If you've sold recently to a cash buyer, how long did it take?

[CatAndHisKit]

Especially I'm interested to know how long would it normally take after the searches have been done as I know it takes longer than usual now. But if no serious poblems with the survey, how long after that?

My buyer is messing around and I'm considering someone else who's offered, the drawbabck is they are a private buyer so uld prob want a survey / might be finding fault whereas theexisting one is a developer who knows his stuff and doesn't need survey. Agent is apprehensive as it's a 'risk' - but we are both fed up with being strung along for months and them changing their story/finances, still no certainty.

I'm buying as a cash buyer, and so far it's taken four bloody months and still not completed. I think we're very nearly there, though.

Mine took 10 weeks in total but this was in August. My cash buyer actually apologised that it took that long. 3 in chain and we all wanted move to happen ASAP. Was spinning on my heels though because it all happened so fast.

I was the only one who needed a survey done.

I bought as a cash buyer. Took 4 & a half weeks. I'm in Scotland though so the home report was already completed

Sale agreed on 15th December, completed 12th February.

We accepted an offer from a cash buyer yesterday (19th Feb) and the plan is to complete before the stamp duty changes at the end of March.

Most people have said this won't be possible but according to both solicitors, apparently it should be doable... Going to be interesting to find out.

Cash buyers, no chain, vendors already moved out. In total - 4 weeks (Oct last year)

My shortest completion was 10 days - that was a couple of years ago on a mortgage repossession and the bank set the time limits.

We bought as cash buyers again last year and it took 8 weeks from getting the searches back, and that was with us chasing the solicitors on an almost daily basis - 5 months in total to complete on an empty house with no chain either way!

We accepted to cash buyers, accepted November and we should be completed beginning of next month.
They've had a survey done independently and then decided to apply for a mortgage now (to free up fees to get started on renovations - they are still cash buyers) which has involved another survey.
To be honest they're the ones that have held everything up because of the wait for surveys.

Cash buyers bought offered on our house last July and it completed in September, which we were delighted with.

We are now cash buyers ourselves and it’s looking like 4 months before we complete. We are getting so frustrated, but the people above us are messing about. Trying desperately to be patient!

From appointing solicitor to completion was 10 weeks for us as cash buyers. That included having a survey done (for own purposes, clearly not for mortagage) and a bit of wrangling over lease. This was pre-Covid.
Without the survey and lead issues 6 weeks would have worked. The searches probably came back within 2-3 weeks of starting process.

Offer accepted 4th Jan, completed 12th Feb. No chain and no mortgage. Super smooth.

Teen wow very impressive!
Thank you to all posters. I'm not talking about chain sales as that's of course 'how long is the piece of string'.

So those who've completed in up to 6-8 weeks recently, did you (or our cash buyer) not bothered with searches?
Unconsidered were you happy not to do searches, an what was your thinking? what if something was wrong?

The searches do take about a month currently or even a bit longer, sounds like they've skipped it?
The potential new buyer is cash, but being private I'm woried they'll drag out the enquiries / survey. For me to drop the curret unreliable buyer, I'd like the new process to take up to 2 months.
Of course EA is sceptical that it will be that quick - but if I stick with old buyer, he now needs remortgaging his other houses, so surely that will take longer than the new searches?

Also has anyone bought the searches from previous buyer, and would all solicitors accept that (new buyer's sols).

We didn't have time for searches on the two week one, but it was a very standard end-terrace in a well-established ex-LA estate so we knew there weren't likely to be many risks. I'm from a legal background so I worked through all the deeds etc myself, did flood checks online.

Really though, it was our first house and the only thing we could afford in our area (it was totally derelict!) so we felt we had to risk it!

Offered April and moved in October. No chain, no mortgage,survey completed within first month.

Think searches would depend on staffing levels, furlough, and work load.

We have just bought with cash and it was 4 weeks. You can buy indemnity insurance in lieu of searches that covers your cash input. If it's a bog standard purchase you should be ok although solicitors will always advise you to get them.

Isn't it more any potential chain that would hold things up though?

I moved last year. My buyers were cash buyers and the bottom of the chain, which made me a cash buyer also as I didn't need a mortgage. However it took 4.5 months simply because there were 3 people in the chain above me and we had to wait around for all their searches/surveys/works to be done before completion agreed.

Thats before you throw in lockdown 1/Covid and removal companies downing tools, but to be fair that was pretty exceptional circumstances!

cabbageking nearly 6 months! Surely couldn't be just the searches?

Vintage yes, as I mentioned, I mean sales with no chain involved. There is no chain in my case, but the oiginal cash buyer now needs to remortgage something, the other is cash. I can go into rented or poss find something no chain if 'm lucky.

Snakepliss I didn't know that - doyou mean it will cover you for the whole purchase price (no mortgage involved at all)? It mush be expensive...

Unconsidered ah ok, it helps that it was on a standrad estate. Tbh I don't see why the searches are so important if hte same house was bought around 5-7 yrs ago, what could have changed?
I suppose as a buyer i'd want to know if a NDN were planning major extension works, but in terms of the area - nothing would haev changed re flood risk or other major things in that time, knowing the owner did all the searches when they had bought.
Would you say most solicitors would be happy with buying the searches from the existing buyer (if he was willing to sell)?

Did it in six weeks, we were renting, cash buyers, house we were buying also cash buyers. We did have to fill in all the forms to return to solicitors, as soon as we and they had returned documents to solicitors we phoned each other to say we had done that. That way neither solicitor could use the excuse that they had not received documents.

justasking - sounds like you didnt do detailed searches/enquiries if thiswas recent?
my EA is says that solicitors wouldn't proceed without searches / the house EVEN if the buyer is not bothered and the house was last sold not that long ago. I don't think this is right, or at least buyer can decide to only do ghe most impotant searches.
Have you skipped anything and told your sols to proceed?

Nothing was missed DD a solicitor checked everything.

Solicitors are really reluctant to go ahead without all the details, but they can be persuaded!

AOn our last one there was apparently a drain under the house and no electrical certificate. We phoned the water board and confirmed the drain was a mistake, and we were redoing the wiring anyway, but it took a lot of pressure to make the solicitor accept this and let us complete!

Recently bought as cash buyer.
Took 2 months. I was dissapointed, as the seller had specified 28 days.
Not held up by searches: but in any case these are not obligatory if you're a cash buyer.
Had survey, obviously had to scout around for someone in a position to do that without keeping me waiting.
My solicitor has the biggest hold up: overly pedantic, but then, that kind of is their job. I had to be firm with her in the end to stop nitpicking questions to the seller - it's a total rehab, so most of her questions were simply irrelevant. There were some unknowns- unquantified maintenance liability on a shared unmade up lane, but you just have to take a position on things like that, they can't always be completely known before purchase.

We sold my late uncle's bungalow to a cash buyer at the end of last year and it was done and dusted within eight weeks. Although this is entirely possible, it rarely actually happens.

I sold to a “cash buyer” a few years ago. Took over 6 months. Turned out cash was coming from a probate property which was difficult to sell. I learnt from that experience, check where cash is. It may not be as straightforward as it sounds.