House Buying Timeline?

mamabunit

I'm sure this has been covered multiple times elsewhere but I'm struggling to find anything... Basically we have sold and bought before but for the life of me I can't remember how long anything took so I feel like I'm a total newbie to it all.

Quick summary: First time buyer is buying our house, we're in a position to move whenever, we're buying a house from a woman who is moving in with family. We're basically chain-free! Hoorah!

We agreed on an offer on our house and had our offer accepted on another 4 weeks ago. We had a blip at the beginning with our mortgage but everything is sorted now! Our full mortgage application went in yesterday, we sent our solicitors the last lot of current paperwork today (fittings and contents form, property information form etc) and both our buyer and the woman we're buying off are super keen to move as quickly as possible.

The survey has already been done on our house, and our Broker (a friend of ours) has said that recently Natwest (our new mortgage provider) seem to be reasonably quick lately. He thinks things should be sorted that side by end of play Wednesday subject to valuation and survey on the new property. What happens next? How long does this bit take? I feel a bit in limbo!

Thanks for any help in advance

eddddy

I don't want to dampen your enthusiasm, but it's surprising how many people say this when they're trying to get offers on their house...

mamabunit wrote: »

we're buying a house from a woman who is moving in with family.

... but then seem to change their mind, and you end up in a chain.


I'm not sure that people intentionally mislead - it may just be that once they've spent a week or two contemplating what it would be like moving back in with family, plus putting furniture in storage etc...

... they decide they want to wait until they've found a place to buy instead.

But perhaps I'm just too cynical!

hazyjo

Average is 12 weeks from offer to completion. Could be 5 weeks, could be 5 months


Jx

jbainbridge

We did the same as you - with our vendor saying she would move into rented (which she did). It took well over 3 month as our FTBs took ages ... got there in the end though.

Thrugelmir

Is your buyer currently renting?

mamabunit

eddddy wrote: »

I don't want to dampen your enthusiasm, but it's surprising how many people say this when they're trying to get offers on their house...



... but then seem to change their mind, and you end up in a chain.


I'm not sure that people intentionally mislead - it may just be that once they've spent a week or two contemplating what it would be like moving back in with family, plus putting furniture in storage etc...

... they decide they want to wait until they've found a place to buy instead.

But perhaps I'm just too cynical!

My husband said exactly what you've said! :rotfl: BUT he hadn't met her unlike me... she's an older lady who is unable to live on her own anymore, her lovely daughter has converted part of her house for her to live in. I was invited to sit down for tea and cake after the first viewing so feel like I know their life story

mamabunit

Thrugelmir wrote: »

Is your buyer currently renting?

Nope lives with his parents at the moment.

Grenage

It's anyone's guess; as Eddddy mentioned, plans can change.

We sold and moved in with family in November so that we'd have less hassle moving forward. Eventually found a house we liked and offer accepted on February 1st - the seller was going to move in with family as she hadn't found anything she liked yet (and was unwell).

Shoot forward a few months and she had found somewhere (told us during measurement taking), and there was a delay due to a new-build down the line. We finally have a date penciled in for exchanging on the 29th July - 6 months on!

So that hassle-free chain took a bit longer than expected.

marksoton

mamabunit wrote: »

I was invited to sit down for tea and cake after the first viewing so feel like I know their life story

G_M hasn't mentioned moving his MIL in?! :eek:

BusyBargainz

I am a FTB, this is my timeliner so far. Seller is moving into an empty property so we are chain free. Hope this helps at all?

DIP Received 16/03/16
Viewed House 11/04/16
Offer Accepted 12/04/16
Mortgage Application Submitted 15/04/16
Survey Booked 27/04/16
Mortgage Offer Received (Text) 29/04/16
Searches Paid For 03/05/16
Identity Proven and Solicitor Forms Returned 04/05/16
Mortgage Offer Received by Post – full amount 05/05/16
Advised Vendors Solicitors have sent draft contract to our solicitors – 10/05/16
Chased our solicitors to see if received/can they start searches? – 13/05/16
Draft Contract Received, Searches Started and Enquiries Raised 17/05/16
Some searches back, fixtures/fittings list received 18/05/16
‘Revised’ Mortgage Offer text from Nationwide 23/05/16
Chased Solicitors to see if searches/enquiries are back – there are some delays 31/05/16
Told searches would be back today at some point and final report will be started 01/06/16
Contracts received to sign and send back 17/06/16

BJV

Wow seems like you are very organised. I have just had a horrific house move but not all are like mine. Some can be so smooth. For example the last previous to this was done and dusted in 10 weeks.

Please remember that even when you have all the contracts signed the solicitors will have to agree a date to exchange and then complete. They draw the money from the lenders etc.

That said it sounds like you have a seller who wants to sell and is on the ball. I genuinely hope that everything goes well and that you move quickly.

Also good luck in your new home.