4 to 5 weeks realistic

[Iammetoday]

Buying a house. ENquiries started and Searches requested or will be Monday. Nothing added to house since last sold so not expecting anything from the Searches that needs to be looked at. How long now until exchange/completion? Would 4/5 weeks be realistic? I feel we're at the end now, local authority searches take 2 weeks apparently. Giving extra few weeks at solicitor seems slow and to transfer monies etc.

We're in the process of buying a shared ownership house.

We were accepted for the scheme on 29 August and went through affordability with the company they ask you to use for that process starting on 30 August. We opted to use that same company as our broker and received an AiP on 31 August, as well as their sign off to advise the housing association that we'd passed affordability and the % we could buy.

We then had to wait for the HA to send the reservation document, which was on 7 Sept. Our mortgage application was submitted the same day and reservation fee paid.

We instructed our solicitor on 7 Sept and on 20 Sept received the title report, draft contract and lease which we posted back yesterday. Enquiries were raised by our solicitor yesterday too.

After some backwards and forwards with the mortgage lender (including getting a document from HMRC), we've been told they now have all they need from us, and the valuation report came back today. We're told the offer should come by Thursday next week.

So it's all rattling along at quite the pace for us really. The benefit of being ruthless in getting docs and sending them back and pushing everyone involved (except the solicitor who needs no pushing!), plus having no chain.

We don't want to move until mid-November, so it maybe needs to slow down a little. 🤣

@2023Mover that all sounds really good. We've done all that too so hopefully searches don't take forever! Goodluck!

Our searches have been done already, so took less than two weeks.

@2023Mover AH sorry missed that, that's good to know!

We were cash buyers, no chain and it still took 4 months, it's a bloody joke!

Same for us, completed this week, only 2 houses involved but it took 4 months.

Ours is really dragging. Offer accepted in our house mid June and we were ready to exchange in that by end august but still not ready to exchange on our purchase

Searches done,enquiries nearly done- will be by next week, just need to set an exchange date and completion now.

Great news OP!

Have you already signed the contract?

In the houses I’ve bought/sold, after enquiries are complete the solicitor has to draw up a report summarising it all, and this report is usually sent out with the contract.

I think you said your offer was accepted in Aug so that’s about 6 weeks so far (assuming it was the end of August). So maybe another 2-3 weeks to finish enquiries, receive the report, exchange and then complete?? Total of 8-9 weeks roughly? That’s still really good!! 🙂

It’s the enquiries back and forth that take forever, along with the fact you’re likely to be one of dozens of conveyances your solicitor is doing at once.

I'm genuinely stunned at these replies. We brought a house from offer to completion in 2 weeks back in 1999 on a new build. The builders insisted on it and fast tracked the searches and made us use their conveyancers but it happened in time.

The house I'm in now we just went at normal pace back in 2007 and 6 weeks.

Is it really not possible to fast track searches anymore?

3 months is ridiculous! House moving is stressful enough as it is without dragging it out over 3 whole months. I'm thinking about downsizing and the thought of getting rid of furniture, getting certificates for works, completing diy, sorting paperwork for the solar panels was daunting enough. But then 3 MONTHS of stress on top? Fuck that shit.

I think I might just get a Stannah stairlift instead and rent the spare rooms out to medical students from the nearby hospital. Less hassle and also future proof.

This is what's slowing us down now. The vendor's solicitor is not responding to enquiries, or the plan change which is needed.

We aren't in a huge rush as we don't want to move until next month. It's still frustrating though.

We managed to do it in 6 weeks in June with a share of freehold property.

It’s mad isn’t it?!

I bought my house in 2007, no chain at either end. Completed within 5weeks at a very leisurely pace, no chasing required.

Now selling and it’s exactly the same circumstances- no chain at either end. I genuinely thought 6 weeks tops. We have a very motivated buyer and brilliant solicitors. The paperwork started on 4th August and we should be completing within a fortnight. Apparently this is very fast…..

Its a very different world to 2007, unfortunately.

There are very occasional examples of sales within 6 weeks or so, but they are the very rare exceptions. I really do share your disbelief at the time it takes now, ludicrous!!!

The thing is legal title to a property can be complicated and there is a risk of being stuck with liabilities which devalue the property, which is most people's main asset. The timescale is unrealistic and the automatic assumption that the Solicitors are being lazy is unfair I think. Maybe try working together to make sure that the property is suitable before making this huge investment? Are you paying for a premium service where daily escalation of your case is realistic? How about the sellers - how proactive are their solicitors? Conveyancers are leaving the profession in their droves as it is very pressurised and unrewarding. There are much more pleasant ways of earning as a lawyer and it is a huge issue for the industry. If you are lucky enough to find a good lawyer I would strongly advise working with them. In contrast how long would it take to get a dentist appointment/ qualified plumber or joiner in to work on a project/ get planning permission/ find a decent swimming lesson for your kids in a high demand area or childcare/ get hold of any other specialist whose expertise you are relying on. Is this is a process that it is in your interest to rush?

Sellers solicitor has sent most of paperwork and is awaiting our conveyancer raising any other enquiries this week. Not expecting alot and hoping to get that done this week. Searches report coming this week & Contract.

Ah ok.

So you don’t actually have your searches back yet. In that case, bear in mind the results of the searches might throw up some more enquiries.

You’re still waiting for the searches, the enquiries to be completed and the contract to be sent out. All of that is quite a lot to get finished in just one week, unless you have two solicitors that BOTH move like the wind.

Also, you say your contract is coming out this week - has the seller’s solicitor sent out their contract too?

And generally your solicitor will also need to write you a report when they have the results of the searches and enquiries are complete. It’s quite a big document as they’re obliged to point everything out.

Sounds like you’re getting close but I wouldn’t expect to be in a position to exchange this coming week (just in case that’s what you were hoping!)

I understand your impatience - I’m selling and have a really motivated buyer, but it still feels like it all takes ages! So I share your pain 😂😂

Thanks @SpidersAreShitheads no I'm thinking a few more weeks I'm hoping anyway!!

In case anyone intetested in time line-

Today searches done and report received, contract done, getting building insurance today. Awaiting enquiries raised replies - sellers solicitor on this today, hoping to set a date tomorrow for exchange.

That's great news, all gone pretty well.

Out of interest, why would you set a date for exchange, rather than just exchange at the earliest point all parties are ready?

Great news @Iammetoday - sounds like it’s ticking along really well!

Does your solicitor have your funds ready for the exchange? Are you hoping for one week between exchange and completion?

I’m waiting for a phone call to say the buyer has sent over the deposit to their solicitor so we can exchange so I’m only a tiny bit ahead of you 🙂

Our broker has asked the vendor to chase their solicitors today. Hopefully we can move beyond this current stage where we're ready to exchange (other than sending funds, but contract, lease and mortgage deed are signed) but our enquiries are being ignored!

How's everyone?
We've signed contract, sent deposit but mortgage company requires 5 working days to release funds! So looks like next Wednesday for completion!
Hopefully this gives others a bit of hope as it was the end of September I first posted and hoped 4 to 5 would be realistic and it was- just!
Good luck all!

Woohoo! Great news @Iammetoday!! Out of interest, what’s the total timescale from when the seller accepted your offer to the proposed completion date next week?

We exchanged two days ago and we complete on Monday so things are going well here too!

My total timescale will be 11 weeks, start to finish. It could have been quicker but the buyer’s solicitor took three bloody weeks to write up the report and send out the contract at their end, and then just when we were about to exchange the buyer wanted to change the mortgage as interest rates dropped (understandable) - but that added another week and a half! So maybe with a better buyer’s solicitor and no last minute faffing with the mortgage we could have been done in about 7-8 weeks….

@SpidersAreShitheads similar here, and a hold up or two, but it was about 9-10 weeks total - I think 2nd week or August.

Congratulations!