Buying with no mortgage

Ek234

Hi, our vendor is purchasing another property without a mortgage, have agreed via solicitors that we will wait for her (within reason) to complete and tie in our completion on purchasing her property at the same time. She had put in for her searches two weeks ago so just waiting for those to come back etc. I’m not aware of any chain.
My question is- if the seller is purchasing without mortgage, should this in theory make the process a little quicker? We are at final stages now and just about ready to exchange bar a couple of queries my solicitor has raised regarding leasehold information pack. We are now just waiting for the seller now.

What is the process for buying a place without a mortgage?
many Thanks

getmore4less

In most case getting a mortgage sorted take less time that the rest of the stuff.

They could just stick the cash down and buy without any of the usual stuff like searches, quite a lot of properties change hands that way but the parties involved know them.

davidmcn

Ek234 wrote: »

What is the process for buying a place without a mortgage?

The same as buying a place with a mortgage, except you don't need to satisfy a lender that it's good security for their money.

On average, yes it will be faster (because sometimes the hold-up is the buyer waiting for their lender to issue the mortgage offer, or because the lender is fussier than the borrower about something), but often it will make no difference at all to timescales because it's something else which is dictating the timescales.

G_M

Doubtful it will make any difference at all. A mortgage application is just one of many things that can impact on timescales, and it's by no means on the critical path.....

babyblade41

For me as a cash buyer I will do all the necessary due diligence probably more intensely than a mortgage lender

It's my money I'm investing. Not sure of the mortgage process now but presume they will do a valuation etc the same as I would do (well apart from the last few properties !!)

I can't see it taking significantly longer than cash