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How long does the process take?(9 Posts)
I'm a FTB, had an offer accepted 1 month ago - took about 2 weeks to get mortgage and solicitors instructed, I had an email from our Conveyancer last week with draft contracts and he said they will raise initial enquiries and request searches
My question is to those who have recently moved or are further along in the process how long did it take you to exchange/complete from this point?
We are in a chain of 3
Do you know how long searches are taking in your area? https://search-acumen.co.uk/covid-19-coronavirus Some areas are incredibly slow at the moment.
We are 6-7 weeks into our purchase (no chain) and our searches are due back next week. If they don't raise any further enquiries it might be that we are ready to exchange in a week or two after that, but equally if more work needs doing on the back of the search results it could be a few months. No way of knowing unfortunately.
Will also depend on where the rest of your chain are up to.
In ordinary times, 12 - 16 weeks is considered a pretty standard length of time from offer to exchange. As BlueCherryBlossom says, searches are the big variable and totally LA dependent: I bought in one London borough mid-lockdown last year and my searches were back in 10 days; two friends buying in a neighbouring borough both waited almost 6 weeks.
When you say you have a mortgage instructed, do you mean the valuation surveyor has already been out or just that you’ve submitted your application? Some lenders are taking an age to issue offers at the moment so if you already have yours you’re doing well!
Thanks all, I've checked on the LA website for the property we are buying and it said searches are taking 5 working days but I'm unsure on the boroughs which the rest of the chain are in
I'm really hoping we can complete by the end of June!
@ComtesseDeSpair I've already had my mortgage offer through with Halifax, I paid a £200 valuation fee but I haven't actually heard anything back on this? I'm assuming all is okay and they have valued it without sending someone physically to the property but I'm so new to all of this so have no idea!
Our first house took 18 weeks with no issues and 3 people in the chain. Delays were caused by the middle of the chain using awful "recommended" (cheap) solicitors who took forever to do anything, even their clients couldn't get hold of them that often.
Current house took 12 weeks, five people in the chain, quite a few queries flying about but all searches were speedy and all solicitors involved were on fire at getting it all pushed through.
It depends really, it only moves as fast as the slowest in the chain. It helps if you are proactive and chase, and your estate agent does the same. If uncomplicated normally 3 months or so.
I’ve had 2 aborted purchases due to big issues revealed late (2 months in) into each process. I’m now renting and am in my third attempt at purchase. The property I’m buying is empty as the owner just moved into their next. So far in this purchase my timeline has been:
Draft contracts issued and searches ordered within a week from the offer.
Vendor proactive and we have seen F&F and PIF forms. They have sent copies of building regs etc.
Mortgage reapplication done 2 weeks ago, valuation survey done last Thursday and we should get our offer by next Tuesday, delayed due to BH.
DH will do our building survey next week.
Searches in our local authority take a month so due back end April.
I want to complete in May.
I would count on it taking 6 months at the moment unless all of you on the chain get onto your Solictors constantly
Ours took 3mths end of last year- from offer being accepted to getting the keys. We were chain free & already had a broker on board. Even that felt like a dragged out timeline!