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

Richard_Webster

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

That's as good a stab as you are going to get. Might be quicker but don't assume it will be.

hazyjo

Tell me about it. Agreed a sale on the basis we'd exchange within 3 weeks. Ended up taking 5 months! Nothing is certain in this game...

Jx

phoebe1989seb

We did it in 6 weeks a few years back - we were selling to cash buyers who had already sold their house to another cash buyer and who chose not to have a survey done on ours. Once ours was sold we were then not getting a mortgage to buy the new house and also didn't have a survey. The vendors of the house we were buying were going into rented till they found somewhere.......

G_M

ID1 wrote: »

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.

My examples of issues, and Richard's too, were just that - examples.

So clarifying the facts in your sale relating to those examples adds little. As I said, there are 101 reasons..... so you need to clarify the facts relating to all 101 potential issues.

Which is, of course, exactly what your solicitor will be doing during the conveyancing process.

So speak to your conveyancer as advised by Richard. No one here can say "oh well, given what you've told us, it will definately only take 10 days (which I suspect is what you want to hear!)

drummer_666

hazyjo wrote: »

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

why do you say it's not advisable to exchange and complete on the same day?

if the place you are buying is chain free, and you're all packed up etc why not exchange on the same day? otherwise ur just waiting surely...

Lavendyr

drummer_666 wrote: »

why do you say it's not advisable to exchange and complete on the same day?

Stress! Also there are a few things that happen between exchange and completion - bankruptcy checks on the borrower (presuming you are getting a mortgage, I know you said your buyer isn't), further land registry checks to ensure no charges have been registered since last checked, etc.

We had to exchange seven days before completion as our lender required that much notice of title to draw down the funds. Some lenders will simply not do a same-day exchange/completion.

lou72

Hi
We were in exactly the same position as you several years ago. The house we were buying was a repossession. From offering to completing was 4 1/2 weeks so it can be done extremely quick

joess

We were in exactly same position as you. Offer accepted approx 03.05.12, completed 06.07.12

hazyjo

drummer_666 wrote: »

why do you say it's not advisable to exchange and complete on the same day?

if the place you are buying is chain free, and you're all packed up etc why not exchange on the same day? otherwise ur just waiting surely...

As above - stress is a major part. Plus, several times my completion date has stayed the same but the exchange has been delayed into the next day or so.

If you're doing both on the same day, it can be an awful wait to hear you've exchanged. Anyone packing up, especially if they've instructed a removals firm, or informing services/utilities/friends/family they're moving on a certain date before actually exchanging, might find themselves learning a very harsh lesson.

You obviously can't complete until you've exchanged. And the banks stop transferring at whatever time, the solicitors are often shut for an hour at lunch... it's just a nightmare. Okay for a first buy with no removals, deliveries or utilities to cancel, etc - but not great if moving from one place to another.

If definitely doing both on the same day, avoid a Friday. Never good being in limbo over the weekend - especially if you managed to complete on your sale but not your purchase due to lack of time, etc!

Personally, I wouldn't do anything until I'd exchanged. Chains collapse all the time.

Jx