How quick to complete

NervousYetFeisty

Jay1b wrote:

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.

Bear in mind that house prices have at best been static this year where we live...

We went to see a house quite recently - actually viewed the before and after as potential buyers. Vendor had bought for £150k late last year, fitted an Ikea kitchen, some laminate flooring and a basic B&Q bathroom - now asking £183k :rotfl:

Jorgan_2

Timescales all depend on how quick the relevant parties involved,soicitors, surveyors etc, get their act together. I dealt with a buyer recently who had nothing to sell, no onward chain & it completed in 3 weeks. Others have taken 8 weeks when in similar situations. My quickest was 2.5 days from offer being accepted to exchanging contracts.

Make sure you solicitor is aware of the timescales, ask them if they are able to act that quickly for you. Also let mortgagae company/broker know the timescales and ask them if they can see any problems in getting everything done in the required time.

JoeyEmma

There have been two identical houses in culdesacs on either side of the street we are going for that have sold recently.

One needed ripping out and went for the same price of £150000 and another one in ok condition (still with some work needed) went for £155000.

we don't have much money to spend on doing a place up, so the kitchen and bathroom that are in will be fine for the next couple of years. I'd say its good value for money judging by how prices are going in the area.

Doozergirl

I think you just need to make the right noises here. I'd indicate that you are happy to move by the end of the month, will move as quickly as the conveyancing can be done and that you will do everything in your power to keep things moving. You note that you're not actually commiting yourself to the end of the month!

It's very doubtful that they'd pull out if it took a couple of weeks longer - you'd have both spent money and they won't find another buyer to complete any quicker once you're a few weeks down the line.

They'll want to sell before the end of the month to avoid another repayment I should imagine. We're pushing hard for completion on a property by the end of the month for exactly that reason; it doesn't make much difference to the profit margin if it goes a bit over as you'll see some of that interest back on completion, but it's a psychological thing for the vendor.

njc12

Hi - I work in conveyancing and the industry average is 8-12 weeks. That said, it is possible for it to be done in less time depending on a number of factors:

1) length of chain
2) enquiries raised by your lawyer to ensure that the legal title of the property is acceptable.
3)the length of time that searches take to come back and the results
4) your mortgage offer

There are a number of other factors but these are the main ones. I would keep pushing your EA and lawyer.

HTH
njc12

JoeyEmma

None of it matters anymore, as two hours after they accepted the offer, the EA called to say that the vendor was pulling out of the deal.

Its all rubbish- note to self- don't get emotionally attatched to a house until you have the keys to the front door.

silvercar

None of it matters anymore, as two hours after they accepted the offer, the EA called to say that the vendor was pulling out of the deal.

Wasn't meant to be, don't cry over it, there'll be another house round the corner.

NervousYetFeisty

And every chance it'll be nicer *and* cheaper

clairehi

JoeyEmma wrote:

don't get emotionally attatched to a house until you have the keys to the front door.

so true. but these things do happen for a reason, Im sure youll find somewhere better. good luck!

fairylights_2

Just an aside - for future note - you can expedite the searches. If I remember it cost a teeny bit more, but they were done within 48 hours. We went from first viewing to moving in in five weeks.

Good luck with finding somewhere new.