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Time Line For Sale of Property

I cannot seem to find an approximate timeline for the process of selling a property once an offer is accepted. I know there is considerable variation based on circumstances so can someone please guide me?

I have just accepted an offer on my property and both the buyer and I have instructed solicitors. There is no chain, I have no mortgage and the buyer is a cash buyer. I have all documentation that is requested by the solicitors and property is sold without any conditions. How long before exchange of contracts? How long before completion?

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622
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    I'd amend that to between a week and never.
  • Davesnave
    Davesnave Posts: 34,741
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    AnotherJoe wrote: »
    I'd amend that to between a week and never.

    Agreed. Around 30% of sales never complete.
  • AnotherJoe wrote: »
    I'd amend that to between a week and never.



    Indeed.


    We are on our 2nd "potential" purchase in as many months.
  • hazyjo
    hazyjo Posts: 15,468
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    Average is 12 weeks. As above, take it with a very large pinch of salt. One in three falls through too, just to add to the mix.


    Jx
    2023 wins: *must start comping again!*
  • Hi,
    Never is fine by me if buyer withdraws before contract is signed. However, how can it be as quick as 1 week?

    The buyer wants the place ASAP. What can I do to get to contract faster? What is an average time to get to contract when there are no chains/mortgages involved ?
  • Davesnave
    Davesnave Posts: 34,741
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    Hi,
    The buyer wants the place ASAP. What can I do to get to contract faster?
    One thing people can do is make sure all their paperwork is in order. Things like the absence of a council sign-offs for an extension can create a major delay, or even just a lack of a FENSA certificate for some replaced windows may create an unnecessary blip.

    Our vendor wanted a fast sale, but forgot she'd altered the vehicular access, so what was on the ground didn't match with the title plan. A deed of variation had to be drawn up with a neighbour. Luckily, the neighbour used the same firm of solicitors.

    Oh, and the written deeds were self-contradictory, although my solicitor was, apparently, the first to notice since they were drawn-up in 1974. That was sorted out too and we completed on time, in 12 weeks exactly.
  • G_M
    G_M Posts: 51,977
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    Hi,
    Never is fine by me if buyer withdraws before contract is signed. However, how can it be as quick as 1 week?

    The buyer wants the place ASAP. What can I do to get to contract faster? What is an average time to get to contract when there are no chains/mortgages involved ?
    Cash buyer / developer.

    Not bothering with survey. Not concerned about searches.

    Day 1 - Sellers solicitor draws up contract on , emails to buyer's solicitor.
    Day 2 - Buyer visits solicitor and approves contract
    Days 1-3 - Buyer's solicitor checks Title (no existing mortgage)
    Day 4 - Conracts Exchanged and same day Completion.

    There you go!
  • Not bothering with survey. Not concerned about searches.

    Local searches can take anything from 2 days to 6 weeks depending on where the property is.

    Seller's solicitor should supply a Property Information Form which the seller should have completed. Such forms are often full of inconsistenceis and half completed information.

    No point asking about any of this because there a magic fairy that will find the sellers and wreak vengeance on them if there is anything nasty they haven't really told you about (but which could be found by a bit of questioning) - NOT!!!!!

    And why bother with a survey? Every buyer knows how to spot a non traditional PRC house like a Reema Hollow Panel or Cornish Unit! AGAIN NOT!!!!!!
    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.
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