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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To think you can buy a house in a chain in six weeks?

44 replies

Pukepukepuke · 20/09/2018 22:56

There are the buyers at the bottom with no chain, our buyers, us, our vendors and then an empty house. Everyone agreed on the same day which was two weeks ago. Searches being undertaken, surgery etc. Could this happen in a month? I don’t want horror stories I know plenty I just want anyone who’s managed it to tell me it’s possible because I don’t buy it...

OP posts:
Mayhemmumma · 20/09/2018 22:57

No. 8 weeks is doable but 12 is realistic.

LoniceraJaponica · 20/09/2018 22:58

YABU. Local authority searches always take longer than you think.

DiveBombingSeagull · 20/09/2018 22:59

If people are motivated then it can be done.

I have known buyers take the searches down to the council themselves/go straight in to sign paperwork/get solicitors to drawdown mortgage funds in advance etc

But if you have old fashioned solicitors who wait for the next piece of paperwork to come in through the post before replying via the same then it can drag on.

WheelOfMisfortune · 20/09/2018 23:00

We did it in 8 weeks and our lawyer told us it was the fastest he had ever done it- lawyer for 24 years.

PinkCalluna · 20/09/2018 23:00

We did it in six but we are in Scotland.

Tallace · 20/09/2018 23:03

We had a similar chain and there were no issues but it still took 12 weeks. Solicitors are SO slow getting everything done.

NorthernLurker · 20/09/2018 23:03

We did it in 6 weeks, 5 days. The chain was our buyer - cash - us buying from vendors who had already bought their new home so just one mortgage to sort.

Centreparcsooheer · 20/09/2018 23:06

We did it in 6 weeks and over Christmas and New year!! But only because the person buying ours was desperate (Had been living with friends and needed to move out) so he kept driving documents to where they needed to go!

lottiegarbanzo · 20/09/2018 23:06

Just because it is possible does not mean it will happen.

PrincessTwilightStoleMyToddler · 20/09/2018 23:08

it Is highly unlikely but could be possible if:

  • everyone would consider indemnity insurance instead of searches if searches will take too long (where I am the turnaround is typically 8-9 weeks, which is ridiculous) AND their mortgage lenders are on board. I know a couple who did this - they managed offer to exchange in 6 DAYS (to secure their dream place). Their solicitor was his dad though, and they had a 55% deposit so the bank had really good security with a lot of headroom.
  • everyone is really motivated and so are their solicitors
  • none of the surveys have any clangers or concerns at all.

Good luck!

Waterlemon · 20/09/2018 23:14

We had a small chain (1 time buyers - us - sellers - empty property)

Ours was a leasehold ex LA property, we had a few issues come up with the lease and some very pedantic enquiries from buyers solicitor, and we had some issues come up on our survey for our purchasethat delayed things.

However we still managed to complete in 9 weeks! Our estate agent was actually really good at liaising with all the different parties and both solicitors were extremely efficient.

I can see 6 weeks doable just as long as everyone is on the ball! (All paper work signed straight away, speedy solicitors, speedy council)

Washedwithrain · 20/09/2018 23:20

We were in a chain of first time buyers buying from our buyers, and then us - we werent buying a property at all, and it still took more than 8 weeks. There were no specific delays at all.

TeaByTheSeaside · 20/09/2018 23:22

We did it in 6 weeks.

FTB - our buyer - us - our seller

Our seller had lost their buyer. They were buying in France and had put £50k down and would lose it if they didn't complete by a certain date (6 weeks away from the date we made our offer)

Seller and ourselves were selling with the same agent (total of both properties totalled over a million) so agent was extremely motivated to ensure the chain went through.

The agent rang everyone in the chain several times a day for the whole 6 weeks, chasing to ensure we completed on time. I've no idea how, but we did it.

It is possible but everyone in the chain has to be of the same mind and someone / everyone needs to be chasing daily.

Spanglylycra · 20/09/2018 23:26

I've done it in 2 weeks. First time buyers > Us > lady going into a new build.

The lady going into the new build initially refused our offer, she was then at risk of losing her plot so came back to us and said if we could complete in 2 weeks it was ours, so we did.

You need a bloody good solicitor who will kick all the rest of them up the arse and harass the council, ours is outstanding the estate agents are scared of him!

This time we did it in 10 weeks because of the slowness of our sellers, quick by many standards but felt painfully slow to us!

LoniceraJaponica · 21/09/2018 07:50

"Solicitors are SO slow getting everything done."

That has always been our experience. Also, we live in an ex mining area so the local authority searches have to include a mining search which adds to the time taken.

We have never moved in under 12 weeks from putting an offer in to the actual moving day. It took 4 months last time we moved because the vendor kept going away and couldn't be contacted.

sm40 · 21/09/2018 07:57

We moved into a new build and only had the people moving into our house in the chain. Did it in 5 weeks. Had to pay an 'express' fee of about £100 to the solicitor.

ladywithredhands · 21/09/2018 08:04

IMO depends on:

No issues with mortgage offers/funds
No issues with any survey
No disputes over contract
Everyone has funds available on completion day
All solicitors are on it and contactable in exchange/completion day.

A slow or unreliable solicitor can really hold things up - sale of my last place should have been very straightforward (cash buyer, not doing any survey or searches as pretty new flat, I wasn't buying anywhere so no chain). Still took 14 weeks due to buyers solicitor being so slow in drawing up the contract and then going AWOL on the day of exchange.

The purchase of my new house also should have been easy with no chain either side and the conveyancing work was completed quickly but there were issues with the survey and my mortgage lender needed extra documents and reports, then on the day of exchange I noticed that they had the incorrect mortgage amount in the offer so it had to be redone! You just can't account for or imagine all of the possible problems in my opinion.

Namechangeforthiscancershit · 21/09/2018 08:07

I’ve done 7 weeks but the top of the chain had a flight for entire family to Australia booked, new schools for kids etc so pressure was on. I was FTB and I think chain was 4 people from memory. It took a lot of pushing.

6 seems crazy fast.

Els1e · 21/09/2018 08:10

Yes it is possible. I once did it in 5 weeks. But I’ve also had chain where it took nearly 7 months.

Peanutss · 21/09/2018 08:13

Solicitors are SO slow

Things like this annoy me. I'm a solicitor in conveyancing and most people don't actually realise half of what it entails. It isn't just a case of getting your searches in and ordering your mortgage money in advance and bingo all sorted.

You have a complete title check to do, enquiries to raise on said title which include a lot of queries to do with the title you may not feel are relevant or understand but unfortunately are required by law to be clarified. Especially when there is a mortgage lender involved. We aren't just acting on your behalf, we are acting for your lender too and they have very strict requirements.

You aren't buying a pencil, it's the biggest transaction of most people's lives and we have to ensure that the property is mortgable from a title standpoint and also that you won't have any issues selling in the future.

Mortgage offers also take weeks to come in a lot of the time and quite often require amending due to mistakes, they aren't instant when your lender says they'll give you a mortgage.

If there is a management company involved with a flat it practically triples the paperwork involved.

@LoniceraJaponica Coal mining searches are usually one of the first searches to come back along with the environmental. It's usually local and water searches which are the slowest. Locals can take weeks dependant on the Council.

Add that to a caseload of over 150 files per solicitor and the job is actually a hell of a lot more stressful and demanding than people realise. My colleagues work through the weekend and stay in the office till 8pm just to get things through.

In answer to your question OP. Yes it's possible, but unlikely. Especially in a chain. If there were no chain, you were buying cash and wanted to waive searches I'd say it's perfectly doable. But on average 8-12 weeks is the norm.

Most solicitors I know these days do everything through email, except signed documents which are required by law to be hard copy originals.

SpikyCactus · 21/09/2018 08:13

We bought a house (no chain) in less than 30 days. So I imagine you could have a small chain and do it within six weeks. It would be tight though.

Heatherjayne1972 · 21/09/2018 08:17

It’s doable yes but unlikely
Fastest ime was 8 weeks. 12 weeks is average
( last year it took 8 months start to finish- and no chain!!)

AnnabelleLecter · 21/09/2018 08:21

Our holiday cottage took 8 weeks. No chain and no-one moving in or out.
No hold ups, went smoothly but neither party was rushing. That's been the quickest for us.

Ignoramusgiganticus · 21/09/2018 08:23

I did it in 5 weeks many years ago, but my friend was my conveyancer and dealt with everything as soon as it hit her desk.

Pukepukepuke · 21/09/2018 08:27

I’ve done it twice before in six weeks but we were effectively ftb first time and second too. Everyone’s comments are so helpful. The lady who is the convenyancer what can I do to push I don’t want the agents chasing them when I can do it.

OP posts:
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