Exchange of Contracts with Cash Buyers?

QTPie

How quickly is it possible/likely for this to go through? Buyer is keen/able to proceed as quickly as we are able and want to. We are ready to go (I have already completed all of the seller's paperwork).

(a cash buyer with nothing to sell, no mortgage to arrange - ready to proceed).

QT

SavingSteve

As quick as solicitors can proceed!

28 days I'd say, on the basis that when you buy at auction they expect you to complete (or exchange?) within 28 days.

Really the only delay is searches & surveys, everything else can be done very quickly by a competent pair of solicitors.

Swipe

I'm a cash buyer, had my offer accepted 3 weeks ago. I estimate at least another 2 weeks on top of the 3 so far.

Bogof_Babe

I was a cash buyer last June. No chain in either direction and it still took eight weeks to completion. That was with me phoning the sol every couple of days for progress reports.

QTPie

Thanks SavingSteve

Swipe, another couple of weeks until you exchange? Hope it all goes well

Bogof_babe, did you exchange the same day as completion or exchange earlier than that?

Am not as worried about completion, but want to get to exchange as quickly as possible: we will be going into rented accomodation, so need to arrange rental and removals... Can't (and wouldn't after being gazundered last time...) sign a rental contract until exchange.

Thanks for your replies
QT

Bogof_Babe

It was all a bit of a muddle on the day actually. It was a holiday flat we were buying so not a house move as such. Our sol was quite laid back and said "that should be fine" when we told him the date we had in mind to get the keys. Anyway we hired a van, loaded up our stuff and drove up still not sure whether it actually was happening, even though I'd been to the bank two days before and CHAPSed the money over.

When we were half an hour's drive from the flat my mobile phone rang and it was the EA to say we could collect the keys! So I think it was all done on the day - our sol walked the contracts over to the vendor's sol when the money had cleared into their account.

I would recommend getting a firmer commitment when you go for it! It was a bit nerve-wracking wondering if there would be a problem.

RetroBob

Cash buyer eh? I'd say it takes about as long as you need to pass a briefcase full of £50s from one person to another!

Bogof_Babe

RetroBob wrote: »

Cash buyer eh? I'd say it takes about as long as you need to pass a briefcase full of £50s from one person to another!

Lol, I don't suppose the Land Registry see it like that!

Premier_2

If you tell the solicitors you want it on the hurry up ... and you keep onto them to ensure they expedite things, it should easily be possible to complete within 2-3 weeks where no mortgage is involved.

What may delay things a few days if there is currently a mortgage on the property being sold.

Most repo's are sold on a 14 day exchange/28 day completion understanding, and it's certainly possible to hit that even with a mortgage to arrange.

QTPie

So tell the estate agents and solicitors that we want a QUICK exchange, then keep the pressure on

We have a mortgage on the property - which needs to be settled. Our solicitor has ALL the paperwork from us, so at least that is done

IF we could exchange in 2/3 weeks, then complete 2/3 weeks after that, it would be ideal. But I was born impatient and I know that the world doesn't always keep up with me...

Will get onto it and keep all of my digits crossed

Not sure that I would be comfortable receiving THAT much cash in £50 notes

Thanks
QT