Cash buyer-how quick

80schild

Hi
Our current buyers are stil not commiting to exchange any time soon so we have accepted a cash offer on our house. Those of you who have followed my posts-we have decied to go down the cash sale route and if this doesn't work out will rent the house and rent somewhere else ourselves rather than buy as we decied it would be too stressful owning two properties.

Anyway-point of this post is...How long should this take. As far as my solicitor is concerned he has all our paperwork from the sale which didn't complete. The purchaser seems very motivated, has the cash and is not getting suveys done.

The only thing he thought might slow it down was my house is leasehold. However when selling to the previous vendor nothing came up about this as I have never been asked for ground rent and have no details on who owns the lease! I am sure the solicitor said that there was nothing about it on the deeds!

After the nightmare we have had so far, firstly with a slow vendor and now with the buyer going AWOL I am hoping it will finally be plain sailing from here!
BTW-cash buyer is investor on estate agents books-not a cash buy, quick sell company!

Gwhiz

I've managed first viewing to completion in 21 days before as a cash buyer. A lot depended on the quality of the solicitor I used.

poppysarah

Yes it's down to the solicitor generally how fast it can go.

What info did you get on the leasehold when you bought?

mlz1413

Don't take the house off the market until your at the point of exchange and ring anyone who will take your call for a weekly update.

A friend of mine 'sold' her house to an investor about 2 years ago and 6 weeks in was told 'the figures don't stack up so we're not going ahead' - you would have thought they would have done that before offering! 6 weeks wasted in a declining market was a real kick in the teeth too.

80schild

mlz1413 wrote: »

Don't take the house off the market until your at the point of exchange and ring anyone who will take your call for a weekly update.

A friend of mine 'sold' her house to an investor about 2 years ago and 6 weeks in was told 'the figures don't stack up so we're not going ahead' - you would have thought they would have done that before offering! 6 weeks wasted in a declining market was a real kick in the teeth too.

I made the mistake last time of letting the estate agents take the house off the market last time and then the previous buyer, also an investor' disappeared when it was time to exchange contracts. Both myself and the estate agents are being cautious this time and they have assured me they will continue to market the property (although I would not gazump this buyer now I have accepted his offer!-just incase it fell through).

He seems motivated-gave us his phone number and has already instructed a solicitor and contacted my solicitor himself to pass on his solicitors details!

With the previous buyer I was always a bit suspicious as he had never been out to see the house and I had not even met him, didn't even know his name etc... I have a good feeling about this buyer that he wouldn't mess us about and would tell us straight away if he wasn't going through with the sale.

In anycase I am going to get the mortgage broker to get us an AIP on a buy to let remortgage and will be going down this route and renting somewhere ourselves if this falls through. Therefore if he tried to reduce the price at the last minute I would pull out!

muskoka

Gwhiz wrote: »

I've managed first viewing to completion in 21 days before as a cash buyer. A lot depended on the quality of the solicitor I used.

I've recently done it in 21 days also as a cash buyer. Could have been quicker, but vendors solicitor was holding things up = temporarily :j

G_M

80schild wrote: »

Hi

The only thing he thought might slow it down was my house is leasehold. However when selling to the previous vendor nothing came up about this as I have never been asked for ground rent and have no details on who owns the lease! I am sure the solicitor said that there was nothing about it on the deeds!

Strange. Could be a problem.

Most buyers/their solicitors would be concerned that ground rent is unpaid and freeholder unknown (I assume by 'who owns the lease' you mean 'who owns the freehold' since, again, I assume you own the lease!)

If it is leasehold, then there must be a lease. If the lease is missing, this would cause problems since the buyer does not know what terms are therein! Bit like agreeing to an insurance policy without knowing how much the premiums are, whether it is for house, car or life insurance, and whether it includes or excludes Accidental Damage!)

As for the freeholder, surely a simple search (£4) at the Land Registry would name them? (though the listed address might unhelpfully be the property itself)

Gorgeous_George

I bought one in 3 weeks some years ago. I didn't want a survey and asked the solicitor to simply get me the keys within 3 weeks.

The latest one took two months - I had a survey and searches etc.. It's quicker without but you need to tell the solicitor what you want him/her to do (and it covered the Christmas period).

GG

80schild

I don't think he wants searches doing as he is paying cash as he is getting the house for very cheap and knows that its sale is only on condition of us gettin our purchase house which we need to complete asap on so if it dragged on, we would pull out!
All the contract and sellers information form and indemnity insurance is done from the previous buyer so my solicitor said it will be quick on his part. The only thing that might delay it is the leasehold issue