How long to complete and exchange ?

firsttimebuy1

Hey!

Were 1st time buyers and have had our mortgage approved and sent in the post, we are now just waiting for solicitors to start searches. The house is no chain so not having to wait on anyone else.

I handed over the documents they needed yesterday to open our case but they are still waiting for the draft contract from the sellers solicitor as they cant do any of the work until this comes through.

They said that once the draft contract comes through it will take between 8-12 weeks to exchange even though they said their searches are coming in quick at 2 weeks. So my question is why the long timescale of 8-12 weeks? Both our lawyers are through the same estate agent. The seller also wants to exchange asap so would think he would also be pushing his end.

I know I am being impatient in a situation where you need to be patient but I just want to be in my new house 😁

EmKnox

I don't think anybody could really say. I asked a similar question recently as my purchase seemed to be getting dragged out, but I guess each case is completely different and individual to the next. We are also FTB and only exchanged on Friday, 4 months after offer acceptance. There's no chain for us, either.

alex_163163

Even though the searches might come back within 2 weeks, you need to remember there could be enquiries that your conveyancer needs to raise based on the results of the searches.
There could also be queries about terms in the draft contract, etc.
You/ they just don’t know what’s going to crop us, so they give you a realistic timescales to work to. It could all move quicker than that, which will be a nice surprise then!
It really is how long is a piece of string, so just be patient.

Surrey_EA

There are many different components to buying a property, and the searches are only one aspect.

It may very well take less than 8 - 12 weeks, but the solicitor is wisely managing your expectations, as plenty of sales are in the 8 - 12 week range, some longer.

"An army only marches as quickly as its slowest soldier."

2 weeks to get searches back
Solicitor may then take 1 week to review search results and raise enquiries.
Sellers solicitor receives enquiries and takes 1 week to review contents, and likely forward some enquiries on to vendor for further info.
Vendor takes 2 weeks to get relevant info and return documents to solicitor.
Vendors solicitor takes 1 week to send replies, plus additional docs on to buyer's solicitor.
1 week later buyer's solicitor then raises further enquiries following replies to fist batch.
Seller's solicitor takes 1 week to reply.
Buyer's solicitor takes one week to prepare report and send to buyer with contract for signature.

That's how 10 weeks tick by!

Surrey_EA

And that's without any major issue coming up that needs to be resolved.

hazyjo

Have a read through the 'waiting to exchange' thread. It will give you a bit of an insight into what slows it down, the process, and timelines.


https://forums.moneysavingexpert.com/discussion/5685963

Catkei

14 weeks from offer accepted to completion for us Only us and the vendors in our chain. Good luck!

leix2012

we are on week 11, been going back and forth with questions from buyers solicitor since beginning of July. Its only us and buyer in the chain.

Surrey_EA

firsttimebuy1 wrote: »

I know I am being impatient in a situation where you need to be patient

Impatience and house buying/selling are not happy companions!

RelievedSheff

It can be done quicker.

Our recent purchase went through in just under four weeks from reserving our new build plot to completion and moving in. We part exchanged our old home against the new one so no chain involved.

We exchanged contracts and completed on the same day which won't suit everyone but it has worked well for us on both of our house purchases so far.

Our first purchase was much slower at about 12 weeks even though we were first time buyers and there was no onward chain.

chunkytfg

hazyjo wrote: »

Have a read through the 'waiting to exchange' thread. It will give you a bit of an insight into what slows it down, the process, and timelines.


https://forums.moneysavingexpert.com/discussion/5685963

Exactly.

You'll be able to find my timeline on there at the end of the thread.

We are 11 days away from being 10 months into the buying process with no chain!:eek::mad::mad: