How long to complete a sale

[Hdkatznahtw125sgh]

Hi

I’ve just bought (subject to completion 🤞) in Glasgow. My solicitor has sent a formal offer which the seller has accepted but have only just appointed their solicitor so we await their solicitors response. I meet the mortgage broker again tomorrow and will have applied by tomorrow evening. It’s a small mortgage amount (deposit is 55%).

Neither party has a related purchase. The flat is off the market (sold STC).

Whilst in a way there’s no rush I face a likely large rent hike once the rent freeze ends (April) so it would be nice to not be stung by that too much.

Everything work wise that needs doing is aesthetic so I will give notice here once the sale completes.

I’ve lived in Scotland nearly 6 years and Glasgow 2 and am so happy that I get to call it home.

Thanks x

What timescale did you put in your offer?
I can't imagine you not being in by the end of March.

@JamMakingWannaBe

5 working days for them to accept it formally. But DOE is TBC.

If not related sales it should be quick - a month or so?

Thanks everyone, I’m a FTB hence not knowing these things

Hi hdkatz how is the Glasgow market at the moment? I’m looking to buy and trying to work out how much over valuation is necessary? I have a solicitor so will get advice there but any other insight would be appreciated! Appreciate that a lot will also depend on what part of Glasgow.

The key is how long it takes for your mortgage to come through
Your mortgage advisor will guide you on that

Hi

it’s slowed, I was 5% over home report but I’m buying in a less desirable area (but lovely). Plenty of flats aren’t shifting at all. I probably over offered but it was the perfect fit

Offers and missives have dates on them but they mean nothing to be honest. It just means paralegals or secretaries can chase for an update but if there is no update, there is no update. The main delay will be your mortgage. You solicitor won’t do a thing until he’s got your loan papers actually in his or her desk. That can and often does take weeks.

if both sides have got solicitors, ie none of these bucket shop places like your conveyancer or McVey and Murricane things will be done by one solicitor and either their paralegal or secretary and they will be done timeously.

Bucket shop people have lots of staff doing individual bits and basically they are done at the last minute, ie missives concluding the day before or the day of your move. That said, that can happen, just not often with better solicitors.

I heard the other day that they are considering extending the rent freeze so may not be an issue.

Thanks hdkatz that’s really useful!

It can be done quite quick but you have to stay on top of your solicitor. We've done it in 4 weeks before but we really had to keep touching in with the solicitor.