Time from offer to completion

littlelily

Advice from all experts please! We have accepted an offer on our house, having been told that our buyers had a vendor who was in a rush to get into their house. Our buyers told us on Saturday (they came round following an appointment made by the EA to measure up) that they would look to complete during the first week of January.

I am not an expert but this does seem a very long time! They have already had a satisfactory survey completed, by the way. What, if any, are our options? Can we insist that they move more quickly, ask the EA to put on gentle pressure, continue to market the property??? We don't want to lose the offer as it has been 6 months coming but I really wanted to be signed and sealed before the New Year. Any thoughts on how we can try to hurry things along?

Doozergirl

Are you buying somewhere as well? If you are, then January sounds slightly more sensible than 'Christmas'.

Do you really need to move before then? The average house sale takes three months. In my own experience, 6 weeks or so where two parties are involved and the property is freehold, a bit longer if the property is leasehold, and more than the average if there is any kind of chain.

It's far better to aim for something realistic and agreeable to all, than to want to move quickly and be bitterly disappointed.

littlelily

We are moving into rented for a while as we have a 'renovation project' underway! I have never sold a house before so am quite green, I just thought (or was it wishful thinking!??!) that since we had agreed the sale that things could move within a matter of weeks rather than months!

So, if I am being unrealistic, what exactly do I do for the next 11 weeks??? And what exactly will be happening behind the scenes with my buyers and their buyers (cash buyers, by the way) that could take so long???

Doozergirl

Assuming one needs a mortgage then. There are three busy solicitors involved in what is effectively four transactions, two buyers, two vendors (iyswim) one mortgage company with different departments, one mortgage broker, two surveyors, three contracts, somewhere perhaps in the region of 10 separate searches, mulitiple 'additional enquiries', three sets of wishes to fulfil, three sets of work commitments/holidays/family dramas to respect. God forbid any leasehold properties involved, in which you can add a freeholder and managing agent to the list! Your buyer may need to release funds from an account which is not instant access.

It doesn't all tie up in a set order, you can only move as quickly as the slowest link in the chain, so if one search takes forever to come back, or an issue is raised that requires further investigiation, you are all held up by that.
It's not that simple and you can't just blame a solicitor for things not moving quickly when you see just how many people/companies are involved

littlelily

I KNEW there was a reason why I'd never tried to sell a house before!!!! I had no idea that so many people and agencies were involved...it all looks so straighforward on Property Ladder!

Thanks so much for the advice - I guess you are (very politely!!!!) telling me to chill out and stop wanting things to happen yesterday!!;)

Doozergirl

Yes, Chill out

It's never easy but if you can respond to everything as it comes, keep organised but generally expect nothing, you will have less conflict at least and it will still happen whenever it was going to happen, which is always the earliest convenient date for all parties.

Impossible advice I'm afraid, but the only way I know to get through to the other end without killing someone!

Running_Horse

It will take as long as the slowiest/laziest person/professional in the chain. Christmas could be done if everything went smoothly, but for your own sanity you should assume it will be some time in the new year.

krishna

It's taken us close to 3 months from offer to completion and we had a very short chain. We were cash buyers with nothing to sell. Vendor was moving into a vacant property. Survey threw up a couple of things that needed further investigation. That took a bit of time, but in the end, for some reason the search on the vendor's purchase took longer than anything else. Still, just about done now; completing tomorrow.

littlelily

Sadly, all replies now academic - our buyer's buyer has pulled out:mad:

Thanks for all the advice, anyway. There's always next time, eh???

Doozergirl

Back to market. Sigh.