Buying is painfully slow!

marksoton

melstar11 wrote: »

mark - the OP is not slowing things down. Why would you incur search fees when you don't have the contract from the vendors? As for the hairsplitting, well it's even more of a gamble without the contract.

always_sunny wrote: »

I admit I am no specialist, all I can do is draw conclusion on data I can find.
Most sites seems to refer to that sequence....



If there is a better way I am all ears. I don't want to bypass the process, I defo believe due diligence is needed!

My point is you can't be risk adverse and then complain the process is too slow.

If you wish to wait on searches ( An absolute fraction of cost in the grand scheme of things) that's fine. But you have a risk element right up to completion.

You can't have it both ways with the English/Welsh system. That's just the way it is.

always_sunny

Thanks marksoton - I agree with you - I am not risk adverse, I was doing ad told!
Searches seems to be reasonable, couple hundred £ so on the big scheme sure it's very small.

I thought that my solicitor could not start them until he had this contract (constraint) - I shall speak with him tomorrow and see if he can!

carlskinner1

'It takes 12 weeks', I don't understand who so many people think this is normal.
It's not!
A super fast turnaround is 4-5 weeks
Fast turnaround 6-7
Ok turnaround- 8
12 weeks- very slow!

Thats from experience of around 60 properties.
If there's a open chain scernario, then that's different in terms of waiting for people to make decisions, the time above is literally just mortgage + solicitor work done.

3 weeks for contracts is very slow too, i saw someone completele in under 4 weeks once!
On my recent purchase we had contracts a week later.

I'd imagine all solicitors/ conveyancers are crazy busy right now due to the BTL reform...i know my mortgage advisor regarding my BTL remortgage said hes the busiest he had ever been.

Penelopa.Pitstop

Always_sunny I could say exactly the same about my buyer, that they are painfully slow. Their solicitor did nothing for a month and complaining they didn't get documents which were sent to them a month ago.

I also would like to know the date, even if it's moved in time for some reason. Right now, I can't plan anything and it drives me crazy. I can't understand why English and Welsh punish themselves with such bad process.

I proposed exchange and completion dates 6 weeks ago and never got reply: yes, possible, not possible at all, do it at xx date. Nothing at all.

always_sunny

Penelopa.Pitstop wrote: »

I can't understand why English and Welsh punish themselves with such bad process..

me neither!!!! In a market where there're often more for sales billboard than trees, I don't understand why the process is so convoluted!

Offers and acceptance should be binding... I can't think of that many countries where they have this chain business that drags on forever!

G_M

Do you read the other threads here?

Noticed how many buyers post threads after having an offer accepted because their survey (usually, but often legal issues) has revealed problems they are not happy about?

Post on those threads youy idea, & tell the buyers "Sorry, you made an offer so you're legally commited." and see what answers you get..........

I'm not saying the process is ideal, but there are reasons it works the way it does. Other countries have other systems, but I guarantee that either
* there's insufficient flexibility for many who need it, or
* many of the processes take place in some other way (eg before offer/acceptance) thus adding time/delay at some other point.

as for chains - I really don't see how you avoid them. People have to buy/sell and live somewhere. Few people, in few countries, can afford 2 properties at once.

Maybe the government could provide 'stop-gap' accomodation at the tax-payers expense? Sellers could move in and stay for up to, say, 6 months free of charge while they look for a property to buy?

Hmmm.... not a bad idea. I might run for Parliament as in Independant, with that as my manifesto commitment. Any supporters out there?

Penelopa.Pitstop

It could be binding subject to survey or signing binding documents after receiving survey. At the moment anyone can change their mind and only people benefiting from the whole process are solicitors who are dragging their feet.

I bought and sold properties in other European country and process is very simple and can be as quick as you want it. Also, there's no condition of property being vacant on completion. It's agreed in contract when the party will move out and when buyer will pay the whole amount. This way, you can avoid chain, selling and buying are two separate transactions.

Difference is, in other countries, people buy homes to live in them not to flip them as soon as possible. They don't think about resale value in 2 years and moving up the ladder, there's no ladder.

Anyway, my simple transaction with minimal chain is taking ages and it could be completed within a month. I started my buying process a month earlier than current buyers offered and were accepted (previous dropped), so I was already ahead with documents and was counting on quick completion. There's also nothing complicated about transaction and ho hidden or unexpected issues with the property I'm selling.

I was trying to stay on top of it, cooperating as much as possible, sending back all documents quickly, etc. But I guess I should have harassed agent and other side regularly to make sure there's progress with paperwork.

marksoton

Penelopa.Pitstop wrote: »

Anyway, my simple transaction with minimal chain is taking ages and it could be completed within a month. I started my buying process a month earlier than current buyers offered and were accepted (previous dropped), so I was already ahead with documents and was counting on quick completion. There's also nothing complicated about transaction and ho hidden or unexpected issues with the property I'm selling.

In your opinion. And your current buyer would be amiss to rely on either your or your previous buyers word for that.

Penelopa.Pitstop

I can only give my opinion. I bought the property a few years ago so I know there's no surprises in paperwork. I also provided upfront all documents I had.

My previous buyers dropped before they did anything, nothing related to property. They wanted to buy it via company but were not prepared for this at all.

always_sunny

G_M wrote: »

Post on those threads youy idea, & tell the buyers "Sorry, you made an offer so you're legally commited." and see what answers you get..........

sorry to break the news to you but that's pretty much how the rest of the world does it!
So before making an offer the buyer does the same due diligence but also the seller does it too because it'd be illegal to sell a property that has been misrepresented!

G_M wrote: »

as for chains - I really don't see how you avoid them. People have to buy/sell and live somewhere. Few people, in few countries, can afford 2 properties at once.

The problem is not the chain per se, it's how it's organised. Everywhere else have chains but when you sell, you sold, that's it - you have to move and find somewhere cause you sold.
Here you wait, whilst not having a valid binding contract! It is the most ridiculous thing ever!

I remember asking someone at work why would they do that and he said 'so you are still on the property ladder' - I couldn't continue the convo after that, made no sense at all, must be an English thing!