Getting to exchange in four weeks

ohdarn

Hi everyone. We've been to see a property that we're thinking of putting in a "best and final offer" on.
We're fairly certain our probability of winning is very low given the insanity of the current property market so this is probably all academic.
On the guidance for writing the full and final offer letter that we received from the estate agents it mentions that,
'The successful Offeror will be required to exchange contracts as soon as possible after the date of the acceptance and at the latest within four weeks of receiving the acceptance.'
This part has made us think it's not really worth bothering at all. Last year our mortgage application alone took five weeks to be approved. That's before even starting with searches, enquiries, post delays for documents etc. etc.
We don't have a chain behind us and the vendors property would have no chain above, but has the mortgage application system and the conveyancing process got any faster than last year? To us it seems just as stupidly busy as before.
But then if it's not feasible, why did the estate agent market it to the general public instead of just sending it to an auction?
Can anyone who's just applied for a mortgage or had searches done recently shed any light on how quickly it's taking?
Thanks

MovingForwards

Is it a modern auction method sale or something?

AFF8879

Is the seller buying a new build? 28 days from reservation to exchange is a very common requirement for a lot of developers 

ohdarn

MovingForwards said:

Is it a modern auction method sale or something?

Nope, I normally weed that bull crap out when doing the online searches. Every now and again one sneaks through and tricks me but not this one.
I guess it is a 'sealed bids' type affair?

ohdarn

AFF8879 said:

Is the seller buying a new build? 28 days from reservation to exchange is a very common requirement for a lot of developers 

It's not, no. It's a property that was apparently owned by a church, who then rented it out to the Needy and Unfortunate. The Needy and Unfortunate then proceeded to absolutely trash it and cover it in filth so the church want to get rid of it.

eddddy

Ask your mortgage lender/broker how long they are taking to issue offers at the moment.

Then hopefully you can say something like "I have a mortgage agreed in principle, and my mortgage lender/broker say that they are processing applications within 21 days (or whatever) at the moment, so I'm confident that we can exchange contracts within 28 days."

Or if the mortgage lender/broker's timescales are poor just say something a bit more vague like "I'm buying with a mortgage, I have it agreed in principle, and so exchanging contracts in 28 days shouldn't be a problem for me."


If searches are taking longer than 28 days, that will be the same for any other buyer.


If it gets to 28 days and your mortgage offer is still 7 or 14 days away, it's still going to be quicker for them to proceed with you, than find another buyer and start the 28 days again.

Windofchange

If it gets to 28 days and your mortgage offer is still 7 or 14 days away, it's still going to be quicker for them to proceed with you, than find another buyer and start the 28 days again.

Maybe Jesus is after cold hard dirty cash only as opposed to bothering about mortgages? Neither a borrower nor a lender be I think he said? 

Thrugelmir

ohdarn said:

AFF8879 said:

Is the seller buying a new build? 28 days from reservation to exchange is a very common requirement for a lot of developers 

 The Needy and Unfortunate then proceeded to absolutely trash it and cover it in filth so the church want to get rid of it.

Suitable for cash buyers only? 

Scotbot

Unless it's a new build or auction, either modern or traditional the seller can't enforce the speed of the sale. All they could do is reject the offer and remarket if you failed to exchange in time. If it is in a really bad condition the survey could bring up issues which  make the seller withdraw.  Sounds like the seller needs the dosh and will choose the bidder who looks to be in the position to move the quickest over the highest offer. Whether that works remains to be seen,.

saajan_12

If its not one of the usual suspects (auction, new build etc) it may just be a seller wanting a quick sale, and an agent going along with it (for now). 

Just offer what you want, and explain you'd be applying for a mortgage, will go as fast as possible (eg send for searches + mortgage concurrently rather than waiting) but the exact time for those to revert will be out of your hands. Ask the agent whether that's acceptable, or whether the seller is looking for a cash sale only. 

NameUnavailable

I would check to see if there's anything written down to say what happens if you can't exchange within 4 weeks.