Offer to completion

[LittleMissPenny]

Hi,
I have recently had an offer accepted for a house on 13th December. I have my mortgage valuation due on 03/01/2024 and my homeowners survey has been completed. We have no chain and the vendors of the house are moving to a new build property with the same estate agent.

1. when should I get a draft contract and a completion date?
2. when is a realistic completion date?
3. when should I book a second viewing to measure furniture etc?

TIA!

My no chain sale took exactly 12 weeks, we completed on 13th December. We got the draft contract and completion date 2.5 weeks before completion and exchanged on 12th December. I understand this was a very quick turnaround though! We didn't even have the survey done until mid October, it just didn't come back with any major issues.

We didn't go for a second viewing, but that was our choice, the seller offered, but we are buying all new furniture anyway.

Our offer was accepted 25/10, exchanged by 06/12. We could've completed a day or so later but we both wanted to wait until after Christmas. Completing 12/01.

The conveyancer should issue a contract of sale pretty much right away. It sounds like you're going to have to make yourself a nuisance to push the conveyancers along.

Once we had a terrible, I mean abysmally bad conveyancer when we were buying a no chain property and despite chasing daily, took 5 months.

The last time we bought a new build and they had exchanged contracts within 4 weeks.

Conveyancing companies of late have become a factory of underskilled and overworked staff with only the bare minimum qualified "law practitioners" to supervise.

When I worked in law 20 years ago, a caseload of 50 was high. Now, I've seen these companies load their poor staff with 300 or more, which means they look at each file probably once a month.

Make yourself a nuisance. Make contact with the sellers and stay in touch, otherwise your conveyancer will try and play you off against each other in blaming for delays when in reality its them.

Good luck.

How finished is the new build?

You wont get a confirmed completion date until exchange - which could take 2-3 months, or much longer.

Have a viewing just before exchange to make sure there are no major changes to the house since offering.

Draft contract will depend on searches, I think? Which varies by area.

The fact you’re asking here makes me think your conveyancer isn’t being particularly effective 😉

Assuming all was good with the survey and all is good with the valuation and therefore with your mortgage offer, the key factors are going to be getting the searches back and all queries complete via solicitors; and then when your vendors are willing/able to complete. When did your solicitor submit the searches, and when have they said they’d likely be complete?

There are too many factors to give any realistic answers. If the new build is completed then they will be being pushed for a very quick exchange and completion. If the new build is only part built then whilst they will want an early exchange (less than 4 weeks usually)you will be kept waiting at the developers convenience for completion. This would be a really bad deal for you as they will generally need to go into contract with you at the same time as they contract on the new build but you and they will have no control over how long you will be kept waiting for completion and, once the completion certificate is issued by building control you then have to be able to jump and move as the building company dictates. The sellers really need to make plans to break the chain and move out of the property you want to buy if the new build is not ready to go.

The new build is finished, they are just waiting to finalise it. I haven’t spoken to the solicitor much yet, he was instructed on 13th of December and would have closed last Thursday for Christmas. No idea where he is on searches. Hoping to get mortgage offer back next few weeks as it has only been 3 weeks since we accepted the offer with the Christmas break in between. All I’ve had so far is memo of sale. Should I contact the solicitor next week and ask for an update ?

Nothing happens between Christmas and new year with solicitors, you just have to be patient.
My easy peasy no chain purchase took 12 weeks and I am pretty certain all my stressing and chasing and insisting on time frames made not a jot of difference!

Have you sent money over to pay for the searches? This was the first payment to be made in my case; the survey I booked in came afterwards.

I’m in a short chain (my chain-free buyers, me, my vendor who has already got another onward property) and I think start to finish including Christmas from the point of offer accepted to completion the whole process will take 12 weeks. There have been no glitches so far although my buyers took a couple of weeks to get mobilised so we could be a bit further along, but not by much.

I'd echo this. I recently completed on the 28/12. Buyers first set of conveyancers were useless. They didn't reply or send in a formal offer. The buyers changed solicitor and when they informed their mortgage advisor, he said they were well known for taking ages. Price it low and have the next three months of work on the books.

My solicitors haven’t asked for any form of payment until the mortgage is complete , I am in Northern Ireland so I think things are slightly different here than in England.

Same story for me too. 12w, no chain, no issues, wasn't a new build though and our vendors were moving into rental.

I’d chase conveyancers on the 2nd and ask for a clear estimated timeline. Paying for searches is the only legal cost prior to completion here.