Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Chain free leasehold purchase in 7-8 weeks possible?

29 replies

ldnflatbuyer2021 · 29/09/2021 22:08

Question as in the title :)

I was told by agent/vendor we could complete in 7-8 weeks as it's a chain-free share of freehold flat (even though lease extension is on-going).

Do you think this is reasonable and is there anything we can do to speed this up? Just starting the process - week 0 so everything is pending (do have a solicitor lined up, mortgage should be very easy...).

OP posts:
ComtesseDeSpair · 29/09/2021 22:12

I’d be very surprised and wouldn’t bank on it. 12-14 weeks is average outwith Covid-related backlogs and holdups. Assume it will take longer and if you do make it in two months think of it as a bonus.

Bonjourlaclasse · 29/09/2021 23:22

We moved this week and it’s taken 12 weeks exactly from date we accepted the offer to exchange/completion date (same day). Chain free purchase of a freehold house with only small mortgage required.

I assume best way to speed it up is competent conveyancers but they seem to be hard to find!

ChocolateCauldron · 29/09/2021 23:40

We were cash buyers, chain free and there was no onwards chain (probate sale) and it still took 12 weeks to complete.

lastqueenofscotland · 30/09/2021 08:39

I really doubt it. I’ve known management packs alone take 6 weeks to come back. Not including requesting them, reviewing them, raising enquiries etc

GU24Mum · 30/09/2021 08:58

It really depends how prepped everyone is. If the seller has appointed a solicitor (and gone through client ID process etc) and the management pack has been sorted out and the seller has filled in the Law Soc property information forms and there are no issues, then the seller's side can do it on time.

For the buyer's side, same point about having appointed the solicitor/gone through ID but also, is there a mortgage company ready to loan and on standby to instruct the survey/valuation.

AND both sides need to understand where the lease extension process is and what needs to be done to assign it to the buyer.

Cruiser11 · 30/09/2021 13:05

I think it’s a no. My leasehold flat purchase took 4 months earlier this year. I was a cash buyer and there was no chain.

Original poster
ldnflatbuyer2021 · 30/09/2021 13:10

@Cruiser11

I think it’s a no. My leasehold flat purchase took 4 months earlier this year. I was a cash buyer and there was no chain.
How did it take so long? What was the hold up?
OP posts:
ComtesseDeSpair · 30/09/2021 13:24

Four months isn’t a “hold up”, it’s not much longer than average. Things just take time. You’ll need to apply for your mortgage, have them book a valuation survey, wait for the results of that, then wait for them to issue your offer. You’ll need to book your buildings survey, wait for the results of that, negotiate on any areas that will cost you a lot of money in the near future. You’ll have to wait for the local authority to send land search results and as somebody said unthread, in some local authorities that’s taking over a month. You probably won’t want to arrange and pay for either of the latter two until you’ve received the mortgage offer, because if the property is down valued or your mortgage application declined you’ll have wasted hundreds of pounds. You have to wait for the management company to issue the lease pack. Your conveyancers in the background will be communicating with each other over any discrepancies or questions in it and the property information forms.
In all of the above it comes down to the fact that you aren’t anybody’s priority. Your stuff will be looked at when somebody has the time to get around to it, they don’t generally care that you were told you could conclude everything in 7 weeks.

Cruiser11 · 30/09/2021 13:49

ldnflatbuyer2021 I contacted 6 different solicitors and they all said 12 weeks was the absolutely minimum for a leasehold property but 4 months was more likely.

maofteens · 30/09/2021 15:25

I sold a leasehold flat in December and it was 8 weeks. Getting the management pack is often the biggest hold up - it held up my cash with no chain purchase by four months. But if the managing agents are in top of it, and the solicitor and bank, then it's possible (I just viewed and completed in five weeks but no financing and it was freehold). So I'd say you need all the stars to align to do it in 7 weeks.

PeppermintMocha · 30/09/2021 15:28

I got mine in 8 weeks. It was tight, though.

TheGrumpyGoat · 30/09/2021 15:30

Our chain free, straightforward freehold purchase took 14 weeks.

Original poster
ldnflatbuyer2021 · 30/09/2021 15:52

@TheGrumpyGoat

Our chain free, straightforward freehold purchase took 14 weeks.
Is it just due to bad solicitors? Or any actual issues?
OP posts:
Original poster
ldnflatbuyer2021 · 30/09/2021 15:52

@PeppermintMocha

I got mine in 8 weeks. It was tight, though.
Freehold or a leasehold flat? I've seen one leasehold flat on the block complete in that timeframe which is where I imagine the agent/vendor is basing their timeline on.
OP posts:
TheGrumpyGoat · 30/09/2021 15:56

No issues, and not bad solicitors either. Sometimes things just take longer than expected.

Blerg · 30/09/2021 16:04

We just bought with no chain, it took 21 weeks due to terrible solicitors. Choose as wisely as possible. Even with a good one though, I wouldn’t count on it.

PeppermintMocha · 30/09/2021 16:34

Mine was leasehold, but new build and I was renting, both which helped speed things up. I was self-employed though, which took a bit longer for the mortgage to get sorted.

WombatChocolate · 30/09/2021 20:05

I did it in 10 weeks. However there was no chain and no mortgage involved.
It could have happened perhaps 3 weeks earlier if there hadn't been several on-going queries which related to the lease and an issue which came up in survey. So there was a survey...sometimes the very quick sales haven't had one.

I had an online solicitor who specialises in fast completions and uses that as their selling point and who says the fast moving is what prevents sales falling through. They put in for searches immediately and do other things some solicitors might not do until further into the process. I turned every request for info I had around within 24 hours and I followed up with EA and the solicitor regularly.

The thing is, you can never really guarantee a short date.

Original poster
ldnflatbuyer2021 · 30/09/2021 21:14

@WombatChocolate

I did it in 10 weeks. However there was no chain and no mortgage involved. It could have happened perhaps 3 weeks earlier if there hadn't been several on-going queries which related to the lease and an issue which came up in survey. So there was a survey...sometimes the very quick sales haven't had one.

I had an online solicitor who specialises in fast completions and uses that as their selling point and who says the fast moving is what prevents sales falling through. They put in for searches immediately and do other things some solicitors might not do until further into the process. I turned every request for info I had around within 24 hours and I followed up with EA and the solicitor regularly.

The thing is, you can never really guarantee a short date.

Which solicitor was that? Wouldn't mind a private message either :)
OP posts:
Okigen · 30/09/2021 21:20

Mine was exactly the same and has gone 4 months strong, with lots of ongoing queries unresolved so I wouldn't bank on it.
I had terrible solicitors though.

Vanda189 · 30/09/2021 21:22

If buying at auction and using solicitors and lenders with auction experience- definitely

Original poster
ldnflatbuyer2021 · 01/10/2021 16:30

@Vanda189

If buying at auction and using solicitors and lenders with auction experience- definitely
Yes - that's true - in auctions all of the legal documents are pre-assembled so it's much faster to go through...
OP posts:
Heresmyhr · 01/10/2021 17:18

I’d also say no, unless they already have the management pack. We tried it as cash buyers with no searches but the management company were terrible & it took around 10 weeks just to get the pack. We pulled out in the end so the next sale went through quicker as the vendor already had the management pack.

Minster2012 · 01/10/2021 22:02

We completed for 30th June in 7 weeks, a house, chain free with full structural survey & full searches. Our solicitor is local & bloody good, & their side was local too. We then put our house up for sale & due to us being top of only a 3 house chain, all cash buyers it took from 26th may to 21st. Both of their solicitors were horrendous, we were ready to exchange with our buyers (the middle of the chain) about 6 weeks before we could due to delays from the others (mainly the buyers' buyers).

We bought a house in 2019 completed in 6 weeks & sold one bought one in 2014 completed in 6 weeks (same solicitor)

if it's just you, buying chain free it can be quick with a good solicitor. You need to get the searches started straight away, if you can take paperwork in all the better & keep on at the solicitor. Be very annoying!

Minster2012 · 01/10/2021 22:04

And sort your own surveys out. Makes things much quicker. Not got experience of leasehold though