My buyer is a cash buyer, house i'm buying is chain free, how long will it take ??

ID1_2

My buyer is a cash buyer, house i'm buying is chain free, does anyone know how long will it take to complete the deal?
thanks

G_M

Somewhere between 1 week and 6 months.

Dumbe

G_M wrote: »

Somewhere between 1 week and 6 months.

Sorry but why so long .. I understand if there is a mortgage application and or a chain, but 6 months seems excessive if there is a willing seller and buyer with no hurdles.

If the survey unearths any sort of issue as its a cash purchase surely the buyer can just walk away or accept the issues ( maybe for a lower negotiated price) but even then it wouldn't have added more then a few days?

Just curious really as to what could cause such a long delay.

jbainbridge

I think the point is ... it's difficult to say. These things tend to take longer than you ever expect!

G_M

You discover there is no planning permission fo the extension/whatever.

The local authority search throws up a problem.

The buyer's mother dies and they put the sale on hold.

There is an old conveyance dated 1823 which grants a Right of Access to the local fishmonger across your garden to get to the river.

You discover the central heating boiler is on its last legs and start re-negotiating price.

You discover your 'cash buyers' cash is actually tied up in a 3 month notice savings account

There are 101 reasons why a delay might occur!

giraffe69

For example searches must be done. Some councils will send back results promptly and others can take several weeks.

Littleweedj

With my last house (Scotland) I offered in mid January and was in my new property in mid February.

cosmojohnson

ID1 wrote: »

My buyer is a cash buyer, house i'm buying is chain free, does anyone know how long will it take to complete the deal?
thanks

I'm in the same position (see signature). Our 'cash buyer' subsequently decided to get a small mortgage, their lenders required a different set of solicitors to act for them which is making things drag a little.

Richard_Webster

You discover there is no planning permission fo the extension/whatever.

The local authority search throws up a problem.

The buyer's mother dies and they put the sale on hold.

There is an old conveyance dated 1823 which grants a Right of Access to the local fishmonger across your garden to get to the river.

You discover the central heating boiler is on its last legs and start re-negotiating price.

You discover your 'cash buyers' cash is actually tied up in a 3 month notice savings account

There are 101 reasons why a delay might occur!

Quite - really you need to ask your solicitor. Factors like the identity of the other solicitors involved and the type of property involved - flats take longer - where the properties are - Councils vary in how long they take to process searches from 2 days to a month or more.....

The solicitor may be able to give you a better feel given knowledge of some of these factors but even then there are the randoms such as mentioned by GM.....

ID1_2

cosmojohnson wrote: »

I'm in the same position (see signature). Our 'cash buyer' subsequently decided to get a small mortgage, their lenders required a different set of solicitors to act for them which is making things drag a little.

My property is a house and i'm moving to another house.
My buyer has pure cash in their bank and a mortgage free house that they are living in now and will also be keeping.
They have had a survey done by there own personal choice which found nothing wrong.

The house i'm buying has no extensions and the seller inherited it , no one currently lives there.

hazyjo

Finger in the air, really, but it's rare to do in under a month. I rushed a purchase in 5 weeks once (exchanged and completed on same day - not advisable!). All anyone can do is guess - I'd make a stab at 8 weeks

Jx