how long from offer to complete

smacky

Hey guys

i am trying to understand on AVG how long does it take to complete .
the property we are buying is chainfree and vacant, searches have come back

whats the usual time frame and next stage from this point to completion ?

Regards

Thrugelmir

Is this a probate sale

smacky

Thrugelmir wrote: »

Is this a probate sale

nope its not

MrsHappy85

It took us ten weeks.

Only two in chain, us, living with parents, seller, moving into girlfriends house.

I think we could of had everything done in 8 weeks if Im honest but neither party was in a mad rush.

smacky

MrsHappy85 wrote: »

It took us ten weeks.

Only two in chain, us, living with parents, seller, moving into girlfriends house.

I think we could of had everything done in 8 weeks if Im honest but neither party was in a mad rush.

we were hoping to complete before month end , dont know if thats possible

kingstreet

Completion is a compromise between vendors and purchasers in a chain. The only realistic answer possible is;-

"when a date suits everyone and everyone agrees, then contracts can be exchanged."

smacky

Hi Kingstreet

completely understand what you mean, what i am trying to understand is the normal procedure time frame

vendors have responded saying they want to complete asap, as it doesnt affect them , property being vacant already

so if both of us want to complete asap

what is the next stage and how long each take approx

thx for your time

Emmajane1987

I would be interested to know as well.

From what i gather you both need to agree on the draft contract and once that has been agreed and signed by both parties you can exchange (hand over your deposit) and then your mortgage company needs to send across the rest of the funds and once this has been done you can complete.

It might be worth having a conversation with your solictor to see how the draft contract is going? Depending on how many queries either party has depends on the time span.

kingstreet

You can't exchange until you've all agreed a completion date.

You can't agree a completion date until all the searches and enquiries are resolved, contract and mortgage deed signed and finally, deposit handed over.

This is the process. If it's all done, it's just a question of asking your solicitor to ask the other side(s) if they are happy with such a date, then you can exchange;-

Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

smacky

kingstreet wrote: »

You can't exchange until you've all agreed a completion date.

You can't agree a completion date until all the searches and enquiries are resolved, contract and mortgage deed signed and finally, deposit handed over.

This is the process. If it's all done, it's just a question of asking your solicitor to ask the other side(s) if they are happy with such a date, then you can exchange;-

Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

thx a lot.... so it shows us clear picture now
we are at and about last 5 stages :-)

JC509

I'm in the same boat as u. Our seller wanna complete asap and the property is empty. No chain! But sometime it's not depends on the seller or buyer, but the SOLICITORS! In our case, the seller's solicitor is extremely lazy and slow & keep making small silly mistakes. I had my offer in July and instructed my solicitor in June. We got all the searches done in June. We are still haven't got an exchange date or completion date yet. This is really annoying!

Good luck! hope everything going smooth & quick 4 u.
:beer: