Trying to beat stamp duty! What happens after searches are back?

gemgem85

Hello!

TLDR: What happens after searches are back? In most cases is it quite a quick move to exchange then completion? Our searches aren't due back until 19 May but we plan to complete on 1st June. Is this feasible? Do things tend to move really quickly once searches are back? No chain. First time buyers!

I'm in the process of buying my first house. I'm super excited because for years we've been cooped up, renting a little flat, and now we're buying a big beautiful family home twice the size of our current place! Also super anxious! It all seems too good to be true!

Our searches are out at the moment, due back on 19th May. This is longer than any estimate I could find online but I'm guessing covid + stamp duty holiday means there's a bit of a queue! I know we've been lucky so far with the rest of the process, I'm just wondering what happens next and if it's likely we'll hit that 1 June completion date

Here's my timeline:

March 25: Started looking for properties
March 26: Applied for mortgage through broker
March 28: Mortgage in principle!
March 29: Made offer
March 30: Offer accepted!
April 6th: Valuation
April 9th: Mortgage offer!
April 12th: Survey complete - no reds
April 13th: Draft contracts
April 14th: Searches requested and enquiries raised
.......LONG WAIT......
May 19th: Searches due back??
June 1: Completion date??

Thank you

sandeepsb

It totally depends on how long the chain is, how competent your solicitors are (going by the timeline they seem to be quite on it).

If you're buying a chain free property ensure your sellers have done what's required of them and hope nothing major comes out from the searches.

teachfast

Remember you need to sit on your solicitor or conveyancer for any action to take place. They are notoriously uncommunicative and unprofessional in many cases. 

gemgem85

No chain and the vendors are ready to go! I check in with my solicitor every week and she says it's still not going to be back until 19 May. I don't have any more info than that. Should I be asking for full details of searches and enquiries as they happen? I was going to leave her be until mid-May apart from my weekly check ins! I don't want to bug them too much, but I REALLY want the house...

Irishpearce26

Have your solicitor drafted enquiries yet? This can be the longest part of the process as you are at the hands of how quickly the vendors respond then the solicitor reviews and responds to the vendor for more information. Very much like tennis until it is all clear, fingers crossed there is anything glaring from the searches or enquiries.

Thrugelmir

gemgem85 said:

 Should I be asking for full details of searches and enquiries as they happen?

Better that everything is dealt with together. Piece meal doesn't speed up the overall process. 

Is the 1st June a critical date to hit? 

AdrianC

You'll be doing well if there's no queries to raise from the results of the searches.

gemgem85

Thrugelmir said:

gemgem85 said:

 Should I be asking for full details of searches and enquiries as they happen?

Better that everything is dealt with together. Piece meal doesn't speed up the overall process. 

Is the 1st June a critical date to hit? 

This is the date the seller wants to complete on. It's not critical for us. I'm sure there will be some queries from the searches - we already know there's a (mitigated) surface flood risk and some old trees in the garden which will have preservation orders. I was surprised that the solicitor thinks it's still feasible with such a short time between the dates.

TBG01

teachfast said:

Remember you need to sit on your solicitor or conveyancer for any action to take place. They are notoriously uncommunicative and unprofessional in many cases. 

Or maybe just maybe, read the terms of the retainer which will more than likely point out timescales *cough it's longer than you think no matter what the estate agent says or if Mary down the street apparently completed in two days* and wait to be contacted if and when necessary? 

If searches are taking several weeks (which they are) to come back, there's nothing we can do about that. No matter how much you "sit" on us think your transaction is more important than someone else's. 

ic

Are you sure your vendors are ready to go?  My vendors dropped the bombshell that they were seeking a reissue of probate after searches and surveys were started - it added four months to the process.

gemgem85

ic said:

Are you sure your vendors are ready to go?  My vendors dropped the bombshell that they were seeking a reissue of probate after searches and surveys were started - it added four months to the process.

They’ve already moved out and are waiting on me to exchange. Sorry that happened to you!