Best case scenario for how long to buy leasehold flat

somerandomusername

I am very prompt with things on my end, typically I'll complete the forms and upload them to my solicitors portal the same day they get emailed to me. So it's safe to say there won't be any delays on my part.

I asked the vendors solicitor if they'd kindly asked the vendor to order the management pack now, rather than later and was notified on Friday that he has ordered it. 

The timeline so far is offer was accepted on Monday, searches paid for on Thursday, management pack ordered on Friday. No tenants in the property to worry about any eviction delays. 

Assuming best case scenario where everything just goes fine without any hold ups, how long do you think it would take before I can actually complete the deal and move in? 

Google gives a generic 12 - 16 weeks but I'd love to get it done in 8 weeks but I think this is overly optimistic. But so far the seller seems very responsive and motivated to do things quickly so that's good.

anselld

Three months minimum.
Not everything is in the control of buyer or seller.

somerandomusername

anselld said:

Three months minimum.
Not everything is in the control of buyer or seller.

Really? Even with everyone acting fast, no tenants, no deed of variation needed, management pack ordered straight away etc the absolute best case is still a minimum of 3 months? Jesus.

anselld

somerandomusername said:

anselld said:

Three months minimum.
Not everything is in the control of buyer or seller.

Really? Even with everyone acting fast, no tenants, no deed of variation needed, management pack ordered straight away etc the absolute best case is still a minimum of 3 months? Jesus.

You can’t ensure “everyone is acting fast”.  Mortgage co, solicitorsx2, search providers, management company, possibly a second ground rent company all act in their own sweet time.  How do you know a DoV would not be required?  The lease often contains terms which are not mortgage compliant.
You might be lucky and do 8weeks but that would definitely be an outlier from
the norm.

eddddy

somerandomusername said:

No tenants in the property to worry about any eviction delays. 

Are you saying that the flat is unoccupied, or are you saying that the seller lives there?

Obviously, if the seller lives there, and they need to buy a new place to live, you can only exchange/complete when the slowest person in the chain is ready to exchange/complete.

somerandomusername

anselld said:

somerandomusername said:

anselld said:

Three months minimum.
Not everything is in the control of buyer or seller.

Really? Even with everyone acting fast, no tenants, no deed of variation needed, management pack ordered straight away etc the absolute best case is still a minimum of 3 months? Jesus.

You can’t ensure “everyone is acting fast”.  Mortgage co, solicitorsx2, search providers, management company, possibly a second ground rent company all act in their own sweet time.  How do you know a DoV would not be required?  The lease often contains terms which are not mortgage compliant.
You might be lucky and do 8weeks but that would definitely be an outlier from
the norm.

I don't know that a DoV won't be required, I'm just asking what the best case scenario would be if one isn't required. 

Typically DoV are required for things the mortgage provider doesn't like but in my case the flat has 900 some years on the lease, £0 ground rent, acceptable service fees etc so I think that eliminates most causes for DoV adjustments right? 

I'm expecting things to slow down due to xmas period though which is a bummer, but on the flip side I don't think most people are buying homes right around the xmas period so maybe there's less buyers for all the parties to deal with (solicitors, councils, providers) etc. 

Dunno just trying to think positive

somerandomusername

eddddy said:

somerandomusername said:

No tenants in the property to worry about any eviction delays. 

Are you saying that the flat is unoccupied, or are you saying that the seller lives there?

Obviously, if the seller lives there, and they need to buy a new place to live, you can only exchange/complete when the slowest person in the chain is ready to exchange/complete.

Flat is totally empty.

subjecttocontract

Just because the management pack has been ordered it doesn't mean it will be provided quickly. Normally the company require payment up front for that information pack. So, having already been paid in advance, they have absolute!y no incentive to act quickly. I've had empty leasehold property that's taken 7 months to completion !

somerandomusername

subjecttocontract said:

Just because the management pack has been ordered it doesn't mean it will be provided quickly. Normally the company require payment up front for that information pack. So, having already been paid in advance, they have absolute!y no incentive to act quickly. I've had empty leasehold property that's taken 7 months to completion !

Jesus, I guess is really is just random then. 3 months or 12 months nobody knows

LHCalc123

Your lender may want a mortgage protection clause if they deem the lease not sufficient enough to protect their asset.

somerandomusername

LHCalc123 said:

Your lender may want a mortgage protection clause if they deem the lease not sufficient enough to protect their asset.

How could it not be sufficient enough to protect the asset? The ground rent is £0, the lease length is 900+ years, my deposit is 50% of the cost. I don't see how it gets any safer from the banks perspective.