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How long after draft contract to completion.

Iansellers
Posts: 49 Forumite

Hello All,
Currently selling my leasehold property. No chain for either party and its a cash buyer.
My question is how long after my solicitor has sent out the draft contract to the buyers solicitor is it to be expected before I complete?
Thanks to all for any help.
Currently selling my leasehold property. No chain for either party and its a cash buyer.
My question is how long after my solicitor has sent out the draft contract to the buyers solicitor is it to be expected before I complete?
Thanks to all for any help.
0
Comments
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How long is a piece of string? Usually a draft contract is sent out with the initial documents.1
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For us our solicitor advised 16 weeks end to end was the fastest to reasonably expect for a leasehold property.
Most of the delays seemed to be on getting the management pack and freeholder/management agent answers to enquires rather than anything under the control of the buyer or seller.1 -
Jonboy_1984 said:For us our solicitor advised 16 weeks end to end was the fastest to reasonably expect for a leasehold property.
Most of the delays seemed to be on getting the management pack and freeholder/management agent answers to enquires rather than anything under the control of the buyer or seller.0 -
from offer to completion the last couple of leaseholds I bought were:
12 weeks with Xmas in the middle
7 weeks
bought another one 20 years ago and that was 4 weeks but reckon things might have changed0 -
Flugelhorn said:from offer to completion the last couple of leaseholds I bought were:
12 weeks with Xmas in the middle
7 weeks
bought another one 20 years ago and that was 4 weeks but reckon things might have changed
I've already been 3 weeks and draft contract went out 2 weeks after I accepted an offer, so I'm hoping for another 4-6 weeks from this point. Was just interested in people's past experiences.0 -
Have your buyers solicitor raised enquiries/queries and sent those to your solicitor? Answering those questions can often take several weeks.2
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Iansellers said:Hello All,
Currently selling my leasehold property. No chain for either party and its a cash buyer.
My question is how long after my solicitor has sent out the draft contract to the buyers solicitor is it to be expected before I complete?
Thanks to all for any help.
A lot will depend on how many enquiries the buyer's solicitor raises and how complex those enquiries are. Leasehold takes longer than freehold as there will be additional enquiries raised based on the management pack.Iansellers said:Flugelhorn said:from offer to completion the last couple of leaseholds I bought were:
12 weeks with Xmas in the middle
7 weeks
bought another one 20 years ago and that was 4 weeks but reckon things might have changed
I've already been 3 weeks and draft contract went out 2 weeks after I accepted an offer, so I'm hoping for another 4-6 weeks from this point. Was just interested in people's past experiences.
Take the 6-8 weeks estimate by the Estate Agent with a pinch of salt. They will have no idea whether your sale is going to be straight-forward or not. Leasehold is quite complex and managing agents tend to take time to answer any queries that are not already supplied in their management pack.
The last few years have seen leasehold sales taking much longer than 6-8 weeks, so I'd be very wary of this timeline.
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Once an offer is accepted and solicitors accepted I'd expect 12 weeks minimum for a leasehold transaction. You might get to the 8 weeks suggested with a cash buy and quick turnaround on the management info.1
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Sold a leasehold flat a year ago. No chain. Took 5 and half months, end to end0
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penners324 said:Sold a leasehold flat a year ago. No chain. Took 5 and half months, end to end0
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