How long from offer to exchange?

uktyler

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Nicki

We managed it from offer to completion in 22 days. However this was on the basis that our buyer was a 100% cash buyer with no chain, did personal searches, and it wasn't over the Christmas period, when it is likely that one or both of the solicitors will not be working for at least a week, and possibly more. I would have thought that you couldn't do it at this time in year in less than 5 weeks.

takoo

Hi UKtyler

Have you talked to the other parties about when they want to move in?

Your solicitor should be able to give you an estimate of how long it should take his office to do his/her side etc but the other party's solicitor's speed needs to be considered.

Do the two prospective buyers have cash "in hand" or do they have to go to mortgage company etc?

Contract is followed by completion so you:

• might need bridging finance for any purchase before completion
• costs of storage of furniture

if the sale stalls for whatever reason before completion - take your solicitor's advice on risks etc.

Good luck

Tatoo

Running_Horse

It will take as long as the slowest/laziest person/EA/solicitor in the chain.

Our should have been a few weeks but dragged on for months because of one person.

However long you think it should be, double that, unless you are very lucky.

Nicki

Once contracts have been exchanged, you and your buyers are committed to complete. Therefore once you have exchanged, you can be confident that the sale is going through

Strapped

Sales can and do collapse between exchange and completion but there is a financial penalty for the side that breaks the contract.

If you're looking for speed to completion, it's probably best to favour the cash buyer (IF they are genuinely cash buyers, as many people say they are and it's rare for an EA to check until after an offer...and maybe not even properly then) especially as you mention that the other lot are "speaking to the mortgage people in the morning" - if they were commited buyers, surely they'd have a mortgage already agreed in principle, ready to go.