How long from receiving search pack to completion?

917700

Hi all

just wondering in your most recent purchase, how long did it take from receiving search pack to completion?

I am buying a 1900s mid terrace house. No building regs issues have already been discussed with the solicitor, and he suggested to purchase an insurance. 

Slithery

The searches are only one of dozens of different things that need to be completed. The time that other purchases have taken is irrelevant to your situation as all transactions are different.

Depending on everything else it could be a week - or it could be 3 years.

Thrugelmir

Rather than buy a book. Read this.......

Conveyancing process for selling a property

1.   Seller’s Conveyancer instructed.

2.   Seller’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.

3.   Seller’s Conveyancer carries out proof of identity checks and sends out a fittings and contents form and property information form(s) for completion. If the property is leasehold, additional information will be required.

4.   Seller to complete fittings and contents form and property information form(s).

5.   Seller’s Conveyancer obtains title deeds from deeds holder or official copies of the title register and any other documents required by The Land Registry and details of the amount outstanding on any existing mortgage.

6.   Seller’s Conveyancer prepares the draft contract and supporting contract documentation and sends to the buyer’s Conveyancer.

7.   Buyer’s Conveyancer checks the contract and supporting contract documentation and raises pre-contract enquiries with the seller’s Conveyancer.

8.   Seller’s Conveyancer and seller answer pre-contract enquiries.

9.   Buyer’s Conveyancer confirms they have acceptable results from their searches, are happy with the answers to pre-contract enquiries and are in receipt of a mortgage offer (if any).

10.               Seller and buyer agree on a completion date and contracts are formally “exchanged” - meaning both parties are legally committed to the transaction. Seller’s Conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. Buyer’s Conveyancer drafts a transfer deed and sends to the Seller’s Conveyancer.

11.               Seller’s Conveyancer checks the transfer deed and sends to the seller for signature in readiness for completion.

12.               On completion the seller must vacate the property at a time to be agreed and make arrangements to hand over the keys, usually through the estate agent. Buyer’s Conveyancer will send the proceeds of sale to the seller’s Conveyancer and the seller’s Conveyancer will arrange for the keys to be released to the buyer. The seller’s Conveyancer sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to use the proceeds of sale to discharge any existing mortgage. The seller’s Conveyancer then pays the estate agent (if one was used), repays the amount owing to the existing mortgage lender (if applicable) and takes payment for their Conveyancing service costs.

13.               Once all the payments have been made all the remaining money from the sale will be transferred to the seller, usually by bank transfer on the day of completion.

Conveyancing process for buying a property

1.   Buyer makes an offer on the property, which is accepted by the seller.

2.   Buyer’s Conveyancer instructed on acceptance of the offer.

3.   Buyer arranges a survey on the property, and makes an application for a mortgage (if required).

4.   Buyer’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.

5.   Buyer’s Conveyancer contacts the seller’s Conveyancer to obtain the contract pack.

6.   Buyers Conveyancer checks the contract pack, raises pre-contract enquiries, carries out the necessary searches and obtains a copy of the mortgage offer.

7.   Sellers’s Conveyancer and seller answer pre-contract enquiries and return these to buyer’s Conveyancer.

8.   Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear.

9.   When the buyer is happy to proceed, arrangements are made for the deposit to be paid to the buyer’s Conveyancer in readiness for exchange of contracts.

10.               Seller and buyer agree on a completion date and contracts are formally “exchanged” - meaning both parties are legally committed to the transaction.

11.               Buyer’s Conveyancer prepares a draft transfer deed and completion information form and sends these to the seller’s Conveyancer for completion.

12.               Seller’s solicitor approves the draft transfer deed and a final copy is made. This may need to be signed by the buyer before being sent to the seller’s solicitor for signature by the seller in readiness for completion.

13.               Buyer’s Conveyancer prepares a completion statement, carries out pre-completion searches and applies to the buyer’s mortgage lender for the mortgage loan.

14.               On completion, the buyer vacates the property by the agreed time and buyer’s Conveyancer sends the proceeds of sale to the seller’s Conveyancer.

15.               Seller’s Conveyancer releases the keys to the estate agent (if one was used) and sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to repay any existing mortgage.

16.               Buyer’s Conveyancer sends the stamp duty payable to HMRC, receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage on the property.

17.               Buyer’s Conveyancer registers the property in the name of the buyer at The Land Registry.

18.               The buyer receives a copy of the registered title from The Land Registry. Any documents required by the mortgage lender to be retained by them are sent on by the Buyer’s solicitor. 

917700

Slithery said:

The searches are only one of dozens of different things that need to be completed. The time that other purchases have taken is irrelevant to your situation as all transactions are different.

Depending on everything else it could be a week - or it could be 3 years.

Thanks
I am a FTB, and the property is currently empty. 

Draft contact and property information forms, Electronic and Gas certificates were received last month

Search pack arrives this week, no building regs issue was discussed a couple weeks ago.

Mortgage is now approved 

What else is still outstanding?

917700

Thrugelmir said:

Rather than buy a book. 

Thanks, this is really helpful. 

greatcrested

Time for me to look in my kitchen string draw again.

I know I had a short piece in there somewhere.....

https://www.waterstones.com/book/how-to-buy-your-first-home-and-how-to-sell-it-too/phil-spencer/9780091935375

Othmas

You’re going to regret asking this question on here lol

hazyjo

Try not to focus on how long each bit takes. Some will be longer than other people's, some will be shorter. Think of it as an overall picture and that it's likely to take around 14 weeks average from accepted offer/ complete chain to actual completion (taking into account the probable 2-ish week shutdown over Christmas/NY).

badger09

Our sale will have taken 19 weeks from acceptance of offer to completion 8th Jan. Effectively as chain of 4, with us at the top.  Only 1 minor delay lower down the chain. 
Purchase is another matter, but irrelevant here as we're breaking the chain.

OP, as others have said, don't focus on individual milestones. My advice: do whatever you are asked/told to do by solicitor/mortgage lender without any delay. Just about everything else is outside your control.