How long to complete - first time buyers buying property with no chain

rachel31a

We have worked out that we will have the 15% deposit that we would like to put down in 4 months time. Is it too early to put an offer in on a property now or would we be able to drag it out so it takes this long to go through?

daisiegg

You can 'drag it out' as long as you like - just make sure you tell them that when you put the offer on.

We're in a similar position to you. We had the deposit but we need my partner's August bonus to pay the stamp duty. We had our offer accepted on our house in May, but we told them when we put the offer on that we could not complete until September. We made sure they were aware of this, and they accepted that. That's about four months too, so it is possible!

I'd just say make sure you do tell them, rather than not saying anything and then trying to 'drag it out'. If you stall and try and drag it out for foru months without explaining why, they might think you're not serious and pull out.

rachel31a

Thanks, that's great. We have just started looking and I'm a bit scared I'll see one I love and then not know what to do!

Procrastinator333

Going through the process at present. My experience is that even if you are on top of everythign every day, chasing everyone for everything, you will still struggle to get it done in less than 2 months. So 4 months seems very possible - especially if you end up in a chain.

Be sure you have funds for all of the other costs of purchase - They add up very quickly.

Kara_P

We were FTB with 10% deposit and from offer to completion was 8 weeks which is what we specified, due to finishing our rent contract. However we could have moved as quickly as 3-4 weeks and probably could have held of another 3-4 weeks.

Definately make your intentions clear when you put your offer in and as previosuly said make sure you have all of your other costs taken into account.

Good luck and happy searching!

dibuzz

I agree, be up front about it but when we moved here we bought from a man selling his mother's house which was empty and a first time buyer bought ours s we thought it would be quick but it took 5 months.

iheartbristol

OH and I were chatting to two sets of friends in the pub the other night, both were First time buyers, no chain and both took approx 3 months from offer to completion. Our estate agent told us that our Vendor's vendors (top of the chain, we're the bottom) want it to go through in 6 weeks; I had to stifle a massive laugh. Although it can be done that quick, it's rare.

hazyjo

Average is still around 3 months. I'd start looking online if I were you, but would probably try holding off on viewings/offers until next month. Our last purchase took 5 months as there were a couple of hitches along the way. Quickest I've done it all is around 5 weeks from start to finish. Was hellish though! You have to bear in mind the vendors too - pretty much everyone expects it to take 12 weeks or so, but to say 4 months at the outset might well put them off selling to you. Especially if the reason is money-based.

FTBs' finances are often a cause for concern to vendors - from my experience, many sales fall through cos of lack of funds.

Jx

dazeruk

FTB here and just had an offer accepted.

Been told contracts will be exchanged in 6 weeks.

Not sure how realistic that is.

poppysarah

Start looking but be methodical.

Research areas. Make sure you know what's sold on that street in the last year.
Make sure you've looked at police maps for the area.

Carry print outs of the police maps and ask them what the area is like. If they say the street is very quiet but you can see high numbers of ASB showing on the police maps then you need to do more research!

The stats are updated monthly so print them off and keep a file.

Make notes. Work out floor size - what style house offers best value?

Surbybird

dazeruk wrote: »

FTB here and just had an offer accepted.

Been told contracts will be exchanged in 6 weeks.

Not sure how realistic that is.

I went from offer acceptance to getting the keys in 23 days. It was a condition of sale imposed by the vendors that I completed in 28 days so as both parties were chain free and I had my mortgage AIP, deposit sorted and the solicitor already instructed it was manageable.

I am aware that this is an unusual situation but if you need to move quickly and are in a position to do so, it is definitely possible.

K