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No chain house buy - how long between exchange and completion?

DJ_Mike
DJ_Mike Posts: 247 Forumite
First Post First Anniversary Combo Breaker
in House buying, renting & selling
I'm about to sign my contract/mortgage deed tomorrow, and I'm wondering how long it's likely to take for:

a) The solicitors to exchange contracts
b) To go from exchange to completion

The seller has already vacated the property and signed his contract - he has no chain and I have no chain (since I'm a FTB), so from our perspective it's a done deal and we're just waiting for the solicitors to catch up and give the OK.

When I sign my papers tomorrow my solicitor has told me they need the funds to be transferred (which I'll do same day via CHAPS) and then they can begin the process of exchanging.

So how long is it realistically going to take and what's involved?

Comments

  • poppysarah
    poppysarah Posts: 11,522 Forumite
    I don't know. I'm asking the same question myself of a solicitor right now.
    Mine's on a auction contract if it goes ahead - so will be 28 days tops.

    With the advent of HIPS in theory is it should be very quick.
  • keith969
    keith969 Posts: 1,571 Forumite
    First Anniversary
    Good question, I have just received the mortgage deed from my solicitor too. Am hoping to exchange and then complete about 2 weeks later (need some time to arrange removals!)
    For every complex problem there is an answer that is clear, simple and wrong.
  • DJ_Mike
    DJ_Mike Posts: 247 Forumite
    First Post First Anniversary Combo Breaker
    I should mention that I have absolutely no worry about removals, as I'm just going to hire a van and cart the stuff up there (it's only 8 miles up the road from me!) - so I'm happy to complete as soon as it can feasibly be arranged, and I'm sure the seller has simply instructed his solicitor to complete as soon as I want to complete!
  • hells_2
    hells_2 Posts: 297 Forumite
    You could exchange and complete same day, no reason not to?
  • themanbearpig
    themanbearpig Posts: 481 Forumite
    First Anniversary Combo Breaker
    Depends if you are having a buyers survey, they can add a few weeks. Between 4-6 weeks seems reasonable.
  • DJ_Mike
    DJ_Mike Posts: 247 Forumite
    First Post First Anniversary Combo Breaker
    edited 2 September 2009 at 11:33AM
    The house is only 20 years old, so I don't personally see the need to get a full survey done. While that obviously puts more burden on me that things could go wrong, it seems a wasteful amount of money for such a relatively young property.

    I'm also acutely aware that the stuff I'm actually interested in - gas/electrics/woodworm - isn't actually covered in a Home Buyer's report, so I'm only going to end up paying for those when I move in anyway (maybe not the gas - it was a brand new installation in May this year that seems kosher enough).
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    First Anniversary First Post Combo Breaker
    It will take about a week to get the money from your mortgage lender. You can presumably get any balance to your solicitor in that time so you could exchange as soon as you have signed and complete about a week later.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • terrierlady
    terrierlady Posts: 1,742 Forumite
    the deposit you put down MUST be in cleared funds from your sols so dont pay by cheque it needs to be T/T across from your bank or building soc you also need to show ID to the Bank etc.
    my bark is worse than my bite!!!!!!!!
  • DJ_Mike
    DJ_Mike Posts: 247 Forumite
    First Post First Anniversary Combo Breaker
    Yep don't worry - I'm using CHAPS to get it to them same-day - to hell with the £30 fee, it's worth it for the peace of mind that they'll get it ASAP! :)
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