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  • FIRST POST
    • Insolventnonentity
    • By Insolventnonentity 11th Oct 16, 11:59 PM
    • 2Posts
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    Insolventnonentity
    Time Line For Sale of Property
    • #1
    • 11th Oct 16, 11:59 PM
    Time Line For Sale of Property 11th Oct 16 at 11:59 PM
    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?
Page 1
    • G_M
    • By G_M 12th Oct 16, 12:09 AM
    • 37,015 Posts
    • 40,940 Thanks
    G_M
    • #2
    • 12th Oct 16, 12:09 AM
    • #2
    • 12th Oct 16, 12:09 AM
    Between a week and 6 months.

    https://www.amazon.co.uk/dp/1522929061/ref=pd_lpo_sbs_dp_ss_2?pf_rd_p=569136327&pf_rd_s=l po-top-stripe&pf_rd_t=201&pf_rd_i=1444790633&pf_rd_m=A3P5 ROKL5A1OLE&pf_rd_r=QZGYSYQTXX5J66CXG72P
    • AnotherJoe
    • By AnotherJoe 12th Oct 16, 12:11 AM
    • 4,118 Posts
    • 4,147 Thanks
    AnotherJoe
    • #3
    • 12th Oct 16, 12:11 AM
    • #3
    • 12th Oct 16, 12:11 AM
    I'd amend that to between a week and never.
    • Davesnave
    • By Davesnave 12th Oct 16, 9:57 AM
    • 20,779 Posts
    • 83,662 Thanks
    Davesnave
    • #4
    • 12th Oct 16, 9:57 AM
    • #4
    • 12th Oct 16, 9:57 AM
    I'd amend that to between a week and never.
    Originally posted by AnotherJoe
    Agreed. Around 30% of sales never complete.
    'Only the mediocre are always at their best.' Jean Giraudoux
    • Bonfire Bride
    • By Bonfire Bride 12th Oct 16, 10:35 AM
    • 658 Posts
    • 804 Thanks
    Bonfire Bride
    • #5
    • 12th Oct 16, 10:35 AM
    • #5
    • 12th Oct 16, 10:35 AM
    I'd amend that to between a week and never.
    Originally posted by AnotherJoe


    Indeed.


    We are on our 2nd "potential" purchase in as many months.
    Mummy to 2 little boys born in 2013 & 2015
    House on the market for 19 months ....SOLD! ...complete!
    Natalie
    • hazyjo
    • By hazyjo 12th Oct 16, 1:50 PM
    • 8,230 Posts
    • 9,979 Thanks
    hazyjo
    • #6
    • 12th Oct 16, 1:50 PM
    • #6
    • 12th Oct 16, 1:50 PM
    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
    2016 wins: ESPA gift set; jumper; lip balm x 2; kitchen scales; perfume; shoes; theatre tickets; Champagne; books; After Eights; Diet Coke; Molton Brown duo; fish slice; travel set
    • Insolventnonentity
    • By Insolventnonentity 12th Oct 16, 6:47 PM
    • 2 Posts
    • 0 Thanks
    Insolventnonentity
    • #7
    • 12th Oct 16, 6:47 PM
    • #7
    • 12th Oct 16, 6:47 PM
    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
    • By Davesnave 12th Oct 16, 7:04 PM
    • 20,779 Posts
    • 83,662 Thanks
    Davesnave
    • #8
    • 12th Oct 16, 7:04 PM
    • #8
    • 12th Oct 16, 7:04 PM
    Hi,
    The buyer wants the place ASAP. What can I do to get to contract faster?
    Originally posted by Insolventnonentity
    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.
    'Only the mediocre are always at their best.' Jean Giraudoux
    • G_M
    • By G_M 12th Oct 16, 7:30 PM
    • 37,015 Posts
    • 40,940 Thanks
    G_M
    • #9
    • 12th Oct 16, 7:30 PM
    • #9
    • 12th Oct 16, 7:30 PM
    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 ?
    Originally posted by Insolventnonentity
    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!
    • Richard Webster
    • By Richard Webster 13th Oct 16, 2:36 PM
    • 7,325 Posts
    • 6,986 Thanks
    Richard Webster
    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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