Length of time

Jeewhizz

Hi Guys,

My wife and I have found a fantastic property that we are going to have a look at again on friday. This is merely precautionary, and most likely, saturday morning I will make an offer on the property.

Now, we are FTB and have no chain. My mortgage advisor has the agreement in principle sorted. The vendor also has no chain.

What's the realistic time frame for completion and exchange? We can't really move in till May as my wife has to give notice for her job, and it's too far for her to commute to work. So we're looking at a 3 month timeframe for this all to go ahead. The house is fairly new (i'd say about 20 years old max judging by the architecture) and so i don't anticipate any major issues on the survey.

Is it fair to ask the vendor to delay exchange of contracts etc until May?

Cheers,

Jee

danm

personally i would go for exchnage as soon as possible, perhaps 4 weeks given straight forward conveyancing, with a delayed completion.

imo exchnaging asap gives the comfort factor from the transaction

icklejulez

I wouldnt mention the dealy till it comes almost to completion and then discuss it with the vendor as he may have other people interested and may choose them over yourselves. Its not really the fairest way too do it but i doubt the vendor will start marketing the property again when its so close to being sold.

Jeewhizz

its been on the market for a while and she's desperate to sell. Accrding to the EA, there are no other interested parties, so the EA is gladly pushing it along as they want to get it off their books!

I will talk to teh EA on friday when we re-visit the property, and see what she reckons!

Thanks,

Jee

ownerofthemoneypit

I would tell the vendor about your situation, if you leave it until the last minute they may think you are messing them around and pull out after you have paid for the survey and searches.

TBH, they will wait if they are that desperate, I'd keep them informed, try and arrange a rough date for completion now to put them in the picture.

zipwen1

the EA will probably decide not to let the vendor know about the situation anyway

Cazza

I agree with danm, exchange asap and set completion for May. The vendor should be happy with this as once you've exchanged it's highly unlikely to all go wrong. 3-4 months is about an average timeframe for someone in a chain so you're not asking for much more than that. I would mention all this to the EA when you put in your offer - emphasising the quick exchange part, and also tell your solicitor as soon as you start doing the legal stuff, so that if the EA doesn't pass on the message at least everyone knows at the begining.