Whats the shortest time a sale can take?

[YOLO2018]

We accepted an offer today from a proceedable buyer. They are looking to complete asap as their living conditions are not the best! We still need to buy but will go in to rented if necessary. How long is the shortest time it will take to complete a sale?

Don’t know where you are but in Scotland I think it is 4-5 weeks.

Not being part of a. Hain would give you more flexibility when buying but moving into rented and then moving might be a real pain- possible issues with letting for less than 6 months.
Congratulations on the offer though.hope everything goes smoothly.

From my verbal offer being accepted to getting the keys took 4 weeks and one day. I wasn't in a chain though and going from renting

Depends if they're a cash buyer?

I bought a vacant property for cash which I first saw at the end of January 2016 and wanted to rush the sale through as quickly as possible before the new stamp duty rules came into effect in April 2016.
I didn't get a survey, there were no particular problems, but it still took six weeks. (I'm in England)

Oh okay thanks. We are in England. We don't really want to go in to rented, if we can help it, but not in a position to visit potential properties for 3 weeks as we are moving 200 miles away. Didn't expect it all to happen so quickly! I don't think they even intend on getting a survey done as he was 'in the trade' and happy with what he saw.

Oh and they have a mortgage in place and nothing to sell.

They can't "have a mortgage in place" if the offer was only accepted today as mortgage offers are specific to individual properties. The lender will want to do a valuation survey (even if that is only a drive by) at the very least.

The limiting steps will be how long it takes for the formal mortgage offer, and how long it takes for local searches etc to be completed. If any issues arise from these hat will slow the process down. It will also depend a bit on how efficient your respective solicitors are and how much you both push. Speedy solicitors and no issues on a freehold property it could be done in 4-6 weeks.

Do be sure that going in to rented is what you want though, and consider all of the issues. How long have you been on the market? Are you worried about not finding another buyer if you don't agree to rushing it through?

If your moving to a new area, there's a lot to be said for renting a property initially for 6 months or so, while you have a good look around and get a feel for exactly where you want to buy, local schools etc.
It really takes the pressure off of finding the best house to buy. You'd also be in a good bargaining position as you wouldn't have a property to sell.
Would you be in a position to consider that?

@Caroian thank you for your response. No we are not too worried about getting a buyer. We have had 9 viewings this week with 2 booking in for 2nd viewings next week - until this offer was made.

The benefit of going in to rented would be that we could get the kids in to the desired schools and give us a wider search area to buy. Plus it would leave us as either cash buyers or 75% cash deposit, depending on what we buy. I am hoping we may save the amount we spend on rent off an asking price, by being in a stong place to move. Or is that just wishful thinking! ???

@Godowneasy - crossed post but yes, exactly what I was thinking.

Bought my mums sheltered housing flat in three weeks. Two weeks from offer to exchange, plus a further week required by freeholder for completion. No survey. Vendor kindly let me redecorate in the week before exchange and completion. I gave my solicitor, who I chose because he knew the development and the lease, a bottle of champagne as a thank you.

If you don't want things to go too fast just be a bit slow in answering queries.

Definitely rent. It’s not “wasted” money - I always hate that argument. You’ll be paying a LL instead of a bank fir a short period, that’s all. But you’ll have flexibility and be chain-free, and be able to sort schools etc. In the grand scheme of a mortgage lifetime, you’ll “waste” very little. Think of it as an investment in your future life instead.

Agreed @nosquirrels

There are advantages to renting - as Godowneasy has stated. But there are downsides too. Having to go through the actual act of moving twice. Potentially having to put stuff in to storage. There can sometimes be issues with finding a short term tenancy, which can limit your rental choices. You also run the risk of it costing you money in the long term - there are no guarantees you'll save what you spend in rent just by being in strong position (you might, for example, be the only people to offer on your next home in which case your position may be irrelevant to the vendor) and if you are renting for many months the costs can add up. You'll also have two lots of removal fees, possibly storage fees etc

My point really was to consider it from all angles and not to just accept rushing in to rental because it is what these buyers want if that doesn't suit you.

@caroian I completely get what you are saying, thank you.

I've found that being a cash buyer has landed me the property on two occasions in recent years, over those who needed to arrange a mortgage, or even offered a higher price (so the estate agent told me).

If I were you, I wouldn't promise your buyers that it can be rushed through as you never know what may be thrown up in the process.

Also, my purchase that I mentioned earlier took six weeks, but I exchanged and completed the sale on the same day. If you have a family and are moving out of the property, I expect you would want and need the more normal 28 days between exchange and completion.

I'd be very reluctant to move out before I had something secured for myself. Getting somewhere to rent isn't necessarily quick and you'll be tired into minimum contracts which will delay you being able to move on. Plus it will be expensive, two sets of moving fees, rent, possibly storage...

The fastest move I had was 3 weeks. A cash buyer with nothing to sell bought mine, and I bought an empty house for cash too.

We sold in 5 weeks (viewing to moving day), went into rented. But it was hard to find a rental as we have pets, eventually a friend helped out. Massive chasing and pressure from buyers who were divorcing and desperate to move.

My dad offered one Friday and they exchanged and completed the following Thursday. But they were cash buyers, no chain and they didn't do any searches. They'd been gazumped on two previous properties in the area and had lost thoudands in fees. We were all very impressed.