How long from mortgage offer to exchange and completion?

[Crazyoldmaurice]

1st time seller and just found out our buyer got their mortgage offer through yesterday. Wondering how long it will take them from mortgage offer to exchange? Aware its different for everyone but keen to hear of people's experiences. We are living with inlaws so no chain our end and buyer is a first time buyer.

Have they applied for searches yet?

I have no idea! Our solicitor is due to update us but I haven't heard back from her yet!

It's a bit how-long-is-a-piece-of-string. I've heard 12 weeks as a guidance but depending on your chain it can be much longer or shorter even. Searches are apparently taking a long time at the moment which is delaying everyone.

Depends on the solicitors involved. I’ve seen cases go through in weeks and some drag out for months.

The mortgage offer is only one part of the process, and there is not necessarily a direct relationship between when a mortgage offer is issued and when you exchange.

The speed a transaction moves at is determined by the slowest component. What that might be varies from one transaction to another.

In the process of selling and buying at the minute. Everything is going much much slower than normal due to COVID.

On week 12 here and hoping to complete next week. It's such a slow and frustrating process.

Are all their searches through (that's the cause of a long delay with our buyers)? Have all buyers' enquires been answered? Have you signed your paperwork? How long do you and your buyers want between exchange and completion? All those will impact on timescales.

I would say 8 weeks from offer that included searches

Apparently searches have been applied for and we have new enquiries 😒 it's going to be a long while I reckon 😑

Oh yes @Crazyoldmaurice I just had that add a another month on 🙄

Searches in our area taking longer due to previous lockdown and the backlog it created. EA are saying whole process is taking up to 16 weeks from accepting offer to completion.

I take it if you had searches done previously with a different solicitor for a different buyer it doesn't get passed on and speed up the process? I'm guessing not, first time seller so no clue really.

The sale has fallen through twice since Jan, will be lucky to get it completed by February at this rate. Wanted to try to use the stamp duty holiday but we are waiting to definitely sell before looking elsewhere 😒