Draft contracts

[chamenanged30]

How quick is it from draft contracts to exchange? It's been 7 weeks since our offer was accepted and the draft contracts have only just been sent to our solicitor,

Our buyers solicitor received our draft contracts on the 16th June, and still hasn't replied 🙄

I'd have pulled out by now. You're very self-restrained!

I've not been, I've been raging inside but we've paid a lot of money out so far and don't want to rink losing the house we're buying. The systems shit!

OK so you made an offer 7 weeks ago. The Estate Agent will then ask the sellers to instruct a solicitor and you to instruct a solicitor. Once the EA knows who both solicitors are, they send a Sales Memo to each solicitor so they have contact details. The solicitors will then write to each other introducing themselves. The sellers solicitor sends the sellers an introductory letter and various forms to fill in. The sellers may have to pay some money to the solicitors upfront to start the process. The sellers have to complete and return the forms, i.e. sign up and pay money on account, property info form and fixtures & contents, leasehold info form (if leasehold property), together with any supporting documents, e.g. building regulations/planning permission, the Lease etc. Once the solicitors have received all this plus upfront funds, they will then obtain up to date title deeds from Land Registry. They will then draft a "contract" and enclose the completed forms, title deeds, EPC, the Lease (if there is one) and any other supporting paperwork. If the property is leasehold, the sellers will also have to pay for the leasehold pack to be provided by the freeholder/management company. Then the solicitor will send this draft contract pack to your solicitor. That's when your solicitor can start his work on the transaction.

Can you see now why these things can take time? If the sellers aren't motivated to send back paperwork quickly, or pay funds to start the work, then the weeks fly by. Obviously if it is done by email, it will probably be quicker but is often by post as there are a lot of papers within the pack and sellers usually send their forms by post. Leasehold packs also take weeks to arrive, so many draft contracts are sent out before these has been received.

Spickle apparently the sellers solicitor sent through draft contracts on Friday to our solicitor. Can the remaining be done quickly?

No lease

Once the contract has been received, your solicitor needs to get various searches done, check title, go through the information forms and check that all is in order, check that any issues raised by the survey are dealt with, receive and comply with mortgage conditions, and draft a report to you.
If it is a freehold house with no extensions/layout changes/rights of way etc, then all this can be done quite quickly. You can help by raising any queries at an early stage, getting funds in place, getting buildings insurance ready to go on risk.

Oh we are cash buyers so no mortgage at all. Hopefully that'll quicken things up.