Conveyancing timeframes.

dalehitchy

I'm trying to avoid renting my current place and moving into my new home paying a mortgage at the same time.

I have a mortgage broker who's sorted my application with the bank and everything has been agreed... just waiting for the valuation / home buyers report which will be on the 22nd Feb and apparently take a week to get to me.

I'd like to move in at the end of march. This would give the conveyancer around 4 weeks after valuation and survey is completed. Realistically... Is that a reasonable time frame?

Andyjflet

dalehitchy wrote: »

I'm trying to avoid renting my current place and moving into my new home paying a mortgage at the same time.

I have a mortgage broker who's sorted my application with the bank and everything has been agreed... just waiting for the valuation / home buyers report which will be on the 22nd Feb and apparently take a week to get to me.

I'd like to move in by end of march. This would give the conveyancer around 4 weeks after valuation and survey is completed. Realistically... Is that a reasonable time frame?

How long is a piece of string !

I'm going through the same, no chain and buying a new build which is ready, my solicitor is taking ages, the builders are pushing them weekly but have to move out on 28th of my rented apartment and effectively I have nowhere to live and no exchange date. I'm going to stay with parents / Hotel etc until its ready but its taken 4 weeks so far since offer. Solicitor cant commit to a date, all very frustrating.
I basically worked out I would be better off moving out now and all the expenses required for council tax etc and being a hobo for a few weeks.

In your case end of March could be reasonable, is it a new build ? Is there a chain ?

dalehitchy

Andyjflet wrote: »

How long is a piece of string !

I'm going through the same, no chain and buying a new build which is ready, my solicitor is taking ages, the builders are pushing them weekly but have to move out on 28th of my rented apartment and effectively I have nowhere to live and no exchange date. I'm going to stay with parents / Hotel etc until its ready but its taken 4 weeks so far since offer. Solicitor cant commit to a date, all very frustrating.
I basically worked out I would be better off moving out now and all the expenses required for council tax etc and being a hobo for a few weeks.

In your case end of March could be reasonable, is it a new build ? Is there a chain ?

I'd say I'm in a good position for it to be done quick. It's not a new build, and there isn't a chain, the house is currently vacant.

Only issue I have at the moment is my landlord has put the house I live in on the market. Not many people have viewed, but a new landlord is coming to look at it this weekend. It's been been on market for about 2 months and said if this person doesn't buy they are taking it off. Wondering when to tell him... Trying to balance everything waiting for homebuyers report, when likely move in date is and if the house I live in likely to sell.

lika_86

Not in a million years.

Searches can take 4 weeks to come back in some areas, there is often at least a week between exchange and completion, reporting and requesting money from the lender requires at least a few days' notice and all of this assumes the other side respond quickly to enquiries and there are no issues and that you aren't in a chain.

I used to work in conveyancing and would say that 8-12 weeks is more what you should be expecting.

dalehitchy

lika_86 wrote: »

Not in a million years.

Searches can take 4 weeks to come back in some areas, there is often at least a week between exchange and completion, reporting and requesting money from the lender requires at least a few days' notice and all of this assumes the other side respond quickly to enquiries and there are no issues and that you aren't in a chain.

I used to work in conveyancing and would say that 8-12 weeks is more what you should be expecting.

Ok well that's good to know. Let's say I want to move in end of April but everything is ready two weeks before. Can I delay the exchange of contracts.... If the seller is happy with that. I presume the mortgage won't start until the exchange....

lika_86

The mortgage won't start until completion, you can agree any gap you want between exchange and completion.

Andyjflet

dalehitchy wrote: »

Ok well that's good to know. Let's say I want to move in end of April but everything is ready two weeks before. Can I delay the exchange of contracts.... If the seller is happy with that. I presume the mortgage won't start until the exchange....

As below, you can choose when this needs to be, I did mine on a payday which helped with the initial costs for the deposit on the new place.

alexxela

hey guys. I have read what you've been discussing. my mortgage advisor told me that I will have to pay the first mortgage after the mortgage offer it s been accepted, not at completion. please advise. lika_86? Help! thanks.

G_M

1) You cannot guarantee when (or even if) you will be able to Complete (move).

2) you can aim for a timeframe, but it is unlikely to be met

3) do not under any circumstances commit to anything till you've Exchanged Contracts - too many things can cause a delay at the last minute (including the seller changing their mind completely). So
* don't give notice on the tenancy
* go furniture shopping
* book a removals van
etc

4) the only way to avoid, or minimise, paying both rent and mortgage simultaneously is to agree with the sellers a longer gap (3 weeks? 4? 6?) between exchange and completion. That way you can exchange, then give notice, then complete your purchase when your tenancy notice expires

kinger101

Even simple no-chains realistically take three months. They can be done much quicker, but conveyancers/solicitors aren't generally minded to prioritize your transaction. If everything is done within two months of your offer being accepted, you'd be very lucky.

Don't give notice until you've exchanged. I wouldn't worry too much about the LL selling for now.....he has to give you two months notice anyway if he does want you out.

An small overlap between you tenancy agreement ending and completion can be a bonus. Vendors often leave the property somewhat grubby (or outright filthy), and it will be much easier to give a good cleaning (and even redecorating) if it's empty.

Planet_Switzerland

The whole process for me, from viewing the property to completion took 12 weeks.


It was July when I viewed and my mortgage advisor initially said that November would be the earliest we'd be in by, then on realising it was a share of freehold said I may be in by Christmas if I'm lucky, so it happened much quicker than he suggested it would.


However, there were several delays along the way. First the estate agent stalled on sending the memorandum to the solicitor. Then I needed to get a structural engineer which meant searches etc were put on hold. Then when I got the report to send to my broker, he had gone on holiday without telling me so delayed getting the mortgage approved. Once the searches and enquiries were done and mortgage approved, the tenants were supposed to have moved out by this point but hadn't, so that was a couple more weeks delay.


So if you don't have similar obstacles to what I did then end of March should be achievable.