How long does it take to complete? What are the stages?

SmlSave

We have been advised that we don't instruct our solicitor until the survey/valuation of the bank has been done because if it comes back as unmortageable then you will lose out on both sets of fees. Thoughts?

Sensible but this will delay the solicitor sending searches which in some areas take 6-8 weeks (North Wiltshire that I know of) depending on your Council! I'd suggest finding out how long (on average) your Local Land Search takes before thinking of delaying the solicitor work.

Also sometime surveys don't get done that quickly which is an added delay

kingstreet

Yorkie1 wrote: »

You can instruct the solicitor (i.e. appoint them in practice) from the outset but tell them to do no chargeable work until the survey is back.

It makes you look more geared up for the purchase. Your lender will want to know who your solicitor is anyway.

Which is exactly what I tell my clients, if they wish to limit potentially wasted expense if there's a valuation problem. Ask them to open a file, pay the search fee deposit to them and ask them to do no chargeable work until you confirm.

If they have a short timescale to meet, they need to have both things running concurrently, rather then consecutively, which is the wasted money avoidance option.

Alphamare

Thanks for the info we will probably do exactly that. The property we lost out on needed a lot of work so something may have come back I guess hense the advice.

PollyOnAMission

I bought and sold just before Christmas. I don't know how typical it was; my buyer was a FTB but my seller held up the process a bit. He was originally going to move in with family, then decided to buy, then that fell through after his survey, then he found somewhere else to buy (thankfully with no chain).

My timeline was as follows. I'd been receiving Rightmove alerts for my area of interest for at least a year, so knew very clearly what sort of houses were available for what budget. It meant that when the right house came up, I knew very quickly that it stood out from the rest for me.

Week One
Estate agent valuations of my property.
Viewing of three properties I was interested in buying.
Quotations from solicitors for buying and selling.
Quotaions from removals firms.

Week Two
Monday: Appoint estate agent (same agent selling the property I wished to buy).
Tuesday: Obtain Mortgage Agreement in Principle.
First viewing of my property (pre-registered with my EA).
Thursday: My property advert goes live on Rightmove.
Friday: Three viewings of my property.
Saturday: Two viewings of my property, inlcuding one second viewing. Second viewing of house I wish to buy.
Sunday: Further viewing of my property.

Week Three
Monday: Three viewings of my property, including one second viewing.
Tuesday: First offer received on my property (rejected, then increased). Further viewing of my property.
Wednesday: Two viewings of my property: one second viewing and one third viewing.
Thursday: EPC carried out on my property.
Friday: Acceptance of offer on my property. Offer made on property I wish to buy.

Week Four
Tuesday: Increased offer on property I wish to buy.
Wednesday: Offer to buy accepted. Solicitor instructed.

Week Five
Monday: Mortgage valuation survey on house I am selling.
Tuesday: Initial payment sent to solicitor. Paperwork returned to solicitor.
Wednesday: Mortgage appointment to finalise, arrange mortgage valuation survey and HomeBuyers report.
Thursday: Buyer's offer decreased (and accepted) following their mortgage valuation survey.

Week Six
Friday: Mortgage valuation and HomeBuyers report carried out on property I am buying.

Week Seven
Thursday: HomeBuyer report results received.

Week Eight
Saturday: Third viewing of property I am buying (following HomeBuyer report results).

Weeks Nine to Thirteen
Wait while person I am buying from tries to find a property to buy (after a previous one had fallen through).

Week Fourteen
Tuesday: Transfer funds to solicitor (conveyancing, EA fees, chancel insurance, Land Registry fee, SDLT, deposit).
Wedneday: Book removals (with extra payment allowing me to move the date if necessary)

Week Fifteen
Monday: Sign paperwork with solicitor.
Wednesday: Exchange of contracts.
Friday 20th December: COMPLETION

gemschmoo

Hi all, does anyone have a typical timeline for a first time buyer with no chain?

SmlSave

gemschmoo wrote: »

Hi all, does anyone have a typical timeline for a first time buyer with no chain?

A very rough 4-8 weeks I would say.

But it's a crystal ball question in the end as so many factors effect the same

TopCatLandlord

I completed the purchase of a leasehold flat in December 2013.


Solicitor estimated typical 2 months for freehold and 3 months for leasehold from engagement to completion.


Apart from the leasehold aspect it was about as simple as you get. No chain, cash purchase, property was empty, I did no surveys, and same solicitors (different branches) for me and vendor.


It took nearly 4 months. Reasons as follows:
1) Solicitors were hopeless.
2) Solicitors misunderstood instructions.
3) Carried out activities in sequence rather than in parallel as per my instructons.
4) Agent actively prevented me and vendor communicating directly, which would have reduced errors.
5) Solicitors very cheap and most work done by junior staff who made multiple errors.


In my limited experience obtaining funds and clearing them can be hold up at the last minute. When I sold my mother's house, the supposed cash buyer took a month to get the funds together.


Tony

Kazza_Monkey

We had first time buyers and no chain ahead took 18 weeks start to finish offer accepted 20th September 2013 completed 23rd January 2014 total nightmare from start to finish.

Boozer

This makes depressing reading, i accepted an offer last week for a house, i was hoping to have the money in a couple of weeks, oh well.

TopCatLandlord

Sorry but that has really brought a smile to my face.


If only life were so simple!