How Long...

Mrs_Optimist

on average does it take to exchange and complete from accepting an offer?

I know it is a bit like asking how long is a pi9ece of string and depends on the length of the chain. Our situations in we have a FTB with MIP who is keen to exchange and complete. Our Vendor has nothng to buy (going in a Home) and so here are 3 parties and two houses in the chain. Our Vendor is also keen to exchnage and complete. Our mortgage application has gone off and the survey will be done once we have a draft contract from our vendor.

Everyone wants to exchange by end of month and complete early next month but is this likely? BTW offer accepoted on both houses one week ago, Solicitors already instructed by all parties.

Doozergirl

Three months is average in this situation.

I think you're whistling in the wind with that timescale, I'm afraid . If anyone in your chain needs a mortgage, I'd say it's nigh on impossible.

You do however, all need to talk to your solicitors and ask what would be a reasonable timeframe. The problem when people are pushing hard before they have really begun the process is that people stand to be disappointed and with that comes tension and mistrust. Everybody in your chain must be clear on how long these things take. FTBs are notoriously bad in guaging how long it takes - for fair reason though!

I'll put my money on 6 weeks minimum. Try and prove me wrong, lol.

Good Luck

dkny_2

Hi,
It really depends on everyone in the chain, We were also told that everyone wanted to complete asap, but being completely honest it didnt work out that way at all from our experience when we purchased our new house which was finally completed on the 12th of jan (friday) and it took nearly 4 months,

ofcourse there are loads out there who have completed sooner for example we sold our property in oct 2006 the next day and completed within 5 weeks so it really depends on everyone and also searches coming back fine etc...Have a chat with your solictor and see what they say as they probably have more of an idea when your likely to exchange and complete

I know everyone wants to complete sooner as i know i did, but sometimes even if it takes a little longer its still all worth it in the end

Best of luck

Mrs_Optimist

Thanks for your input. We are not in any particular rush TBH, but our buyer is in rented so wants to move asap. His mortgage is agreed in principle and I know he signed some paperwork to do with the mortgage last week. I noticed last Friday that someone was taking photos of our house, it was suggested it was someone doing a driveby valuation? It certainly wasn't an EA. Luckily I work for a firm of solicitors who are doing my conveyancing so I can keep an eye on things there. Our Vendor also has a niece who works for the solicitors doing her conevyancing and they will be pushing things through. Our Buyer is using solicitors attached to the EA (I understand that this is sometimes to their detriment) so our EA can push things along. Will keeo you posted and can only hope that the chains doesn't come crashing down around my ears!

Doozergirl

You need to keep your FTBs in check Mrs O! There is nothing worse than 'stampy feet' FTBs as they expect the earth and threaten to pull out all over the place. Someone (I suggest your EA) sits them down, explains the conveyancing process and the number of unquantifiables involved. THey should also make it clear that the average time is three months and that anything sooner than this is a bonus.

All in a nice way of course, but it is far, far better to tell them now than have them thinking that people are holding things on purpose. For your sanity, it is better to let them down gently than to have them thinking that every tomorrow is exchange day.

Madjock

it has been known for transactions to be completed inside of a week.
It depends how serious everyone in the chain is, and whether searches have been requested yet. searches will be the main hold up, and any leasehold enquiries if there are any leasehold properties involved. it does sound like a drive by val has been done on your property.

clairefun

We're in the same boat as you - selling to a FTB, and buying a property where the vendors aren't buying on (they're going travelling). So far it's been just over 2 months...I'm hoping it won't be more than a month longer...I'm desperate. I'm living with a 2 year old boy who wants to 'kick ball garden mummy?' and I keep saying 'in the new house baby, in the new house' - poor thing.

Let's see - surveys done on all sides and we all have our mortgages. Searches have been done on the property we're buying but we're just waiting for a few of the further enquiries to be finished. No searches have been done yet for our property (though we think they'll be fine as we only bought the place 3 years ago and searches were fine for us). Our buyer hasn't instructed sols until she got her mortgage offer because she's so uncertain of what she's doing - apparantly every time anything arrives in the post she visits our EA and gets them to explain it all to her & help her fill in the forms. So althouhg we're inline and on track with the usual 3 months, it *has* felt like we've had delays from our buyer, so maybe you'd be quicker...

ownerofthemoneypit

I am selling to investor everything is done, but waiting for exchange so far has taken almost three months from offer, hoping it wont be much longer.

I had a look on a couple of websites last night and they were not very helpful I'm afraid, ranging from 8 to 22 weeks. But from looking on this site it's on average four to 4 - 5 months.

I also agree with Doozergirl - Don't be pressured by others, and Good Luck!

black-saturn

Mine took 4 months and there was no chain at all. I was coming out of rented accomodation into here and the bloke that lived here was going into rented accomodation.

mrsc_4

Our sale and purchase took exactly 4 months, buyer was a FTB, and our Vendor was moving in with family, we all agreed that we wanted quick sales. Initally it was all going well and was due to complete in 3 months but then there was a hold up with paperwork from our Vendors side which added on a month.

I would guess that you would be looking at 3/4 months to be honest and realistic.

Good luck I hope it all goes well for you.

JennyW_2

Our's took 5 months with a FTB behind us and we were purchasing an empty property - god knows why it took so long but it does sometimes and it's silly things which hold the chain up.