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how long does house buying process take?
danih
Posts: 454 Forumite
We have put on offer in on a lovely house. We expect a bit of a bidding war - 1st offer was 75000, ours is 77000. House is on market for 80000, expecting it to go at 90000.
We have a morgage on principle of 100000.
the house is empty. We are renting, with no contract. Will be giving a months notice once things are confirmed.
How long is this likely to take?
We have a morgage on principle of 100000.
the house is empty. We are renting, with no contract. Will be giving a months notice once things are confirmed.
How long is this likely to take?
:j got married 3rd May 2013 :beer:
0
Comments
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Anything from four weeks upward.
The average is 3 - 4 months, so some will be less, some will be more.
Process;-
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.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Am so overexcited! Also have no patience.
Thanks for the info, the process will give us something to focus on.:j got married 3rd May 2013 :beer:0 -
Assuming you are buying in England, don't give notice on your rental property until you have exchanged contracts as it is only then when the whole sale becomes binding. If you need to give 1 months notice, just ask your solicitor to leave 1 month between the exchange and completion.0
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6 months for me.0
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Far too long! .....and we arn't even part of any chain!Jan 2019 Wins:Cinema projector worth £500Feb 2019 Wins: £50 Miller & Carter Voucher, Co2 Monitor, Tickets to the Photography show0
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We are five months in - due to exchange this week (fingers crossed!) Admittedly it took us a month from our flat went under offer before we found somewhere we liked, but it sure is a painfully slow process.0
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I've bought two places (me not being in a chain) and they both took 11 weeks to go through, which is fairly fast. My sister managed to get through a sale with a chain both ways in 9 weeks, which is very fast indeed. But I'd always assume at *least* 3 months and possibly more like 6.0
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Too me 7 weeks this time last year. FTB moving into a vacant house with no chain.0
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