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How long will it be until we move?

6 replies

Dartsplayer · 24/05/2023 22:30

Accepted an offer on our property yesterday (cash buyer) and put in an offer for a property we want and had it accepted today (also cash buyer). House we are purchasing is already empty. Got so much stuff to sort through in our property but realistically with 2 cash buyers and no chain, am aware this could be quick. Anyone have any experience of this please?

OP posts:
Frecklespy · 24/05/2023 23:56

Impossible to estimate as every transaction is different.

However, clues are:

Are any of the properties leasehold, or freehold with a management company?
Is there a mortgage to be settled on completion?
Is there a Help to Buy Equity Loan charge to be settled?
Why is the purchase property empty? Repossession, Probate, owners already moved on?
Are either party using a conveyancing factory?

RidingMyBike · 25/05/2023 07:44

Have sold and then bought in similar situations recently. One took 30 days, the other almost 4 months!

Dartsplayer · 25/05/2023 11:00

Frecklespy · 24/05/2023 23:56

Impossible to estimate as every transaction is different.

However, clues are:

Are any of the properties leasehold, or freehold with a management company?
Is there a mortgage to be settled on completion?
Is there a Help to Buy Equity Loan charge to be settled?
Why is the purchase property empty? Repossession, Probate, owners already moved on?
Are either party using a conveyancing factory?

Thank you.
To answer some questions:
Both properties are freehold.
There is a very small mortgage to be settled on our property but the new property is being bought outright with the proceeds of our house sale.
No help to Buy or Equity loans.
Purchase property is empty because the owners have gone into a care home so need the proceeds for their care fees.
Our solicitor is through the estate agent. Not sure yet on the other parties solicitor

OP posts:
Dartsplayer · 25/05/2023 11:02

RidingMyBike · 25/05/2023 07:44

Have sold and then bought in similar situations recently. One took 30 days, the other almost 4 months!

Thank you. Wow 30 days. Even 4 months is quite quick so better get a move on with starting to clear out 😂

OP posts:
Mildura · 25/05/2023 11:08

The speed of a transaction is governed by however long the slowest element takes.

At the beginning of a transaction it is almost impossible to know what in your particular circumstances the slowest element will be.

Karmatime · 25/05/2023 11:34

We are cash buyers, nothing to sell and our sellers are moving into rented so no chain at all. We both have good solicitors and searches were back within days. We are aiming to exchange in 3 weeks (though there are still enquiries waiting for answers). That will be 9 weeks from offer acceptance to exchange if all goes as planned. Completion date, when we actually move, will be a couple of weeks after exchange hopefully. I honestly don’t think it could be done any quicker. I have done a 5 week offer to completion before but that was over 10 years ago. I’d say aim for 12 weeks but it could well take longer.

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