Estimated completion?

kilby_007

Hi guys I've had an offer accepted and have a mortgage offer. Solicitors are currently conducting searches. The house is empty, the sellers are eager to get rid as they've moved into another property, and we don't have a chain either (renting). I will be chasing the solicitors a couple of times a week to make sure things keep moving.

I don't yet have a date for exchange or completion. Does anyone have any rough estimates of how long it should take from now going on the above. My thinking is maybe 3 weeks from now. I know that sounds optimistic! We're worried because in August we're getting married and going on honeymoon for a month! So that could mean if we don't get it by then, a further 4 week wait.

icelolly_2

I had an offer accepted beginning of May and still waiting to exchange contracts and that's without a lender. It's taking ages for the LA search to be done. Councils being so inefficient are the kink in the chain.

I think you are being optimistic and would allow at least 6 weeks.

Good luck

kingstreet

You don't get an exchange date.

Once all the paperwork is in hand, the solicitors then ask the parties involved to put forward their preferred completion dates and a compromise is reached, if needed.

Once the provisional date is agreed and the enquiries are done, mortgage deed and transfer signed and your deposit handed over, the solicitors can then exchange contracts, setting a legally binding completion date on the parties.

G_M

kilby_007 wrote: »

....
I don't yet have a date for exchange or completion. Does anyone have any rough estimates of how long it should take from now going on the above.

Insufficient information:

* flat or house?
* freehold/leasehold?
* local authority?
* covenants or not?
* sellers married/divorced/divorcing?
* survey complete? Result?
* etc etc

Best guess is

* at least 1 week to Exchange and another week to Complete
* at most 3 months toExchange and another month to Complete

(but probobly somewhere in between)

testpilot4321

I am in the process of buying a house, no mortgage, no chain, it's the simplest purchase you could possibly have, but I have made one huge mistake, my solicitors are probably the worse I around down here, I am 7 weeks in and still no idea where we are or when we will complete, and today I found out she has gone on holiday without telling me!

You just never know how long it will take.

kilby_007

G_M wrote: »

Insufficient information:

* flat or house?
* freehold/leasehold?
* local authority?
* covenants or not?
* sellers married/divorced/divorcing?
* survey complete? Result?
* etc etc

Best guess is

* at least 1 week to Exchange and another week to Complete
* at most 3 months toExchange and another month to Complete

(but probobly somewhere in between)

It's freehold
4 bed detached house
House built 2005 and no local church so presumably no covenants
Sellers married - living in another house
Survey complete - fine. Valuation agrees with what was paid.

Lord_Baltimore

kilby_007 wrote: »

We're worried because in August we're getting married and going on honeymoon for a month! So that could mean if we don't get it by then, a further 4 week wait.

First things first, CONGRATULATIONS!

As for a purchasing schedule, there is no definitive answer. All you can do is to keep bugging your solicitor for info but even this can be counter-productive.

There are hoops to jump through, checks to be made and above all, anguish to be suffered. This applies to house purchase and marriage :rotfl:.

Good luck in both endeavours!

Yorkie1

Covenants are nothing to do with the church (you're thinking of chancel insurance).

Covenants restrict the use of the land in some way e.g. you have to get permission before you do x, or you can't do y, or the original developer has a right to any increase in value if you develop within z years.

You can't predict the likelihood of their existence or their significance, either to you or to the lender.

testpilot4321

testpilot4321 wrote: »

I am in the process of buying a house, no mortgage, no chain, it's the simplest purchase you could possibly have, but I have made one huge mistake, my solicitors are probably the worse I around down here, I am 7 weeks in and still no idea where we are or when we will complete, and today I found out she has gone on holiday without telling me!

You just never know how long it will take.

And i'm still no further forward thanks to the worst solicitors in the world ever, they will be names and shamed once I have completed!