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Original poster

What is the quickest time anyone has exchanged in?

21 replies

FatGirlThin · 03/05/2009 18:50

We and our buyers are both keen to exchange asap (they have a first time buyer buying theirs) - we're not so fussed about a quick completion, we just all want to get the deal secure. I'm dropping all the papers off to the solicitor on Tuesday - can't BELIEVE how much paperwork there was to do, we're not even buying anywhere!! So what is everyone's experience of this?

Oh and should I check with the estate agents that buyers are progressing at the rate we are - before I give the first £250 to the solicitors? I'd forgotten how stressful this process was. It's like a fine balancing act but you are all just armed with sledgehammers.

OP posts:
MarthaFarquhar · 03/05/2009 19:01

we were 6 weeks to exchange, 7 to completion. I don't think this is quick in the slightest, the solicitors on both sides thought we were utterly unreasonable to insist on a 7 week turnaround and moaned throughout .

ilovethesun · 03/05/2009 19:03

10 days bought from a developer, sold our old house and moved into the new one within 2 weeks. It was a bit of a shocker for all concerned. But it can be done.

lizziemun · 03/05/2009 19:34

6 weeks and that was over christmas and new year.

Original poster
FatGirlThin · 03/05/2009 19:51

Right so 6 weeks average but maybe if we all push a bit we could get it done a bit sooner?

What do you lot think about checking with the estate agents that buyers are progressing at the rate we are before giving first fee to solicitors, don't want to pay £250 then find buyers are fannying around but also don't want to be utter pain in the arse (although estate agent is very nice and helpful).

OP posts:
noddyholder · 03/05/2009 19:59

I made an offer on 25 sept and exchanged on the 4th october and completed on the 17th.BUT it was a cash purchase and we were renting and the house was empty.Normally 6 weeks would be very good going

notcitrus · 03/05/2009 20:07

tends to be the searches and the mortgage valuation/paperwork that take forever. One question leads to endless tedium...

Took us 5 months (bad valuation from first mortgage, seller pulled out on day of exchange, made offer on other flat in same block next day) and 9 months (lots of questions about legality after full survey, then buyer's solicitor was a numpty and lost their deposit) to exchange. And then 2 weeks to complete, which seems standard.

I figure estate agents need nagging daily on general principle, and solicitors nearly as much.

trixymalixy · 03/05/2009 20:09

Why are you giving the solicitors money upfront?

When I sold my house they took the money out of the sale proceeds, we certainly never paid cash upfront.

lalalonglegs · 03/05/2009 20:12

90 seconds - we bought at auction.

Agree that six weeks is considered breathtakingly fast rather than average. The last place I bought was willing seller/willing buyer and it still took more than six months to get to exchange. It is hellish.

badgermonkey · 03/05/2009 20:25

We did it in six weeks too and it was a REAL hassle to get it done that fast. The seller had wanted to sell it at auction so we had to exchange before the date the auction would have been so he couldn't up and sell it from under us (I bet he would have done it, too). We managed but it was very stressful for all involved.

Fizzylemonade · 03/05/2009 21:08

trixy we paid some money upfront for searches etc, the bulk was taken after completion. We were just over 6 weeks but we had first time buyers & our vendors were moving into rented.

MollieO · 03/05/2009 21:20

Can't remember when I exchanged but from first viewing the house to moving in was 20 days.

AutumnMists · 03/05/2009 22:06

Solicitors are such slow coaches most of the time. I have bought and sold in 24 hrs before now (not at auction lol) altho that is exceptional!!!

With our current place we exchanged in 3 weeks from offer and completed one week later, so it can certainly be done if they get their finger out.

annieshaf · 03/05/2009 22:09

We bought our house from a builder in 7 days. No chain but did involve a mortgage application. Deal we got was dependant on completing before the end of the builders financial year. Turned out to be a disaster as although we managed to get all the paperwork completed on time the builders did not manage to finish the house properly and we had major problems after completion!!

Original poster
FatGirlThin · 04/05/2009 07:30

GAWD! Six months! I hope not. My estate agent said that because things are still quiet exchanges are quicker than they used to be and she reckoned about 6 weeks. We really need to exchange quickly but not because we need to move quickly, there are specific reasons for the timescale. Hopefully if we and everyone in the chain (our buyer and their first time buyer) is pushing for a quick turn around we might get somewhere. I've done all our paperwork as soon as I received it, hopefully everyone else is being as diligent

OP posts:
piscesmoon · 04/05/2009 07:48

I think that about 6 weeks is the fastest. My mother managed that when she bought an unoccupied house (owner died) and someone bought hers who had already sold and was in rented accomodation. It may have been slightly faster-it have a feeling it might have been 6 weeks from first viewing the property, and she did have Christmas delaying it a bit.

Original poster
FatGirlThin · 04/05/2009 07:53

Well both ends of the chain are straight forward (first time buyer and we -top of the chain- are going into rented) and the middle person is the one who is pushing the quick exchange so you never know, we might be lucky!

Does anyone know how long before the exchange the solicitors tell you what date they are expecting to exchange on?

OP posts:
noddyholder · 04/05/2009 08:13

Usually the solicitor will let you know that exchange is imminent when he/she has all the info they require in place and any outstanding questions all answered on both sides.My sol has always rung me a day before and said ok for tomorrow.It is then that you agree the completion date in stone as it were.Although both parties will have informally agreed a completion date earlier.

ohdearwhatamess · 04/05/2009 08:25

We did a 5 weeks exchange, with completion a week later, when we sold our last house. Then took us 4 months to exchange on the house we were buying.

ilove · 04/05/2009 08:28

We saw the house of a Friday and were moving in 3.5 weeks later...new build, part exchanged our old house, in that time surveys were done, mortgage sorted within 3 hours, they did a full gas report and wall tie report on our old house, we packed and moved.

ohdearwhatamess · 04/05/2009 08:28

To answer your other question, we've always had 24-48 (max) hours notice of exchange (although that includes one case where exchange fell through a few hours later - vendor problem, out of the solictor's hands).

katiestar · 04/05/2009 16:32

Once we clubbed together with neighbours to buy a property at the 11th hour which was going to be sold to be a rehab centre.That went through in 24 hours.
Norm,ally I think about 3 weeks on new house or 6 weeks on other salen

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