Selling a property - the process, and time scales

acs_2

Can anyone give me an idea on the following...

Im selling a property, I have no onward chain, and the buyer is an FTB. My solicitor has advised me that draft contracts have been exchanged (around 2-3 weeks ago) and has now written to me to say that they have obtained my redemption statement from my mortgage provider. Ive asked the question, can you give me an indication as to when we may be due to complete?

So, can anyone answer that question? Ive asked, well tried to ask my solicitor but they're never available to speak on the phone, and simply don't answer emails. They write to me periodically to tell me bits and pieces.

I know that people wont be able to pass comment on my exact situation, but in general terms, when at this stage, is anyone able to give a general idea of how long the process usually takes from here?

Thanks in advance

mrsmchapman

Realistically if there are no problems at either end and survey has been done, I would say you could complete within 6-8 weeks.

kBHX

If its leasehold I'd say around 8-12 weeks, freehold 6-8 if everything goes smoothly.

hazyjo

acs wrote: »

Can anyone give me an idea on the following...

Im selling a property, I have no onward chain, and the buyer is an FTB. My solicitor has advised me that draft contracts have been exchanged (around 2-3 weeks ago) and has now written to me to say that they have obtained my redemption statement from my mortgage provider. Ive asked the question, can you give me an indication as to when we may be due to complete?

So, can anyone answer that question? Ive asked, well tried to ask my solicitor but they're never available to speak on the phone, and simply don't answer emails. They write to me periodically to tell me bits and pieces.

I know that people wont be able to pass comment on my exact situation, but in general terms, when at this stage, is anyone able to give a general idea of how long the process usually takes from here?

Thanks in advance

As above, really. The whole process takes an average of 12 weeks, from offer to completion, generally more with leasehold.

All parties will agree completion dates, then contracts will be exchanged, with the completion date fixed.

Has your buyer had a survey/valuation done yet? Are their searches back? Do they have a formal mortgage offer (not just an AIP)? Are there any managing agents (or the like) to deal with?

Jx

acs_2

hazyjo wrote: »

As above, really. The whole process takes an average of 12 weeks, from offer to completion, generally more with leasehold.

All parties will agree completion dates, then contracts will be exchanged, with the completion date fixed.

Has your buyer had a survey/valuation done yet? Are their searches back? Do they have a formal mortgage offer (not just an AIP)? Are there any managing agents (or the like) to deal with?

Jx

Valuation survey done - no problems. Searches back - no problems. Mortgage approved formally. No managing agents. I accepted the offer to buy on 21st March 2013....

Richard_Webster

Either the buyer's solicitors are waiting for your solicitors to deal with some queries or there is some other hold up related to the buyer. get the agents to kick the buyers to ask their solicitors what the hold up is.

hazyjo

I just bought in 11 weeks. Took over 16 to sell though! (Thankfully, my purchase was 5 or so weeks behind so I managed to play catch-up and complete both on same day.)

I'd guess it'll complete within the first week of June (presuming you'll want a week or two between exchange and completion).

Jx