How long realistically until exchange/completion FTB no chain

[Bumpandus]

Hi I’m a FTB no chain
Put offer in house 24th June accepted same day.
All paperwork/contract/SDLT signed
Transfer deed signed
Mortgage deed signed today
Searches expected back by next Friday. So this is all we waiting for. If all comes back fine could we really exchange the next week and complete soon after?

Stories and opinions??

Thanks!!

Every transaction is different, so you would be better asking your solicitor for a time estimate. All anyone on here can do is guess at whether it is a possibility without knowing the details of the transaction.

I'd say estimate how long you think it's going to take and add about 4/6 weeks, there is almost always some last minute faff/dragging of heels!

Once the searches come back there may be things your solicitor has to review alongside the title document etc. Have you had your survey done yet? That will take time depending on how soon you get an appointment. Then as TokyoSushi says there will be some general lag. Ask your solicitor when they think you can set an exchange date.

@ComtesseDeSpair yeah I’ve had survey and everything done. Signed contract and transfer and mortgage deed just waiting for searches which are delayed due to covid

Ours took 12 weeks, I'd agree....add on more time than you think and then if it's sooner you can be pleasently surprised!

Seems that 12 weeks is normal these days!

We are on week 4 of a chain free buyer - surveys done, mortgage valuation done, searches started, so hoping it won't stretch to 12 weeks but you never know!

Depends on two things. The lawyers, and the sellers.

We had a similar scenario both times we've moved recently and the lawyers were beyond incompetent. Repeatedly asking the same questions they'd had responses to already, claiming they hadn't received paperwork until we pointed out they'd signed for it, and for two weeks solid, managed to find an excuse (not a reason) why they couldn't exchange YET AGAIN. This carried on until we lodged a complaint and threatened to report them to the law society.

If you have good legal people however it's entirely possible to sell a house in 2 weeks - I've seen this done, but most of the time these days solicitors have too many clients, so your case often gets looked at say once every three weeks and by which time your lawyer has forgotten what's going on. Could explain the repetition asking questions.

Keep on them, every day, and if they say the other side is holding things up, speak directly to the sellers who are likely getting the same story from their lawyer.

We’ve just done this, OP. Cash buyers and only one house in the chain. It was 7 weeks from offer to exchange, then we completed a fortnight later.

We’ve moved quite a few times and, in my experience, there’s a flurry of activity at the beginning and at the end, but an inexplicable flat patch in the middle. As a PP said, solicitors have many cases on the go at once and only look at each one sporadically.

@Umpteen I’m hoping we can exchange in next couple week which would be 7 weeks! Then complete ASAP after x

1st house (chain free) = 16 weeks from offer to exchange.
2nd house (chain free) = 21 weeks FOTE
3rd house (we weren’t selling. Chain 3 houses long in total) = 26 weeks FOTE.

V frustrating every time. Hopefully, we won’t ever need to move again (we’ll sell house number 2 at some point, but won’t be the same pressure then).

Our searches are back just waiting for enquiry replies!

We just did 1 month exactly from offer to exchange! Extremely efficient buyer - even the estate agent was amazed by how quickly it had gone. Her solicitor must’ve had very few queries on the searches. And that was a leasehold flat with share of freehold Needing co-freeholders Signatures so a lot more complicated than usual.

@Isit2021yetplease wow that’s amazing !