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Original poster

Realistic to start looking to buy now and complete by end of June?

22 replies

casaberry · 26/03/2021 17:25

We're looking to buy our first place and want to be in place by the summer, prior to secondary school applications. It would also be lovely to take advantage of the stamp duty holiday.

Is it realistic to start looking to buy now and complete by end of June?

If it matters, we're in London, have a good deposit and a Decision in Principle already.

As I said, we're first-time buyers, so the process is very new to us. Thanks for any insight!

OP posts:

Zancah · 26/03/2021 17:34

It's very optimistic almost impossible to think you'll be completed by June if you haven't even started looking. I think you may have missed the Stamp Duty boat unfortunately.

folloyourarro · 26/03/2021 17:53

@casaberry what's your budget? Even if you don't make June you'll pay less stamp duty prior to September as the thresholds have been tapered slightly.

bilbodog · 26/03/2021 17:59

It generally takes at least 3 months to buy a property from start to completion so you need to get a move on. It could be a little quicker as you have nothing to sell and if you bought something already empty but most people end up in some sort if chain and that can make things take longer. Good luck.

caringcarer · 26/03/2021 18:19

It can.be done if you.snd the seller are both motivated and font do online conveyancing. I completed my last house purchase in just over 8 weeks. No chain as seller was going to live with her dd. I had mortgage.in principle too and put in offer for full price so no hanging around waiting for seller to decide. I used a local solicitor to do conveyancing after using internet company time before. Internet are cheaper but hard to get hold.of them and they have so many cases to deal with you get stuck in a queue.

KittyWoods · 26/03/2021 18:29

I bought two places last year - a BTL with no chain at either end. Took 17 weeks from start to finish. Then a house to live in - no issues through the chain, motivated and eager to progress. Took 11 weeks from viewing to completion.

As well as the timeframe being very tight, you're trying to buy at the same time as everyone else. There are only so many contract exchanges a solicitors firm will be able to handle in the same week - imagine what those weeks at the end of June will be like!

Fairystory · 26/03/2021 18:35

As a first time buyer, you could end up at the bottom of a long chain. Chains move at the speed of the slowest so it could take a long time.

lastqueenofscotland · 26/03/2021 18:42

Honestly hugely hugely unlikely unless you were cash buyers doing no searches or enquiries
Most conveyancers seem to be working through huge backlogs at the moment

happytoday73 · 26/03/2021 18:43

If you bought new or empty... Possibly...

OverTheRainbow88 · 26/03/2021 18:44

Depends on the chain I guess! Maybe aim for empty or no onward chain!

Itscoldouthere · 26/03/2021 19:55

Slight chance, but honestly I would add stamp duty payment in to your affordability criteria, you should assume you have to pay it, then if things go fast it will be a nice bonus, but make any offers on property with stamp duty in mind.

Finallygrowingup · 27/03/2021 02:09

Try to aim for chain free houses. If you fibd something you like say this weekend thats chain free and you have a decent solicitor ready maybe. Ive heard constantly nagging helps so thats why im trying.

TheABC · 27/03/2021 02:19

It's possible, but you need to find a place without a chain and really nag the solicitor. The other hold-up can be the surveyor - if your mortgage company allows it, shop around on availability as well as price.

Good luck.

Midlifelady · 27/03/2021 02:23

Possibly. I really hope so as my seller is still looking and has just announced she needs to port her mortgage so won't go in to rental (i was led to believe she would). Not only do i also want the benefit of the stamp duty holiday but I do not want to end up renting as I have told my buyers that I will sell regardless.
Back in the day when things were hotter than hot (late 80s) you could see a property Saturday and exchange the following Friday. I did it - got personal searches, mortgage valuation, structural survey all ready in five days.

Aroundtheworldin80moves · 27/03/2021 05:47

We exchange on the house we offered on in October next week.

It was all the legal stuff. If your fortunate enough to find a house with no legal niggles (such as being on a private road, or people having a legal interest, or their being no sewerage map...) You never know.

But some solicitors seem to have taken on twice as many clients as they can handle.

mummabubs · 27/03/2021 06:49

As someone else said, I think the sensible thing is to assume you won't complete in time and then if you do that's a bonus. Seven years ago we bought as first time buyers with no onward chain and completed in 10 weeks thanks to a lot of stress and me relentlessly badgering our frankly useless solicitor who was very hard to get responses from.

We are now in the middle in a chain of 3, selling our house to first time buyers and are buying a property that has no onward chain. We had our offer accepted 2 weeks ago it's currently all looking on track to complete well before the end of June as we've already got a mortgage agreed, surveys and searches have been done and come back on both sides. But I would say we have an amazing solicitor recommended to us by a family friend- she's based 200 miles away from us but has been very proactive in pushing everything through. Similar with the homebuyers report, we went with someone local who was recommended to us by a friend who moved a couple of months ago for being very efficient and quick to respond.

So I think if you do it chain-free and with good professionals at both ends it's still doable, but don't bank on it!

Roselilly36 · 27/03/2021 06:53

Very unlikely, I would say, if you get it through in time it’s a bonus but don’t rely on it.

We have just moved chain of 4, all purchasing cash from sale, so no mortgages required took 4 mths. Solicitors working flat out, our solicitors had x3 usual workload, searches taking longer due to demand, had to wait 4 weeks to get the survey done, removal firms are really busy too .

Good luck with your move.

PurpleandOrange · 27/03/2021 09:50

Definitely possible but (amongst other things) depends on which location - for example searches in Hounslow are apparently taking up to 10-12 weeks at the moment whereas in Richmond it's less than two weeks! Also make sure you get a local solicitor that you can go and see in person!

UCOinaUCG · 27/03/2021 09:55

My DD and her DP have had an offer accepted on a house about 2 weeks ago and hope to be in by mid June. They are FTB so currently renting and the house they have bought is empty so no chain. But there are so many unknowns like how long the searches will take and how long the mortgage process will take etc. It might be doable for you or maybe not. If you haven't even got a house in mind to offer on it might be hard. It has taken my DD about a year to get to this point with lots of offers not accepted and one where they had to withdraw. They have actually decided to move away from London to another city where it all seems much easier.

Musicaltheatremum · 27/03/2021 10:05

England really needs to sort itself out. Searches need to be available online. Took daughter 4 months to sell her flat in London (no chain) and 2 weeks to get to conclusion of missives (legally binding similar to exchange) in Scotland.
Searches available in 24 hours.
She started the legal process in Scotland on 26th February and moved in on 19th March.

Original poster

casaberry · 27/03/2021 11:25

"They have actually decided to move away from London to another city where it all seems much easier."

This is very tempting, esp when I see the massive drop in prices not that far out. But we feel very settled in the area we're in, the kids (8 and 10) would find it hard to start over, and we don't know the surrounding areas well enough, so it would feel like a fairly random choice for such a big decision and a massive lifestyle change (needing a car, for example).

We might be resigning ourselves to missing out on the SD holiday, and giving ourselves more time to make the right decision. We were aiming for our first-choice secondary catchment but are also happy with our second choice, which we're already in catchment for, so maybe I need to take the pressure off myself.

Thanks everyone!

OP posts:

VenusClapTrap · 27/03/2021 12:40

Just a note of caution with buying empty, chain free properties. The process isn’t necessarily fast. We just completed on one; it was a cash sale, empty, chain free, should have been very straightforward. Conveyancing solicitor was a friend of ours so no faffing; willing and able to push it through as quickly as he could. It still took seven months, due to probate delays. So if the property is empty due to a death, be warned it can take an age to sort out.

Finallygrowingup · 27/03/2021 14:13

Local authorities and natwest bank have the estimated search times online. Ive been told the whole process is a minimum 6 weeks after that. That could give an indication.

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