How quick to complete

JoeyEmma

I'm a FTB and have just (with my boyfriend), put an offer in on a house. The agent reckons he will take it and we will probably know tomorrow. The guy that is selling it is a developer who has bought it, done it up and wants shot of it ASAP.

We have stressed to the EA that we are FTB, with no chain, have spoken to a mortgage broker (but not done formal application yet) who feels we will be fine with a mortgage and has chosen one with us and have a solicitor that we know and trust.

The agent has called us to confirm that we would be able to complete quickly if the offer is accepted as the owner wants to complete by the end of the month

I was wondering if it is accepted, how long could it realistically take to complete? Is the end of the month just stupid, even though neither of us is in a chain?

silvercar

Possible, if everything went smoothly, and your mortgage provider was one that worked quickly. You would probably be looking at completing almost as soon as you exchange.

JoeyEmma

How long would it take to exchange (roughly)?

kne

Im not very experienced at this as im currently buying my first place, but the mortgage arrangements and valuation/survey by them is taking the longest so far!

Get your mortgage sorted asap to increase the speed of the transaction :-]

oldagetraveller

My father-in-law recently purchased and it took two weeks from offer acceptance to completion.
Both parties wanted an early completion and instructed respective solicitors accordingly.
However - it was buy only, similar to FTB and no mortgage involved.
So if all involved extract their digits it can all be achieved fairly quickly.

ethansmum

I'm in a similar position, however we are part-exchanging houses. We have both set a target date of the end of April too, so it does seem likely.

Sting_2

When I bought my house (was a FTB moving into an empty house) the quickest it could be done was 6 weeks. This however was 5 years ago. I know it is a bit quicker now (4 weeks I think). The time consuming bit is the searches the solicitors do, and one of them could only be done in 6 weeks when I bought my house.

Best ask your solicitor what the quickest time all the searches take to be done.

Sorting out the mortgage only took about a week.

Oh yes, and the **** letting agent I was renting a house through took forever to write a reference for my mortgage company!

clairehi

JoeyEmma wrote:

I'm a FTB and have just (with my boyfriend), put an offer in on a house. The agent reckons he will take it and we will probably know tomorrow. The guy that is selling it is a developer who has bought it, done it up and wants shot of it ASAP.

We have stressed to the EA that we are FTB, with no chain, have spoken to a mortgage broker (but not done formal application yet) who feels we will be fine with a mortgage and has chosen one with us and have a solicitor that we know and trust.

The agent has called us to confirm that we would be able to complete quickly if the offer is accepted as the owner wants to complete by the end of the month

I was wondering if it is accepted, how long could it realistically take to complete? Is the end of the month just stupid, even though neither of us is in a chain?

I note you have not yet put in a mortgage application. You should allow 10 working days from the date they receive your written application for it to be processed. It will also take a few days after mortage app is submitted to arrange the survey and then up to 2 weeks for a homebuyers report to be issued.

In parallel you can instruct solicitor to do searches. Local authority search seems to be the slowest, ours was at least 4 weeks.

Bear in mind that they cant hold you to a completion date until youve exchanged, and no other buyer will be able to do it any quicker anyway.

Cynically, I would tell them that you are happy to complete at the end of the month, but they must take it off the market when they accept your offer. the date is highly likely to slip, but theres nothing they can do about it other than put it back on the market at which point they will be resetting the clock to 0 anyway.

UK_Landlord_2

i have been told that it is possible to do in 6 weeks, i'll beleive it when i see it, last purchase took me over 6 months, had to get the mortgage offer extended! long story!

in reality it should take no more than 2 months start to finish, keep on the back of everyone to keep them doing things.

david29dpo

i have just accepted a offer for my flat from ftb, my partner is the solicitor, if you have a mortgage arranged and have good solicitor and the vender has good solicitor 4 weeks is possible.

Jay1b

JoeyEmma wrote:

The guy that is selling it is a developer who has bought it, done it up and wants shot of it ASAP.

Are you sure that this property is good value for money? From personal experience, i found that developers pretty much always try selling the house for more than its worth, they why they do it. They also cut corners, ie: fit a new kitchen, but if you look carefully it would of been done as cheaply as possible.