Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • london.cidade
    • By london.cidade 20th Apr 17, 10:38 PM
    • 65Posts
    • 13Thanks
    london.cidade
    Duration of Exchanging contracts and completion
    • #1
    • 20th Apr 17, 10:38 PM
    Duration of Exchanging contracts and completion 20th Apr 17 at 10:38 PM
    Assuming that the buyer is a first-time cash-buyer, and the seller is chain free.

    What is the decent duration of Exchanging contracts and completion? what are the factors that might have impacts on it?

    thank you all..
Page 1
    • BLOW FLY
    • By BLOW FLY 21st Apr 17, 2:12 AM
    • 82 Posts
    • 68 Thanks
    BLOW FLY
    • #2
    • 21st Apr 17, 2:12 AM
    • #2
    • 21st Apr 17, 2:12 AM
    Assumption is often the mother of all f**k ups....

    However, assuming you might be the vendor and the purchaser has the cash, then I would imagine a reasonably short time frame, or a longer one or maybe somewhere in the middle.

    Although the weather will certainly play a part in things.....

    BF

    Edit: no help I know, but limited info ��
    Last edited by BLOW FLY; 21-04-2017 at 2:15 AM.
    • giddypenguin
    • By giddypenguin 21st Apr 17, 4:06 AM
    • 786 Posts
    • 874 Thanks
    giddypenguin
    • #3
    • 21st Apr 17, 4:06 AM
    • #3
    • 21st Apr 17, 4:06 AM
    Average is is a week, but may be longer (if someone in the chain is waiting for a new build, on holiday, or it's inconvenient) or shorter (could be same day)

    Basically- it's whatever you negotiate with the interested parties.
    11/3/11: Mortgage Started...
    31/12/16 40% Mortgage Paid
    Mortgage Free Date: March 2027 Jan 2024 - now aiming for Jan 2022
    • martindow
    • By martindow 21st Apr 17, 10:07 AM
    • 7,038 Posts
    • 3,883 Thanks
    martindow
    • #4
    • 21st Apr 17, 10:07 AM
    • #4
    • 21st Apr 17, 10:07 AM
    Average is is a week, but may be longer (if someone in the chain is waiting for a new build, on holiday, or it's inconvenient) or shorter (could be same day)

    Basically- it's whatever you negotiate with the interested parties.
    Originally posted by giddypenguin
    Giddy - you are talking about the gap between exchange and completion. I think the OP was wanting an idea of how long the entire buying process might take which no-one can say with any certainty.
    • Rain Shadow
    • By Rain Shadow 21st Apr 17, 10:16 AM
    • 1,671 Posts
    • 3,039 Thanks
    Rain Shadow
    • #5
    • 21st Apr 17, 10:16 AM
    • #5
    • 21st Apr 17, 10:16 AM
    It won't happen in fewer than 4 weeks. It would be very good to do it in fewer than 8. 12 weeks would be fairly typical.


    But, It could be any time at all depending on what enquiries throw up and how on the ball the parties are.
    You can pick your friends and you can pick your nose but you can't pick your friend's nose.
    • always_sunny
    • By always_sunny 21st Apr 17, 10:20 AM
    • 2,966 Posts
    • 3,142 Thanks
    always_sunny
    • #6
    • 21st Apr 17, 10:20 AM
    • #6
    • 21st Apr 17, 10:20 AM
    doesn't depends on the parties involved? For me was 5 working days.
    Unless there's a need to drag it, more than 2 weeks sounds too long!
    Expat with an EU passport
    • Surrey_EA
    • By Surrey_EA 21st Apr 17, 10:26 AM
    • 961 Posts
    • 1,052 Thanks
    Surrey_EA
    • #7
    • 21st Apr 17, 10:26 AM
    • #7
    • 21st Apr 17, 10:26 AM
    doesn't depends on the parties involved? For me was 5 working days.
    Unless there's a need to drag it, more than 2 weeks sounds too long!
    Originally posted by always_sunny
    I presume you're referring to the period of time between exchange and completion, rather than for the entire conveyancing process?
    • Rain Shadow
    • By Rain Shadow 21st Apr 17, 10:34 AM
    • 1,671 Posts
    • 3,039 Thanks
    Rain Shadow
    • #8
    • 21st Apr 17, 10:34 AM
    • #8
    • 21st Apr 17, 10:34 AM
    Maybe the OP would like to clarify?
    You can pick your friends and you can pick your nose but you can't pick your friend's nose.
    • always_sunny
    • By always_sunny 21st Apr 17, 11:22 AM
    • 2,966 Posts
    • 3,142 Thanks
    always_sunny
    • #9
    • 21st Apr 17, 11:22 AM
    • #9
    • 21st Apr 17, 11:22 AM
    I presume you're referring to the period of time between exchange and completion, rather than for the entire conveyancing process?
    Originally posted by Surrey_EA
    yup, I read the question from the OP as that, between Exchange and Completion not from start to end! Maybe OP can clarify...
    Last edited by always_sunny; 21-04-2017 at 11:35 AM.
    Expat with an EU passport
    • Surrey_EA
    • By Surrey_EA 21st Apr 17, 11:27 AM
    • 961 Posts
    • 1,052 Thanks
    Surrey_EA
    yup, I read the question from the OP has that, between Exchange and Completion not from start to end! Maybe OP can clarify...
    Originally posted by always_sunny
    The question is a little unclear!!
    • davidmcn
    • By davidmcn 21st Apr 17, 11:32 AM
    • 5,281 Posts
    • 4,947 Thanks
    davidmcn
    However, assuming you might be the vendor and the purchaser has the cash
    Originally posted by BLOW FLY
    Judging from their other threads, the OP is buying. And their seller isn't chain-free.
    • luklik
    • By luklik 21st Apr 17, 11:38 AM
    • 8 Posts
    • 5 Thanks
    luklik
    It should be 6-8 weeks.

    The delay might caused by the seller, who may send the initial draft letter out in 2-5 weeks!!!
    The delay might caused by enquiries raised by buyer's solicitor and delay in answer by seller's solicitors.
    The delay might caused by searches (environmental search, drainage and water search)
    The delay might caused by a Homebuyer survey report.


    To sum up, all parties must help to make progresses getting faster. It cannot depend on either party!
    • AnotherJoe
    • By AnotherJoe 21st Apr 17, 11:43 AM
    • 6,544 Posts
    • 6,968 Thanks
    AnotherJoe
    It should be 6-8 weeks to never
    Originally posted by luklik
    Fixed your omission
    • luklik
    • By luklik 21st Apr 17, 11:45 AM
    • 8 Posts
    • 5 Thanks
    luklik
    Haha that's true! Both parties can pull out anytime! : (
    • london.cidade
    • By london.cidade 21st Apr 17, 12:26 PM
    • 65 Posts
    • 13 Thanks
    london.cidade
    Yes, i tried to mean entire buying process not just the duration between exchange and completion. In fact i was not aware that there is a gap between exchange and completion till i read your responses to this thread. Thank you
    • london.cidade
    • By london.cidade 21st Apr 17, 12:32 PM
    • 65 Posts
    • 13 Thanks
    london.cidade
    I am 1st buyer has 410k cash, will ask for 160k mortgage. My last offer for the flat is 550, likely to be accepted. And morning the vendor declared that he ll go for a chain free property. Hope i could clarify my current situation to all.
    • london.cidade
    • By london.cidade 21st Apr 17, 12:34 PM
    • 65 Posts
    • 13 Thanks
    london.cidade
    Ive got lettet of principle from natwest and hsbc, dont expect mortgage process to take much time.

    Ps. Sorry for several messages. I couldnt edit previous messages from my mobile
    • Cakeguts
    • By Cakeguts 21st Apr 17, 1:23 PM
    • 2,488 Posts
    • 3,241 Thanks
    Cakeguts
    You are not a first time cash buyer. A cash buyer is someone who has the whole purchase price in the bank now ready to pay for the property and who doesn't need a mortgage. The buying process takes longer if you need a mortgage.

    The last house we bought took 5 months from the offer to completion. We were cash buyers we did have all the money in the bank ready to pay with no mortgage. The house we were buying was vacant. The seller had moved out so there was no chain just the seller and us the buyers. It took 5 months because something complicated came up in the legal searches that took a few months to sort out. So you really can't tell how long the whole process will take.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,454Posts Today

8,345Users online

Martin's Twitter
  • RT @Emloy93: @MartinSLewis I did this! It 100% works ????????

  • RT @Photo_Pete: @MartinSLewis Thanks Martin, I'll renew mine before my 24th in September!

  • Tell any 23 yr olds... you're allowed to buy a 3 year 16-25 railcard the day before your 24th birthday then it's valid until ur almost 27 RT

  • Follow Martin