Selling leasehold flat timescales

Kazzam1984

How long does it usually take from offer a center to completion/ moving day 

hazyjo

From a complete chain (which is advised), and obviously when offer has been accepted, in the current climate I'd not expect anyone to buy leasehold with a mortgage (in England) in less than 3 months. Maybe 4.

LAD917

Less than three months is possible if everyone is responsive and you're buying something chain-free or with a short chain.  Six weeks is my record (with a mortgage).  I'm selling a leasehold flat now, chain-free on both ends, to a mortgaged buyer. Contracts were exchanged between week 6 and 7, with completion at week 8.5.

I'm thanking my lucky stars I've never had issues with conveyancing solicitors like people describe here.  My go-to conveyancing solicitor is not cheap at all, but after reading this board, I gladly pay every penny.  There are exceptions, but I generally find that more expensive = faster and more responsive.

niceguyed

I won't add to the general timescales already given but ultimately they cannot be relied on. Chain free reduces the complexity. Leasehold will generate some additional enquiries and time compared to freehold. All you can do is don't cheap out on conveyancing, complete your paperwork in a timely manner and be responsive. The rest is the lap of the gods.

hazyjo

LAD917 said:

Less than three months is possible if everyone is responsive and you're buying something chain-free or with a short chain.  Six weeks is my record (with a mortgage).  I'm selling a leasehold flat now, chain-free on both ends, to a mortgaged buyer. Contracts were exchanged between week 6 and 7, with completion at week 8.5.

Obviously. It's how you get an average. I've done it (leasehold) in 5 weeks before. But what with Covid and all, it's very likely to take an average of 3-5 months for leasehold. Well done on getting yours through quickly. Also remember you're experienced. I'm presuming the OP isn't or they'd not be asking. That can slow it down too.

Gentoo365

My experience of buying and selling is that it took 3 months. 

Mostly time waiting for third parties to do something (all of which could probably be made more efficient, but it seems in the UK people just accept it takes ages)

Kazzam1984

Thanks all we had submitted all our solicitors paperwork and got mortgage offer within 2-3 days of selling ours and having an offer accepted on the house we want,also instructed current freeholder to complete management pack, so just waiting ....

hazyjo

Kazzam1984 said:

Thanks all we had submitted all our solicitors paperwork and got mortgage offer within 2-3 days of selling ours and having an offer accepted on the house we want,also instructed current freeholder to complete management pack, so just waiting ....

The management pack is usually done much later. If it's done now, chances are all the info will be out of date. Another quarter will probably also have passed (end June). Hopefully the buyer's solicitor will be happy. I presume yours was okay with it.

LAD917

Without the management pack, you have a limited picture of what you're buying.  I usually request and provide unofficial copies of everything commonly in the management pack (emphasis on past three-year budget and financials) as soon as the offer is accepted, and I order the official pack right away.  It's in everyone's interest to see this information early.  If someone is going to back out, best for everyone to back out early.

I know some people don't want to spend money until the sale is farther along. I would rather spend money sooner to see if there are big issues, or if the buyer is going to make an issue of something.  I think of the money spent as insurance against waiting around for months only to back out.

Victorng

I am currently buying a leasehold flat as a cash buyer with no local authority search and no chain. But it has already taken 3 months and still don't know when will exchange. The solicitor is very slow.

hazyjo

LAD917 said:

Without the management pack, you have a limited picture of what you're buying.  I usually request and provide unofficial copies of everything commonly in the management pack (emphasis on past three-year budget and financials) as soon as the offer is accepted, and I order the official pack right away.  It's in everyone's interest to see this information early.  If someone is going to back out, best for everyone to back out early.

I know some people don't want to spend money until the sale is farther along. I would rather spend money sooner to see if there are big issues, or if the buyer is going to make an issue of something.  I think of the money spent as insurance against waiting around for months only to back out.

Seeing as it usually costs several hundred pounds and will probably need doing twice, that's a very expensive way of doing the buyer a favour.