Buying a house - where does all the time go

RHemmings

Reading posts on this forum, it seems to take months to buy a house. Where does all this time go? On another thread we have people saying that they give a buyer 10 days to do a survey. Arranging a mortgage takes some times. Chasing lawyers who simply don't do anything is commonly quoted as holding things up. But for a "typical" house purchase, what stages does the process go through and how long does each take?

lynzpower

well , before putting an offer in the agreement in principle SHOULD be already in place. So then its just a question of

a) making sure the vendor or E has everyones sols details ( it can take a few days to find & instruct one)
b) then arranging the survey
c) 2 -4 weeks the survey is done
d) at the same time searches are applied for
e) then it can take at least a week for the results of the survey to be produced and then sent back to the lender ( AT LEAST!)
f) then its all this mithering with getting searches back
e) if its leasehold, getting hold of the freeholder and getting copies of the lease, and all that sort of jazz

after that theres umpteen things that can go wrong usually in my experience solicitors naffing off on holiday or on the sick nad telling no one!!!!

crabbman2004_2

The main time consuming issues are solicitors, if either you or the person your buying from has a solicitors who isn't particulary efficient this could have a negative effect and take up considerable time! I got an offered accepted in late December and am still not going to get the keys until mid april at the earliest!! Considering that im a first time buyer and there was no chain this should have been relatively quick. But the vendors solicitors are extremly poor and are taking an age doing the basic things!

jennyuk

i work in a solicitors and will try and detail the process. say you put offer in. estate agents sent out details to all parties involved. buyers solcitiors writes to other sols saying they are instructed as does sellers sols. sellers sols applies for deeds usually from a lender (can take 2 weeks to be dispatched) then they have to prepare draft contracts. also forms are sent to the sellers to be filled in these are sent back to sols. contracts and forms sent to buyers sols. on receipt of contracts buyers sols will be in hand their searches (usually take 2 weeks to get results) buyers sols raise enquiries with sellers sols. sellers sols takes instructions from their client regarding these sends the answers to buyers sols. sometimes as a result of these enquiries more questions need to be asked. contract, etc sent to clients to sign. once we receipt of deposit should be able to exchange. YOU MUST REMEMBER THAT EVERYONE IN THE CHAIN MAY NOT HAVE STARTED AT THE SAME TIME AS YOU SOMETIMES IT TAKES A FEW DAYS/WEEKS FOR THE CHAIN TO BE COMPLETE. ALSO SOMEONE IN MIDDLE OF CHAIN MAY HAVE AN ABORTIVE AND THEN THEY WILL HAVE TO CATCH UP. normally takes about 6-8 weeks to complete process.

jennyuk

i work in a solicitors and will try and detail the process. say you put offer in. estate agents sent out details to all parties involved. buyers solcitiors writes to other sols saying they are instructed as does sellers sols. sellers sols applies for deeds usually from a lender (can take 2 weeks to be dispatched) then they have to prepare draft contracts. also forms are sent to the sellers to be filled in these are sent back to sols. contracts and forms sent to buyers sols. on receipt of contracts buyers sols will be in hand their searches (usually take 2 weeks to get results) buyers sols raise enquiries with sellers sols. sellers sols takes instructions from their client regarding these sends the answers to buyers sols. sometimes as a result of these enquiries more questions need to be asked. contract, etc sent to clients to sign. once we receipt of deposit should be able to exchange.

YOU MUST REMEMBER THAT EVERYONE IN THE CHAIN MAY NOT HAVE STARTED AT THE SAME TIME AS YOU SOMETIMES IT TAKES A FEW DAYS/WEEKS FOR THE CHAIN TO BE COMPLETE. ALSO SOMEONE IN MIDDLE OF CHAIN MAY HAVE AN ABORTIVE AND THEN THEY WILL HAVE TO CATCH UP.

normally takes about 6-8 weeks to complete process.

drowningnotwaving_2

We put an offer in on a property on 16th Feb, we're exchanging today and moving in next Friday - 4 weeks later.

Our chain behind us was almost complete when we found the house so that helped, and we made sure we had everything in place - mortgage agreed, solicitors found, etc. Then we just hassled and hassled and hassled. Our solicitors have been brilliant but I'm sure she can't wait to see the back of me!

So, you can move faster - depends on your position. If you can sell first and make yourselves a cash buyer then this helps. Oh, and the house we're buying is empty too cos they bought first!

Good luck!

Paul1sh

It took us from february (putting the offer in & having it accepted) to june (when we finally got the keys) to get our house due to the seller's building society losing the deeds! However when we remortgaged that took a mere 2 weeks.