Minimum Time from Offer to Completion?

Running_Horse

not_loaded wrote: »

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

What if the lawyers find something that needs to be checked out? Are you willing to incur considerable financial loss to meet a deadline that was never realistic to begin with?

chickmug

not_loaded wrote: »

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

Have you tried Maplins:D

dirtmother

Ah, so I am in nightmare territory!

We're up to 12 weeks now and that was a new buyer with nothing to sell and in principle mortgage agreement, with much of the stuff for our purchase and our end of the sale already done (previous sale fell through) Neither our buyer nor our seller has dragged their feet but buyers lender did.

Flabberghasted last night to discover from our buyers that yes they'd signed but our solicitors hadn't got two quick things done that should have been sorted weeks ago and both usual conveyancer and solicitor covering whilst she is away had confirmed for me that everything was in place to exchange as soon as our buyers had signed. No wonder the covering solicitor didn't phone as he said he would! I thought there might be some delay if the buyers had some further queries (nothing like signing to concentrate the mind!) but not this! Any suggestions? I presume that other than just complaining there's nothing much we can do but suck it up?

Just to add to it, we decided spouse should be the one to phone solicitor and express our views and he didn't do it until lunchtime and solicitor is out until well into the afternoon...

(Have to say that with two previous house purchases we were told by solicitors that it should be particularly quick because of circumstances and it was still 12 weeks plus each time. So perhaps we should consider ourselves fortunate that we should still be close to the finishing line at 12 weeks when it is a fairly standard situation?)

iscrimger

not_loaded wrote: »

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?

You are not the only one putting themselves out, lets not forget the buyer is also offering a significant amount of money, a major financial commitment. It is upto you what you accept and how quickly you are prepared to leave.

While it doesn't sit well with you getting less quicker. For a buyer it makes more sense right now to offer slightly less and the possibility of completing quicker. It makes no sense to go in all guns blazing offering way over the market value unless it is their dream home that they simply must have.

not_loaded

Running_Horse wrote: »

What if the lawyers find something that needs to be checked out? Are you willing to incur considerable financial loss to meet a deadline that was never realistic to begin with?

Well I wouldn’t start throwing money at it until exchange. That exchange would have to be at the right price.

Maybe your question is better directed at the buyer? They appear to have made some commitment to their date. How feasible it is I don’t know.

dirtmother wrote: »

Ah, so I am in nightmare territory!… …we were told by solicitors that it should be particularly quick because of circumstances and it was still 12 weeks plus each time. So perhaps we should consider ourselves fortunate that we should still be close to the finishing line at 12 weeks when it is a fairly standard situation?)

Maybe that is quick for them!

not_loaded

iscrimger wrote: »

You are not the only one putting themselves out, lets not forget the buyer is also offering a significant amount of money, a major financial commitment…

They’re not putting themselves out at all, they’re laying down their deadline and want to have their way. The amount of money and financial commitment apply to all viewers/buyers, demanding or undemanding.

iscrimger wrote: »

While it doesn't sit well with you getting less quicker. For a buyer it makes more sense right now to offer slightly less and the possibility of completing quicker. It makes no sense to go in all guns blazing offering way over the market value unless it is their dream home that they simply must have.

Getting less quicker? As we’ve no onward chain, we’re flexible on when we go, so quicker is of no great benefit to us, especially if it’s for less.

I appreciate no one wants to spend more than they have to, but when you have specific needs and you want people to bend to your requirements, I just can’t see how a low offer is going to help you get your way.

shirlgirl2004

It is now 12 weeks since we had our offer accepted and completion is pencilled in for 13th October (not a Friday!). That will be 15 weeks. There is no real chain to speak of just the house we are selling and the house we're buying. Getting to exchange would be great at the moment.

not_loaded

shirlgirl2004 wrote: »

It is now 12 weeks since we had our offer accepted and completion is pencilled in for 13th October (not a Friday!). That will be 15 weeks. There is no real chain to speak of just the house we are selling and the house we're buying. Getting to exchange would be great at the moment.

Sorry, you have no chain at all, and they’ve taken twelve weeks????

What on Earth is behind all that?

Jowo_2

My house purchase, plus transfer from joint to sole name, took 3 to 4 months each time despite vacant possession, lack of chain.

It is an ex-council house and the local council has to sign a document given their permission for the sale. On both occasions, the solicitors were very frustrated with the process and comms by the local council who sat on a very simple document for in excess of a month each time, that was despite telling the second solicitor of the poor experience the first time round and urging them to tackle this better.

kitty123

Last weekend - 8 weeks into the process and almost at exchange of contracts our buyer (an elderly lady) died. So anything can happen. Our house has to go back on the market and we may lose the place we are buying as they are almost ready to exchange too :-(