Silly Questions But I Need Some Answers!

Mrs_Optimist

Hi all

I am in the process of selling up and all is going well. However I have a couple of (probably) silly questions which I would be grateful if anyone who knows the answers to would reply to my thread.

1. Our buyer has arranged a basic valuation survey on our house which will take place tomorrow. I will be home when this occurs. What does a basic valuation survey consist of? We have had a full Homebuyers Survey on the house we are buying which is quite comprehensive and covered the entire house. It also took several hours.

I have been told by the Surveyor that it should take no longer than 30 minutes but what sort of things will they be looking at in such a short space of time? Also, if I am asked any questions regarding the house, should I be careful what I answer? Or am I unlikely to be asked?

2. What is the average time between exchange and completion? Our buyer wants to exchange and complete the same day which we are not going to agree to because we have so much to organise/pack etc. How long would be fair and provide us with ample time to organise everything? We have never sold and bought before so are unsure how this process will work exactly.

Any advice would be very much appreciated as always!

Beatrix_Kiddo

I had a basic valuation done in the house I am selling, and it consisted of the bloke coming in, poking his head in the attic, walking round the outside of the house - and that was about it.

As far as your second question - I am interested in the answer too, as I have never bought and sold in a chain before, and I am quite daunted at the thought of having to move the lot in one day - especially as the person will want to move in to my house too!

Mrs_Optimist

Ok so the basic valuation seems quite straightforward. Can anyone ansewer my enquiry regarding time between exchange and completion? I know it is up to the parties involved, but how long have YOU had in between to pack up and move out ? I can imagine ageing a further 10 years on the day because presumably our vendor will be the last in the chain to get her money so I cannot have the keys until then. In the meantime we will of course have already had the money from our buyer and mortgage co to be able to pay our vendor, so our buyer will be pushing for the keys? Help! It doesnt help that our buyer has already gven notice on his rented and has to be out by end of this month.

mrsc_4

When we moved in December we had 10 days between exchange and completion this was because we exchanged a few days earlier than expected and out of the blue, lucky our buyer and vendor let us dictate the the timescales.

I think that the "norm" is a week, most mortgage lenders need a few days to release the funds etc.

Doesn't exchange and completion happen on the same day if someone doesn't have a deposit??

JennyW_2

"normal" exchange to completion is about a week to 10 days. This will give you time to arrange post redirection, start to notify people of your change of address and more importantly to start packing. I would never exchange and complete on the same day - far too nerve racking as it could still all through fall. Get your exchange done then you can relax a bit and enjoy preparing for your move Why would your buyer want to exchange/complete on the same day anyway?

barnaby-bear

JennyW wrote:

Why would your buyer want to exchange/complete on the same day anyway?

If FTB without deposit (think these 100% mortgage deals), mortgage company don't advance deposits so if you don't have the 10% in cash you either have to get the seller to allow a lower/no deposit (quite often they need the cash though to be passed up chain) or need exchange and completion on same day.

barnaby-bear

Mrs_Optimist wrote:

Our buyer wants to exchange and complete the same day which we are not going to agree to because we have so much to organise/pack etc. How long would be fair and provide us with ample time to organise everything? We have never sold and bought before so are unsure how this process will work exactly.

Any advice would be very much appreciated as always!

If he has 95% or 100% mortgage he won't be able to put down 10% deposit at exchange, so you need to consider if you will allow a smaller deposit, perhaps you need his deposit as part of yours for the house up the chain ???

Mrs_Optimist

He wants to exchange and complete on same day because he has already given notice on his rented and so will be officially homeless from 1 st March. We want to exchange asa p (for obvious reasons) but would be happy with a completion 7-10 days thereafter.

No idea what his situation is re: deposit (although I do recall the EA telling us he had had to withdraw money from a couple of places which may suggest he has a deposit?) Am waiting for the surveyor to arrive any time now - wish me luck and thank you all that responded!

LisaT186

It is possible to exchange and complete on one day, my parents did it! It's nerve wracking though. They moved 100 miles away and as they had a business to move as well it took 20 x 7.5tonne lorry loads!!!!! Basically, they agreed a date with the vendor and worked to it, similar to if you exchange and set a date for completion. The trouble arises if you are unable to exchange that day. Your solicitor will guide you, but 'the norm' is a week to two. Good Luck