Typical time to complete with no chain?

NQManchester

We had an offer accepted on a house this week and I’ve just been advised that the seller wants to exchange at the end of next month. That seems like a very quick turnaround to me even not in the current climate. 

Issue is our money was in a notice account so we can’t actually exchange until nearer the end of September. 

I was just wondering if anyone had any experience of how long things are taking at the moment and whether we should come clean or whether it’s likely to take three months anyway? There were other higher offers but then went with us because we’re chain free but we weren’t advised of their urgency. 

hazyjo

Last time I tried to do it in 4 weeks when selling to an investor, it took five LONG months.

These things are rarely straightforward. Average is 3 months.

I would say no guarantee but I'd rush all I could through. If that results in a negative response, or they say it'll go back on the market, I would walk. Not worth the expense and stress.

NQManchester

Yeah when we sold with just us and the buyers it still took 5 months but I think that was partly because we were laid back about it. I feel a bit dishonest now if I don’t tell them our timeframe but also I don’t want them to pull out since we’re only a week in if it’s likely to take 3 months plus anyway.

Grabs39

When we bought our first house in 2015 it took a month with no chain, the seller was a little slow at producing paperwork or it could have been quicker.

NQManchester

That’s super fast! Broker said mortgage companies are taking anywhere between 30-60 days at the moment so I don’t think we could go that fast even if we wanted. 

freddielover

my son just bought his first house, offer accepted Sept 10th on an empty property (owners already gone into care home) and he being a ftb so no chain..didn't complete til march - just before lockdown!!!

Caramac

When when I sold my dad’s bungalow there was no upwards chain and the buyer had sold his property to a cash buyer. The buyer was desperate to move in but it still took three months.

NewShadow

I had my offer accepted mid-Jan as a FTB buying an empty house/no chain. We were aiming for 8-10 weeks if possible... 

If you're a cash buyer then I think the timing can be faster - you can accept the risk of not having the searches/surveys and buy 'sight as seen' with just the basic title deed stuff. 

Given there's a mortgage company involved, the solicitor is going to insist on a basic level of seller disclosure. Some mortgage providers will do without the searches if you get an indemnity policy - but I think it depends on the location/age of the house.  

Owain_Moneysaver

3 weeks and 1 day from instructing the solicitor to moving in.
But that is in Scotland. 

jamielutz1987

@NQManchester We are in a similar position, need to complete by July end. Since time was of the essence, our broker recommended that we go with Halifax (even though it was a bit more expensive than two other mainstream lenders that we were eligible for) and it went to offer the same week after a desktop valuation.

We had to constantly harass the EA (to chase the vendor's solicitors) and our sol, and 2.5 weeks later everything is ready bar the local council searches. Stupidly, from past experience we just assumed searches would be instructed on day 1, but our sols had a different process so that's what is holding us back now or else we could have been ready to exchange and complete within 4-5 weeks of the offer being accepted.

Mind you, a lot of things were in our favour - the property was vacant, the vendor super keen to complete quick, freehold, relatively new (2005), no extensions/modifications, single title, etc

Slithery

86.274 days.