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Surveys & house buying lockdown 2.0
FTB_Help
Posts: 336 Forumite
Hello
In the process of buying first home, mortgage offer has been received, we're aiming for exchange set near the end of Feb (property if tenanted until then) so still have 3.5 months to get conveyancing stuff sorted, can not/ will not exchange before they leave.
1. My survey is booked in mid-Nov, anyone know if surveys can still take place?
2. Roughly how long does conveyancing take? I need to get everything sorted and exchanged before the 31st March to not pay SD. My solicitor has been emailing weekly with updates so feel like they're keen to get everything sorted for us as early as possible too, but with lockdown 2.0 not sure how this might delay things - for people who were in the same place as me during lockdown, did conveyancing process happen as smoothly as expected? Its end of Oct now and I was really hoping the legal stuff would be sorted by mid-Jan and be ready for signing the day the tenants leave end of Feb, am I being optimistic here for conveyancing?
In the process of buying first home, mortgage offer has been received, we're aiming for exchange set near the end of Feb (property if tenanted until then) so still have 3.5 months to get conveyancing stuff sorted, can not/ will not exchange before they leave.
1. My survey is booked in mid-Nov, anyone know if surveys can still take place?
2. Roughly how long does conveyancing take? I need to get everything sorted and exchanged before the 31st March to not pay SD. My solicitor has been emailing weekly with updates so feel like they're keen to get everything sorted for us as early as possible too, but with lockdown 2.0 not sure how this might delay things - for people who were in the same place as me during lockdown, did conveyancing process happen as smoothly as expected? Its end of Oct now and I was really hoping the legal stuff would be sorted by mid-Jan and be ready for signing the day the tenants leave end of Feb, am I being optimistic here for conveyancing?
0
Comments
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Personally I wouldn't have started any of the legal stuff, surveys or mortgage until after the tenants were out. What if they decide they don't want to leave? What did the tenants say when you asked them of their intentions?
4 -
Im told they're moving for work and the vendor is paying them a large sum to move out earlier than they were required, really want this flat, reasonably priced for the area. The lenders valuation was free and was not downvalued, reading all the downvaluations recently got me worried! They've been reasonably cooperative with booking in valuations/surveys, plus we needed to start all the legal stuff and application to make sure we're ready for exchange when they leave in feb so we dont miss the stamp duty break
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It's hard to say as every house takes different amounts of time. My first sale of chain free house took 5 months (pre covid) due to missing documents and indemnity needed. My current purchase is now on 3.5 months with no sign of exchange. Had mortgage offer and survey within a few weeks but searches and enquiries are taking forever. I know others that have gone through in under 3mths, during covid, so it really is impossible to tell.
I hope you make it by end of March but be prepared you may also not1
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