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Duration of Exchanging contracts and completion
Comments
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It should be 6-8 weeks.
The delay might caused by the seller, who may send the initial draft letter out in 2-5 weeks!!!
The delay might caused by enquiries raised by buyer's solicitor and delay in answer by seller's solicitors.
The delay might caused by searches (environmental search, drainage and water search)
The delay might caused by a Homebuyer survey report.
To sum up, all parties must help to make progresses getting faster. It cannot depend on either party!0 -
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Haha that's true! Both parties can pull out anytime! : (0
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Yes, i tried to mean entire buying process not just the duration between exchange and completion. In fact i was not aware that there is a gap between exchange and completion till i read your responses to this thread. Thank you0
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I am 1st buyer has 410k cash, will ask for 160k mortgage. My last offer for the flat is 550, likely to be accepted. And morning the vendor declared that he ll go for a chain free property. Hope i could clarify my current situation to all.0
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Ive got lettet of principle from natwest and hsbc, dont expect mortgage process to take much time.
Ps. Sorry for several messages. I couldnt edit previous messages from my mobile0 -
You are not a first time cash buyer. A cash buyer is someone who has the whole purchase price in the bank now ready to pay for the property and who doesn't need a mortgage. The buying process takes longer if you need a mortgage.
The last house we bought took 5 months from the offer to completion. We were cash buyers we did have all the money in the bank ready to pay with no mortgage. The house we were buying was vacant. The seller had moved out so there was no chain just the seller and us the buyers. It took 5 months because something complicated came up in the legal searches that took a few months to sort out. So you really can't tell how long the whole process will take.0
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