Conveyancing - how fast can it happen?

ambc

Evenin' - just wanted to gauge opinion on how fast (potentially) we could get through conveyancing on a house purchase that's going through right now. I'm going to call our solicitor first thing tomorrow morning to get things started, but just wanted some insight first.

Here's our situation:

We received our formal mortgage offer in the post yesterday morning. We're renting, so aren't bound by a downward chain. Our vendors have also vacated their property and aren't bound by an upward chain, either.

All that's left to do is the conveyancing work.

Ideally, we'd like to exchange before the 6th September, which means we can hand our 1 month notice in before that date (our tenancy agreement began on a 6th). Our final rent payment would then be on the 6th September, and our last day in the rented property would be the 5th October.

Then, we'd like to complete ASAP after exchange, hopefully before the 5th October, but ideally a week (or three!) before that so we'd have keys to both properties for a while making for a fairly stress-free move. That would also mean our first mortgage payment would be on the 1st October, so no significant overlap in rent/mortgage outgoings.

So, my question is... could it be possible to exchange before the 6th September? It's been a while since I last bought a property so can't really remember timescales. Or is this only something my solicitor can answer?

Thanks.

G_M

which local authority? their search timescales?
other search timescales?
freehold or leasehold? freeholder's pack timescales?
seller's response times?
registered or unregistered property?
covenants or other issues arising?
survey completed? Satisfactory or re-negotiation?

It's feasible but cannot be guaranteed.

sulphate

I doubt it. Your solicitor will need to receive a draft contract first from your sellers solicitor. Then they will initiate searches which can take 3 weeks. After that your solicitor will raise enquiries with the sellers solicitor, and you will have to wait for those enquiries to be answered (which can take a few days to a few weeks) before you can exchange.

goodwithsaving

Exchange within 17 days? Unlikely. Searches can take 5-30 days, mortgage offers can take 2 weeks (longer if survey delays), draft contract may not be ready etc.
Overlap is annoying, but why add more stress than necessary. I'm 11 weeks in and haven't exchanged.....my previous house was 8 weeks to exchange and the one before that was 7 weeks......

Thrugelmir

ambc wrote: »

Or is this only something my solicitor can answer?

To placate you, solicitor will say we'll try. In reality no ones knows. 14 working days is somewhat unlikely.

All that's left to do is the conveyancing work.

Which can potentially throw any number of curved balls.

Plan for the worst scenario and then you'll be fine.

kinger101

While exchange and completion CAN sometimes be completed within those timescales, it would be much faster than typical. When this does happen, both parties need to be willing to find solicitors who can move things along swiftly.

I've been on two simple no-chain transactions, and the process has taken 3 months each time.

Don't serve notice on your rental property until you've exchanged. If your vendor knows your rental situation, I think they'd probably try to be accommodating with completion dates where possible.

But ideally, you should have factored in the cost of an overlap in rent. Having a few days overlap can be beneficial. If the property you're buying isn't spotlessly clean, you can send in a cleaner the day before you vacate the rental property. Or go back and give your rental property a once-over when it's empty.

Lauralou79

I was in no chain above or below and the owners of my now house vacated. Pretty simple and a no major issues purchase. It was a total of 9 weeks from instruction to exchange and completion ( two days apart)
Unfortunately no one can make solicitors work any quicker than they want or can do.

alex_163163

Sorry to say I doubt you will hit that timescale too.
The average conveyancig period is 8-12 weeks I believe so I'd say you'd be exchanging more like October 5th, not ready to complete.
But ask your conveyancer tomorrow as you say.

Sofitos

It took me abt 5-6 week to complete all searches and get solicitor's conlcusion regarding house/Deeds and other document. And anothe important thing -seller, I was in no chain and our seller wanted to close the deal ASAP, but in last moment they asked couple of week on moving out and after all, tried to postpone the signing contract. In total, 9-10 week in ideal situation without chain and with a speedy solicitor.
IMO, I have a doubt that6th of September is adequate date of contract exchange. Have you got a house survey? if no, it would take some time to conduct and get report.

ambc

Aha - thanks all. I had a feeling I was being ambitious. )

We have factored in the cost of rent/mortgage overlap, but if we can save the grand (or so) that it would cost us, then all the better.

If the process takes longer, it wouldn't be a problem at all to push our plans back - we're just more than a bit excited to jump out of this place we're renting!

kates08

We were in exactly the same position when we moved into our current house, we were first time buyers, seller was moving in with her fiance and had already vacated. We offered on 14th Feb, exchanged 6th April and completed 23rd April. So 7.5 weeks to exchange and 9.5 weeks to complete. Our solicitors told us that it was one of the fastest they'd ever done and was only because everything with the house was completely straightforward and our seller got everything turned around immediately on receiving paperwork.