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How long from start to finish?
Scootsy
Posts: 8 Forumite
Greetings all!
I'm guessing this question gets asked at regular intervals so apologies for that....I'm starting to thinking about looking for a house to buy but am a bit out of touch with how things work. I haven't bought a house for the last 13 years or so - have been renting for the last 10 years.
How long does it take nowadays from offer to completion on average? (I know there's a piece of string element to the answer but any rough guidance appreciated.)
There's obviously no chain at my end but I am in a fixed term tenancy until November so don't want to end up doubling up on rent and mortgage for any longer than necessary.
Thanks for the indulgence of anyone who's answered this question a million times already.
I'm guessing this question gets asked at regular intervals so apologies for that....I'm starting to thinking about looking for a house to buy but am a bit out of touch with how things work. I haven't bought a house for the last 13 years or so - have been renting for the last 10 years.
How long does it take nowadays from offer to completion on average? (I know there's a piece of string element to the answer but any rough guidance appreciated.)
There's obviously no chain at my end but I am in a fixed term tenancy until November so don't want to end up doubling up on rent and mortgage for any longer than necessary.
Thanks for the indulgence of anyone who's answered this question a million times already.
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I was told an average of 6-8 weeks for freehold and 8-12 weeks for leasehold, from contracts to completion, but it can be significantly quicker than that if everything is smooth sailing or significantly longer if there's complications to resolve/a chain to keep happy.
I don't know where you heard that!
The average is 3 months. 6 weeks might be for a very simple no-chain freehold transaction with mortgage and two motivated parties, rising to months on end with chains and people's level of patience.
We've been involved in transactions from 28 days (auction) to something like 9 months (apathy).
If tenancy is fixed term to November then I'd probably start looking three months beforehand and be relaxed about how long the piece of string was from that point.Everything that is supposed to be in heaven is already here on earth.
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I think the average is about 12 weeks but if you go to the Waiting To Exchange thread and look at people's timelines you'll see that there's a fair few in the 16-26 week range too. Where it's longer it's usually due to a long upward chain taking a long time to form, or someone in the chain needing to find a new buyer or new property etc.
You won't really get enough clarity until the chain is fully formed and advice will be not to do anything about rental tenancy until you have exchanged. You can control it a bit at exchange by requesting a completion date that minimises your overlap. Good luck!0 -
According to MSE's "50+ House Buying Tips" on this very site That quick, really? (Scroll down to number 7), the typical timeline in England and Wales from offer to exchange is 2 to 6 weeks.0
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I know one couple who bought new build and took them 7 weeks.
For everyone else I know is 3-4 months.
Our closest friends just completed on the purchase of their first home with no chain - 7 months.
We are waiting to exchange for over a month now. Exactly 3 months after offer accepted today.
You never know...0 -
SpanishBlue wrote: »According to MSE's "50+ House Buying Tips" on this very site That quick, really? (Scroll down to number 7), the typical timeline in England and Wales from offer to exchange is 2 to 6 weeks.
It just isn't!Everything that is supposed to be in heaven is already here on earth.
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An uncomplicated sale with motivated participants can go from offer to completion in 2 weeks.(Nearly) dunroving0
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An uncomplicated sale with motivated participants can go from offer to completion in 2 weeks.
It is not typical by any stretch of the imagination and wouldn't involve people with jobs and lives who have to move house any time soon. The question is what is typical.Everything that is supposed to be in heaven is already here on earth.
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Presumably you have checked there isn't a break clause in the tenancy agreement?
Our purchase took 2 months with a chain of three and everyone well motivated. The long pole was the searches, that time varies considerably depending on where the property is, your solicitor if local will know how long to expect for yours. However we had it easy as the rest of the chain was already in place before we turned up. Sometimes it can take a vendor ages to find somewhere to buy.
Our exchange of contracts just missed the start of a rental period and so we ended up paying an "extra" two months rent but thought for the right house it was worth it. OTOH we had time to do the move ourselves so saved removal costs.0 -
I would say around 10 weeks give or take.
The quickest I have is 26 days and the longest was 5 months (which was actually my own! - because my buyers solicitors were ridiculous).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Doozergirl wrote: »It just isn't!An uncomplicated sale with motivated participants can go from offer to completion in 2 weeks.Doozergirl wrote: »It is not typical by any stretch of the imagination and wouldn't involve people with jobs and lives who have to move house any time soon. The question is what is typical.
I clearly was just stating what is *possible*, not what is typical.(Nearly) dunroving0
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