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Property/DIY

Complete house sale in London - how long

12 replies

Revupk · 14/02/2011 13:28

We are planning to put our property on the market next week in SW London. Just wanted to find out how long it took to complete a sale from marketing i/e what should I be braced for?
Thanks

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Artichokes · 14/02/2011 13:31

Always longer than you think.

We went on the market in West London in September last year. Had an offer and found somewhere to buy by mid-Oct. Then mortgages (for everyone in the chain) took ages as mortgage companies are very cautious now. Then price adjustments took ages to agree. Then other niggly bits took over. We exhanged last week and will complete at the beginning of March. So just under 6 months from start to finish for us.

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MegBusset · 14/02/2011 13:32

We sold last year in N London - went on the market in August and moved at the start of December. I know many people who've been on the market for much longer, though, or had chains fall apart at the last minute (this happened to us because FTB couldn't get a mortgage, but luckily we had a second buyer who stepped in).

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Fiddledee · 14/02/2011 15:05

We have been constantly under offer since September, we have exchanged and complete mid March (third set of buyers). However, for our purchase we are hoping to complete/exchange in 6 weeks as there is no chain.

I would really advise to go into rental/break the chain and/or get a buyer who is in rental or cash. Its a nightmare to get chains to work at the moment - lots of people get mortgages in principal then they find a property and the mortgage companies will no longer lend to them. Shortage of supply of properties can mean that everybody gets fed up with the person at the top of the chain waiting to try and find the right property.

Only move if you have to IMO.

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Revupk · 14/02/2011 15:22

Thanks everyone. Fiddle - re your suggestion about going into rental - my DH thinks that is the way to go as we havent found a property to move into but I am concerned about being stuck in the rental property and getting priced out of the housing market.

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Fiddledee · 14/02/2011 15:40

You will be in a much stronger position to buy if you are in rental/chain free IME. If you find the right house but you have 2 or 3 people in a chain below you then you may find it difficult to secure your ideal house. We snapped up a property at a good price as we were chain free, the vendor took our lower offer as we had no chain.

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minipie · 14/02/2011 18:05

Revupk - this is very nosey but I wondered if you would mind saying where you're selling (roughly) as we are looking in SW London. We're looking, roughly speaking, near to balham and clap south tubes.
Understand if you'd rather not say!

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Revupk · 14/02/2011 20:36

Minipie - Ive messaged you with some more details

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theyoungvisiter · 14/02/2011 20:58

I think 6 months is about right - especially if there are flats involved in the chain, as leaseholds always seems to take longer becuase of the extra paperwork involved.

I also agree that going into rental is good advice, if you can bear it. There is so little about, we had our place snapped up in 2 minutes and then couldn't find anywhere to buy. We stalled and stalled with our buyer getting more and more antsy and then ended up over-paying for a place just to get the chain moving (which I don't regret, but if we'd been in rental I would certainly have haggled harder).

We also had mortgage issues (not us but our buyers). It seems like the mortgage companies are constantly moving the goalposts at the moment and what they'd been promised at the outset was taken off the table halfway through.

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DadAndy · 14/02/2011 21:36

We're selling in Tooting, went on the market in Sept, and hopefully touching wood, crossing fingers, etc we'll move next month

Been under offer 3 times, the last 2 with the same (hopefully final) buyer, and surveys were just before Xmas. Since then, it's been mortgage and solictor delays more than anything else

So, yes, about 6 months, I guess

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Revupk · 15/02/2011 12:31

Thank you everybody for your responses.

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thomasbodley · 15/02/2011 16:10

We sold to a cash buyer and moved into rented. Our whole deal from first viewing to moving out was done in 38 days . Can't be too smug though, as renting is a nightmare (as you can see from other thread).

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Revupk · 15/02/2011 20:58

Thomasbodley - that is fantastic! Well done. Would you mind pointing me to the other thread on the nightmare of renting (Argh!)