How long to completion?(18 Posts)
We've just put in an offer on a house, but to be honest we've got a couple of months of saving up left before we've got all the money for it!
Can I possibly ask - how long has it taken you in total between offer and completion? We're hoping to stall with surveys and searches so that we don't complete until June/July!
We offered (and offer accepted) the last week in January, survey etc done shortly after. Searches all back by the last week in Feb and now we're still waiting for the enquiries to come back from the seller solicitor. But harder for us as we're buying from an asset management company as the property owner had died so we knew we wouldn't necessarily get the answers to the enquiries but they just seem to be taking the piss now - if they don't know the answer they need to just say that. We're in rented, there's no chain but we don't want to complete now until late May which is looking highly plausible now!!
With our first buyer it took 12+ weeks and we never did complete because she wanted ridiculous amounts of money off the asking price at the last minute. Our second buyer it took 7 weeks from offer to completion, and that was with us also offering and completing on a house as well.
Have you made it clear to the seller that you can't complete for a while? We had an offer from someone who couldn't complete for a while and we rejected it because we have a baby due and wanted to get moving before then.
We had an offer accepted on the house we are buying first week of March (we complete a chain of 5).
We're still waiting and will be at last a month yet because searches in Dorset where the first 3 houses are are taking forever.
Don't stall searches, survey etc, things take long enough anyway! Just do them one after another and take the extra day sending everything back and you'll be fine- you can specify completion times anyway if you need to wait.
You may be required to prove finances - mortgage offer in principle, bank statements etc- even before the offer is accepted. If you can't you may find you lose the property. It can take 8-12 weeks to complete but also depends if there is a chain.
Four months in our case, but the seller was a ninny. There's an argument to be made for setting out upfront that you'd like completion in x month, but it may present a problem if they had expected to move faster/ need to move sooner for a particular reason.
Our EA used to advise 12 weeks for a property purchase, as a seller I would also expect to be told if the potential buyers were not planning to complete in the usual timeframe (and would consider a lack of funds as a big warning flag tbh!).
We sold our house last year to first time buyers and we weren't buying anything else so what should of been a straightforward process still took 4.5 months!
Well i sold back in Feb and had an offer accepted mid March. My buyers are in rented, the house I am buying is empty, so should be a quick sale....... however the owners of empty property have only just realised one month in that they need to obtain some legal documentation which could take many weeks. My solicitors cannot begin any legal work until this is hand. WHY WHY WHY can they sort the shit out before putting a house on the market?!!
So in answer to you OP how long is a piece of string?
We can potentially complete in 10 weeks, so that seems to be in line with what a lot of you are saying. We have tens of thousands (London!) in funds (carefully saved over the last 3/4 years), and easily have the deposit and money for surveys etc, it's just the last couple of thousand for the stamp duty we're saving (but we're currently managing to put away about 1K a month, and will be able to put away more once we finish paying a loan - due to finish in May).
12 weeks would be perfect! The seller doesn't seem to be in any hurry, or at least hasn't indicated they are. They've already moved abroad and have taken their time responding to our offer as it is.
Thanks for your answers, they've put my mind at rest - no one's saying 8 weeks at least!
Just tell your solicitor you can't complete till then. He can't state it at exchange.
It's such a long time. Is there a reason why in England? I know Scotland is different legally but we usually work on around 6 weeks from offering to moving in. Why does it take so long?
I think concluding the missives seems to be more straightforward than the English conveyancing system - plus the Homebuyers report is available to all potential buyers upfront.
As long as the seller isn't in a rush you should be fine. Generally these things tend to take more, rather than less time.
We were 7 weeks from making our offer to moving in
Just a warning when I bought we had to give the solicitor proof of funds before they started so they could do money laundering checks. Must be quite a new requirement (or I look dodgy?!) as I don't remember it the previous time.
As pp have said the estate agent may also ask (did when I was a first time buyer but not since) so could put seller of accepting you offer.
Sorry this sounds like I'm being really negative, I think both are just POSSIBLE problems so you may be fine. Hope you get it sorted.
Ive moved at least four times, I'd allow three months at least.
I told my dd to expect at least 3 months when she was buying her first house, but to my astonishment it was all wrapped up in 6 weeks. But she and then dp were FTbs and the vendors were in a hurry. They also used the in house solicitor and mortgage advisor, which I imagine helped speed things up. Though dd did get a discount on the mortgage fee, having found exactly the same deal online for less!
2nd house took about 3 months, despite them finding a buyer very quickly for the first. Of course that purchase was more complicated, porting a mortgage, etc,, and the EA was one of those who need a stick of dynamite up their jacksie in order to get moving.
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