Selling an inherited house and buying my first house - Timescale question and other questions

Itsjustameeeee

Hello
I'm making this post as I have inherited a house and because I've never worked with houses I have queries. My queries are as follows:
 1. Being in a city with a housing shortage and it very much being a 'sellers market', I just wonder what's the timeframe to sell a house? 
 2. Similar on the opposite side, if I founded a house I wanted to buy, how long is it the time frame to buy a house?
 3. If I was to begin the selling process in August / September, then it's sold. Would it be possible to buy a house in time for completion on January 2022? 
I ask these questions as I'm having to study on the side which is challenging due to have to deal with the house. Is there anything I should be aware of potentially? I've already got an agreement in principle. The next steps really is to sell the house probably on a chain free basis then look for a house to buy that I like the look off.

This question not relating to this thread particularly. I wonder whether it's worth buying a house in this time in the market. When looking at historical data for when interest rates were raised and it's effect on the housing market in the late 70's seemed to only be 15% reduction. Understandably it might be way higher if it was to happen again due to the amount of people leveraged in high debt. I wonder if it's worth buying a house with the intention of the whole mortgage being paid off by 2023 rough? About like 2.5 years to pay of the mortgage. I just think about the cashflow potentially from the lodger and every year if I was to defer the purchase of home I lose out on house appreciation, me having to pay rent and the loss in lodger income which could've paid of the mortgage quickly. 

Anyways that's it. My plan is to get a 5 year fixed mortgage 1.18% interest rate initially, borrow as much as I can (for emergency cash). Once repayment charges fees end to have paid off the entire mortgage then. All while having a lodger once I own a home. Does this sound like a good plan? I don't really see faults in it. Even without the lodger to still have paid off the mortgage at the end of the fixed term.

Just feels like the housing market won't go down any time soon particularly because of the city I am living in. Therefore why wait? At least on rightmove I see properties sold pretty quickly once it's listed. Only like 2 weeks on the market then sold. 

Thank youuuu

Slithery

Has the property actually been transferred into your name yet? If not then it would be advisable for the estate to sell it and you inherit the money, that way you won't lose your FTB privileges and will benefit from lower stamp duty when you do buy.

Itsjustameeeee

I don't know actually. I have contacted solicitors about this. They said I'm not a first time buyer because the property was tranferred to me in my name. But this is the thing. I own a 50/50 share of the property. The estate isn't completed yet and I don't know whether I'm a first time buyer or not. It's really confusing. Maybe check with another solicitor? Is that what I should do? I have a help to buy isa and first time buyer isa still for this reason. 

RAS

Which solicitors have you spoken to? Are they the executors and if so, why did they transfer the property to you without consultation?

And who owns the other 50% of the house? What are their plans as yours will come to now't unless you are both working together.

Itsjustameeeee

Okay so I've researched a bit more and had a look at the will. All the will says is that I'm a beneficiary of the estate in equal shares once it's divided. Nothing to do with ownership of the house though it's included in the estate. That's it. 

I think I may have confused a solicitor based on the terminology I used. I think I am still a first time buyer because of this.
The other person who owns 50% of the estate is another family member. Plan is to sell the house once probate is completed.

Itsjustameeeee

I have also re-contacted the same solicitor and other solicitors and will hear back from them soon regarding this revelation

p00hsticks

Itsjustameeeee said:

Okay so I've researched a bit more and had a look at the will. All the will says is that I'm a beneficiary of the estate in equal shares once it's divided. Nothing to do with ownership of the house though it's included in the estate. That's it. 

I think I may have confused a solicitor based on the terminology I used. I think I am still a first time buyer because of this.
The other person who owns 50% of the estate is another family member. Plan is to sell the house once probate is completed.

so you haven't actually inherited the property itself, and it's not down to you to sell it. In that case, you really need to wait until the executors have sold that - and they won't be able to do that until they have probate. 
Unless the rest of the estate is large and you can persuade the executor to let you have at least some of your inheritance prior to the property being sold, then I wouldn't start looking for properties until the existing property is SSTC.