Minimum Time from Offer to Completion?

not_loaded

We had some first time viewers yesterday who put us on the spot somewhat by naming a completion date just over three weeks away. They’re planning on exchanging with their buyers today or tomorrow, and then completing/moving out on 9th October.

We have no onward chain, so we can fit in with a buyer’s wishes reasonably well (probably better than most sellers) but I am at a loss to know whether the survey, conveyancing, funds transfer etc, can actually be squeezed into such a short period.

I’d be interested to hear your actual experiences of minimising the ‘offer to completion’ process.

Equally, your opinions of how to minimise the process and costs would be helpful.

My wife and I were discussing this immediately after they left, and came to the conclusion that being in such a hurry to move in would probably mean them giving us an incentive to go so quickly, or alternatively, them being prepared to throw some money at a solution for themselves such as a short-term rental.

They have the advantage of having plenty of manpower available, and a short distance removal job. We have quite the opposite, and would probably have to utilise storage facilities, rent vans, etc, to meet their three-week deadline.

They haven’t offered yet, so it may come to nothing.

iscrimger

I am curious about how quickly it can be done as I'm in the same position as your first time viewers, albeit I have a bit more time.

Would it not make more sense for the prospective buyer to offer less to complete the purchase quicker? The incentive for you to go quickly would be that you would get the money quicker, I'm not sure any buyer would offer a higher amount.

While I understand your thinking behind what you're saying it just seems to make more sense to offer less.

PasturesNew

There was a story back in the 80s/90s when MIRAS was being removed and there was a deadline ... somebody did the whole process in 5 hours. They were in London though and went down the council and waited for their own searches and ran around signing paperwork and taking papers between the lender and their solicitor. This was also back in the day when you had actual bank managers who decided if they were going to give you a mortgage, so you could literally be dealing with a man in one office, an available solicitor across the road and the council along a bit.

silvercar

Realistically you are looking at between 3 and 4 weeks between offer and exchange. You can complete on the same day you exchange if everyone is willing.

not_loaded

iscrimger wrote: »

I am curious about how quickly it can be done as I'm in the same position as your first time viewers, albeit I have a bit more time.
Would it not make more sense for the prospective buyer to offer less to complete the purchase quicker? The incentive for you to go quickly would be that you would get the money quicker, I'm not sure any buyer would offer a higher amount.
While I understand your thinking behind what you're saying it just seems to make more sense to offer less.

I can’t see the sense in that at all. Someone wants me to put myself out, incurring significant expense along the way, and you think paying less is appropriate?

Generally, wanting someone to do something that suits you, not them, means compensation for that special requirement surely?

not_loaded

silvercar wrote: »

Realistically you are looking at between 3 and 4 weeks between offer and exchange. You can complete on the same day you exchange if everyone is willing.

In your experience can that 3 to 4 weeks be reduced?

I suspect they'd need longer, not me, as we've no onward chain.

silvercar

A prospective buyer offering less to complete quickly makes sense if the seller is desperate, a job move forcing them across country or a repossession looming for example. If the seller is in no rush then they can hold on for a decent offer.

In this market the presumption is that buyers are worth their weight in gold, so worth accommodating.

KellsBells

If you're telling us that they are looking to exchange with their buyers tomorrow - does that mean they are cash from sale? If that is the case, and they have no mortgage to arrange, then the process is really very simple - no real need for a survey so they might not bother, the conveyancing only needs to satisfy the buyer, not a mortgage lender, and if the funds are held by the sols from the buyers sale of their own house, it's a very simple bank transfer of the completion monies. If this is the case, it can easily be done in a week.

As regards them 'throwing some money' your way to accomdate them... you either want to sell your house or you don't. Wait and see what they offer - you can always refuse an offer you would normally accept until they increase a little, and their increase might cover your rental expenses. But tbh, in this market, I'd be glad of a sale and would be paying myself for rent and removal costs, not risking my buyer.

chickmug

Sorry but heard this time and time and time again when a buyer or a seller starts putting down the completion date will be xxxx. Always before they have spoken it through with their respective solicitors to see if what they are proposing is feasible and usually it is not.

OK we all know someone who will say I, or someone I know, did it in five minutes so should everyone else be able to but the reality is usually different. Especialy if finance is needed. So timings are: -

Very fast - under 4 weeks

Fast - 4/5 weeks

Typical with no real problems - 6/8 weeks

Not unusual to take - 12 weeks

Nightmarish - 12 weeks plus many more weeks but very rare.

not_loaded

silvercar wrote: »

A prospective buyer offering less to complete quickly makes sense if the seller is desperate, a job move forcing them across country or a repossession looming for example. If the seller is in no rush then they can hold on for a decent offer.
In this market the presumption is that buyers are worth their weight in gold, so worth accommodating.

Thanks for your thoughts on this. None of those conditions apply to us, and we have virtually no competing properties in a desirable spot. We’re getting viewers at a good rate.

As you say, in this market the presumption is that buyers are worth their weight in gold. That of course doesn’t hold true for all cases, so the idea of me paying out probably £3k to £5k for a panic departure, AND them getting a discount on the price doesn’t sit well.

KellsBells wrote: »

If you're telling us that they are looking to exchange with their buyers tomorrow - does that mean they are cash from sale? If that is the case, and they have no mortgage to arrange, then the process is really very simple - no real need for a survey so they might not bother, the conveyancing only needs to satisfy the buyer, not a mortgage lender, and if the funds are held by the sols from the buyers sale of their own house, it's a very simple bank transfer of the completion monies. If this is the case, it can easily be done in a week.

Thanks for your view on the speed issue. Their ‘cash from sale’ isn’t there until completion, if indeed it were to be cash. At their level I’m all but certain there’d be a large mortgage involved. True, they might not bother to survey if cash.

KellsBells wrote: »

As regards them 'throwing some money' your way to accomdate them... you either want to sell your house or you don't. Wait and see what they offer - you can always refuse an offer you would normally accept until they increase a little, and their increase might cover your rental expenses. But tbh, in this market, I'd be glad of a sale and would be paying myself for rent and removal costs, not risking my buyer.

I wouldn’t want to make money the primary focus here - to me it’s more a question of what speed is realistically achievable.

One proviso on ‘you either want to sell your house or you don't’ is clearly along the lines of not paying them to take it away. Again, the comment ‘in this market’ doesn’t blindly apply to every property in the UK.

We have two unaccepted offers from ‘close to proceedables’. One very close on the asking price. They both appear to be progressing, albeit slowly.

chickmug wrote: »

Sorry but heard this time and time and time again when a buyer or a seller starts putting down the completion date will be xxxx. Always before they have spoken it through with their respective solicitors to see if what they are proposing is feasible and usually it is not.
OK we all know someone who will say I, or someone I know, did it in five minutes so should everyone else be able to but the reality is usually different. Especialy if finance is needed…

Yes, I suspect that he’s not quite got a grip of the feasibility. His wife smiled and nodded as he specified the various issues.

When showing our house, we apologised that there were a few packed boxes in one of the rooms, and she said ‘oh we haven’t even started packing yet’, which makes me wonder, as they’ve lived in their current house for sixteen years. There’s no way to tell how they’re going to cope, or for that matter, whether they’re at all genuine with what they’re saying.

Why doesn’t Alan Sugar market a handheld BS meter?

Surbybird

It is unusual to move so quickly but you can do it as long as you are very well organised/motivated.

I had my offer accepted and moved into the house within a month and we had the Easter Bank Holidays to deal with during that month too. However, I had already instructed a solicitor and had my mortgage agreed in principal in advance of having my offer accepted (in fact, it was all in place before I'd even viewed the house). I didn't have a choice of completion dates as they were laid down by the vendor (a company) and it was take it or leave it. I wanted the house and was in a position to move quickly (no chain) so agreed and started packing immediately.

So it can be done but it was hard work, very stressful and you need to be prepared to push everyone and everything along to meet the deadline (I had the advantage that my solicitor is also my daughter's boss so pushing them along wasn't a problem for me).

K