Timings from survey to exchange

[traceybath]

OK I do appreciate this is a bit how long is a piece of string but would appreciate some rough guidance.

We had an offer accepted a week ago and our mortgage was agreed and survey instructed on Monday.

The survey is being carried out on the 21st - we're not expecting any big surprises hopefully.

So roughly how long is standard between the survey and exchange? Solicitors are instructed already.

Thanks!

Oh and we've got the property at 20% under asking price so keen to exchange as quickly as possible so vendor doesn't change her mind.

You will not get a mortgage offer until AFTER a survey. Roughly speaking you will get a mortgage offer 2 weeks after a survey (depending on any other outstanding paperwork) and then it depends on how quick your solicitor is!

Lovely - thank you!

So probably looking at 4 weeks from survey to exchange if the survey is ok and all straight-forward.

Sorry - it's not the survey that the exchange is dependent on, it is the solicitors' work.
They have to request searches (different from the survey) and raise enquiries, which can take 6 weeks, longer in some cases, depending on the Local Authority and whether the Seller's deeds/any planning permissions/building regulations consents are all up and together.

I would normally tell my clients 8 - 10 weeks from start to finish, and hope to get it done in 8!

They always used to say 13 weeks from offer to exchange was the average but, speaking to a solicitor the other week, he said that mortgage companies are being increasingly pernickety and wanting every last bit of paperwork dating back decades before releasing funds and this is definitely slowing things down.

Thanks - if the mortgage has been agreed so credit checking/payslips etc all seen and approved - surely the offer is dependent on the survey or have I got that wrong?

Yes - had sort of hoped all the searches would be quite speedy but yes 8 weeks would be brilliant.

We're not selling as in rented and vendor has no onward chain and have a very good and speedy mortgage broker so fingers crossed.

Has taken us 3 years to find a house we like and for the right money so just don't want to fall at the last hurdle really.

No, as other people have said, it is to do with searches and paperwork associated with the property you are buying. So, for example, if it has ever been extended, is there a building regs completion certificate? If it is leasehold, they will want certain information from the freeholder. If there is a shared pathway or drive, then they will need to check that out to make sure that you really have access over it and there won't be a big boundary dispute. If the windows are new, is there a FENSA guarantee - it's endless, it really is and there is always one bit of paper that everyone has ignored or forgotten about until the day of exchange which means everything gets put on hold for another couple of weeks .

God - its so long since I bought a house I'd forgotten how frustrating it is

House has only been lived in by current owner and she's been there for 40 odd years and no extensions but as you say they'll undoubtedly be something to hold it up.

Stamps feet! I want it now though as really really loathe where we're renting.

Think I'll give solicitor a ring tomorrow and get his estimate too.

Thank you so much for all your replies - have been invaluable as I was mentally thinking - oooh 2 weeks and we'll be in

Two weeks? Not in your wildest dreams. Ours took nearly six months from offer to completion.

If she's been there for 40 years and is the only owner, it's likely it won't be registered at the Land Registry, so that may well cause a bit of a delay!

Best idea is to speak to your solicitor and keep in touch with him / her. Ask them to update you, but don't pester them every day - if they are on the phone to you, they can't get on with their work!

12 weeks offer to completion is a good estimate for a straightforward transaction where there isn't a chain.

Let us know how you get on!

Right spoke to solicitor (and yes I know I should have done that originally) and he thinks 6-8 weeks to exchange provided all straight-forward.

Kreecher - how comes 6 months - thats so long and I imagine very stressful.

Thanks again for your replies.