How long does it take to exchange?

bootalishus

Hi
accepted offer on house two weeks ago. Buyers solicitors have contacted mine for HIP but no sign of anything else. Buyer is renting their house out and is only getting a 25% ltv mortgage, we are going to rent.
Two questions - how long does it normally take to exchange contracts and secondly should we expect to have a surveyor coming round with such a low loan to value?

1399steve

I've recently moved into my first house and it took 10 weeks from offer accepted to exchange. We had nothing really that caused any delays and were as quick as we could reasonably be expected to be so I guess the average must be around that length of time give or take a couple of weeks.

Catti

We usually advise 6-8 weeks in a straightforward matter - but there are so many variables it is difficult be accurate!

Premier_2

Where no chain is involved, exchange should easily be achievable in about 2 weeks - I've acheived that previously, and bought within 4 and is what a mortgagee in possession would expect.

Yes, where a loan is being made secured upon the property (no matter even if for such a low LTV) the property would need to be valued else the lender doesn't know what the V in LTV is. The surveyor should be round within about a week of the offer having been accepted to have any chance of achieving the 2 weeks exchange timeline.

dander

Surveyors seem to vary a lot from mortgage co to mortgage co - some companies manage to get them out really quickly, others always seem to have a backlog and it takes weeks before the surveyor appears. Although how they could have a backlog with the current market I don't know!

I would check with the buyer about the survey, either via solicitors or the EA - they may just need to give their mortgage co a nudge.