arsy management company in the middle - sold one in London recently and my lot made the sale a right ballache, all about money at the end of the day and as soon as the had their palms crossed with silver they backed down. Arses ... can you tell I am bitter?
This could well be the case. People are often quick to rule it out as a possibility, but they exist with a lot of conversions? Is it a purpose built flat or a conversion? It should pose you no problem to raise finance on it, but you should be aware of any obligations the freehold may contain, such as service charge invoicing, arranging building insurance etc. The positives are that you gain the reversionary interest, meaning that the owners of the leaseholds will at some point have to come back to you to extend their leases (although depending on the lease this may not be for some time in the future and therefore of little benefit to you).
For reference the property mentioned above that I sold was leasehold. As mentioned though it does all depend on the speed of the third party.
For reference the property mentioned above that I sold was leasehold. As mentioned though it does all depend on the speed of the third party.
Edited by TimCrighton on Tuesday 23 February 15:33
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff