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  • FIRST POST
    • Mjrmum
    • By Mjrmum 9th May 18, 9:06 PM
    • 5Posts
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    Mjrmum
    How long will it take to complete?
    • #1
    • 9th May 18, 9:06 PM
    How long will it take to complete? 9th May 18 at 9:06 PM
    Hi everyone we had offer on our leasehold flat around 6 weeks ago. We got our management pack really quickly and have answered all the buyers questions etc.

    The person buying our flat is also selling a flat (to a cash buyer). Their management pack has apparently only been received today.

    It took us ages to find a house, but finally had an offer accepted just over a week ago. our mortgage survey was done within 48 hours so a week ago today (although weve not had formal mortgage offer yet).

    The people we buying off are looking to purchase but said they happy to stay with family not to hold things up (they downsizing).

    I know the answer is probably how long is a piece of string, but now my buyer has her management pack how much longer do you think it will all take.

    Solicitor is (prob rightly so) vague and wont even give estimate. We all so excited and just cant wait for it to happen. 3 kids in two bed flat for years and we finally getting house with a garden if all goes to plan!!!

    The whole thing so stressful as we had offer accepted on another house but someone offered buyer 4K more and they dropped us.

    Any advice from people whove done this would be gratefully received.
Page 1
    • VintageHistorian
    • By VintageHistorian 9th May 18, 9:57 PM
    • 357 Posts
    • 2,266 Thanks
    VintageHistorian
    • #2
    • 9th May 18, 9:57 PM
    • #2
    • 9th May 18, 9:57 PM
    If you've just had an offer accepted then you're looking at, bare minimum, 12 weeks to complete. Probably more as there may be delays with searches (local authorities have seriously reduced staff nowadays), with key people going on holiday, incompetent solicitors on one side, and just with people struggling to get all their ducks lined up in a row. The more parties in the chain the longer it could be as it takes a while to get everyone on the same page. Could be 12 weeks, could be 24.

    Be very wary of a vendor saying they'll move with family or in to rented, a lot of them say it and then when faced with the possibility refuse to do so and there's nothing you can do about it if you haven't exchanged. So be pleasant but be prepared to pull out if they suddenly tell you they need 3/6/9 months to find a new place to buy.

    I'm afraid the stress doesn't get any easier from here.
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Always try to be nice, but never fail to be kind - Doctor Who

    Overpayments in 2018 - 471.59 | Lose 1 stone - 0/14lbs |
    • jonnygee2
    • By jonnygee2 9th May 18, 10:18 PM
    • 96 Posts
    • 60 Thanks
    jonnygee2
    • #3
    • 9th May 18, 10:18 PM
    • #3
    • 9th May 18, 10:18 PM
    If you've just had an offer accepted then you're looking at, bare minimum, 12 weeks to complete.
    This really isn't accurate. They are one week past the mortgage valuation. It can be much less than 12 weeks from that point.

    Have you instructed the searches? If searches are already underway, probably the minimum from this stage it's possible you could complete in 3-4 weeks. That's ambitious but it's definitely not impossible.

    Obviously unexpected stuff can happen and put this back significantly, which you should be prepared for mentally and financially.

    You should chase your solicitor regularly for updates and make it sound to the seller like you might pull out if you can't move in soon. It's definitely a buyers market right now, and that's power you can use!
    • Mjrmum
    • By Mjrmum 10th May 18, 8:43 AM
    • 5 Posts
    • 2 Thanks
    Mjrmum
    • #4
    • 10th May 18, 8:43 AM
    • #4
    • 10th May 18, 8:43 AM
    Thanks for replies. Im going to chase the estate agent today and make sure all searches have been done with the other two Solicitors.

    Really hope its only another 3 or 4 weeks and that my seller isnt fibbing about living with relatives!
    • Tiglet2
    • By Tiglet2 10th May 18, 9:15 AM
    • 185 Posts
    • 183 Thanks
    Tiglet2
    • #5
    • 10th May 18, 9:15 AM
    • #5
    • 10th May 18, 9:15 AM
    [QUOTE]Solicitor is (prob rightly so) vague and won!!!8217;t even give estimate[QUOTE]

    In layman's terms, this means there is still too much outstanding work to start giving out estimates. Your solicitors have no idea when third parties will respond to your buyer's buyer's management pack or have any control over how quickly your vendor/vendor's solicitors will supply requested information. It is not only the seller who has to respond to queries, the freeholder/management company have to as well. Some responses may need to be reported to the lender. Management Companies are notorious for tardy responses and requesting huge amounts of money for notices etc, and won't issue them without payment up front.

    You are in the very early stages of your onward purchase. If your offer was only accepted a week ago, then your solicitor may not have even received the draft contract pack yet, or if they may only have received part of it. Your solicitor cannot raise enquiries if he hasn't received the protocol documents and there is no way of knowing until all these are received, how many enquiries your solicitor may need to make and whether he approves the contract. Don't forget, enquiries have to sent from your solicitor, to the seller's solicitor, then to the vendor, who returns responses to their solicitor, who then sends responses to your solicitor. Unless everyone responds by email immediately (and the responses are satisfactory), it can take several weeks for the enquiries to be done.

    You will also need searches done on your purchase. Local Authority searches can take several weeks to come back and your solicitor may need to raise more enquiries based on search results.

    There are two leasehold properties in your chain (yours and your buyers), which will certainly add some time to the transaction.

    My son is a FTB purchasing a flat, now 4 weeks since his offer was accepted. My firm are acting for him and we are doing everything we need to be doing as soon as it comes in. Nevertheless we still haven't received the management pack from the sellers and we only received the Lease and F&F, PIF and LIF forms from them on Monday. We did receive a draft contract and official copies of the title pretty quickly, so have ordered searches, however Local Authority search is still awaited and majority of enquiries only just raised due to waiting for the additional documents to be supplied by the seller.

    I don't mean to sound so negative, but the fact you have your survey booked and have obtained the management pack quickly is only a small part of the process. Your management company need to respond to leasehold enquiries, because the buyer's solicitor will need to corroborate your responses with theirs. Likewise your buyers will be doing the same with their buyers.

    While it may only take another 3-4 weeks, the likelihood is that the 12 weeks mentioned above is probably more realistic.
    Last edited by Tiglet2; 10-05-2018 at 9:19 AM. Reason: quote marks in wrong place
    • Surrey_EA
    • By Surrey_EA 10th May 18, 11:12 AM
    • 1,587 Posts
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    Surrey_EA
    • #6
    • 10th May 18, 11:12 AM
    • #6
    • 10th May 18, 11:12 AM
    You should chase your solicitor regularly for updates and make it sound to the seller like you might pull out if you can't move in soon. It's definitely a buyers market right now, and that's power you can use!
    Originally posted by jonnygee2
    Nothing like making what can be a stressful time even more so.
    • Tiglet2
    • By Tiglet2 10th May 18, 1:39 PM
    • 185 Posts
    • 183 Thanks
    Tiglet2
    • #7
    • 10th May 18, 1:39 PM
    • #7
    • 10th May 18, 1:39 PM
    Surrey_EA Totally agree! Solicitor's nightmare client in the making!

    It might be a buyer's market, but a buyer doesn't have much power actually. Yes, a buyer can threaten to pull out, but all the solicitors in the chain have to do their due diligence before they agree to exchange. If clients are not going to let solicitors do their job, then they might as well not bother to instruct one.
    • SG27
    • By SG27 10th May 18, 1:53 PM
    • 2,294 Posts
    • 1,565 Thanks
    SG27
    • #8
    • 10th May 18, 1:53 PM
    • #8
    • 10th May 18, 1:53 PM
    I think I have got lucky with our solicitor with our sale this time. We instructed the as soon as our property was on the market. So all our forms were filled in and already returned to her before we even accepted an offer.

    The day after accepting an offer she had the draft contract pack ready to send to the buyers solicitor and even raised a few potential enquiries of her own with us that she said the buyers solicitor may raise later on. So they were sorted out early.

    Just waiting on our buyers. Valuation done but not heard any news for a week now...
    • Car1980
    • By Car1980 10th May 18, 2:17 PM
    • 266 Posts
    • 132 Thanks
    Car1980
    • #9
    • 10th May 18, 2:17 PM
    • #9
    • 10th May 18, 2:17 PM
    Took 12 weeks for my leasehold flat. Now I'm buying a leasehold house and we are now in week 21.

    Depends how good the other side are at answering your solicitor's enquiries. If the other side are as utterly hopeless as with our sale you'll be in for a long wait!
    • Asl77c
    • By Asl77c 10th May 18, 3:02 PM
    • 82 Posts
    • 65 Thanks
    Asl77c
    Our purchase was exchanged in 9 week so.
    • dunroving
    • By dunroving 10th May 18, 3:10 PM
    • 1,268 Posts
    • 882 Thanks
    dunroving
    I'm now 9 weeks post-accepted offer and still not exchanged even though it should have been a simple transaction (no chain in either direction, cash buyer, etc.). Everything held up by a minor title issue, slow communications between solicitors and a lazy seller's solicitor.
    (Nearly) dunroving
    • TamsinC
    • By TamsinC 10th May 18, 3:25 PM
    • 365 Posts
    • 363 Thanks
    TamsinC
    sometimes it can be fast - we sold and completed in 6 weeks - however our purchase (we live in MOD property so the two didn't need to tie up) was aborted at 15weeks and we are starting again.
    • Drawingaline
    • By Drawingaline 10th May 18, 4:52 PM
    • 445 Posts
    • 1,477 Thanks
    Drawingaline
    When we purchased an empty leasehold flat (we were ftb) it took nearly 9months!!! When we sold it (we were relocating to rented, and buyer was selling her flat to her freeholder) it took 12weeks, but that was because I had been the biggest pain in the butt to the managing company for the previous 12 months (they were beyond useless with everything) and basically rang them daily once I knew they had things to fill in.

    Buying this freehold house (no chain) took four months.
    • dunroving
    • By dunroving 10th May 18, 5:06 PM
    • 1,268 Posts
    • 882 Thanks
    dunroving
    I'm now 9 weeks post-accepted offer and still not exchanged even though it should have been a simple transaction (no chain in either direction, cash buyer, etc.). Everything held up by a minor title issue, slow communications between solicitors and a lazy seller's solicitor.
    Originally posted by dunroving
    [Just received confirmation that the title issue has been resolved. Aiming to exchange tomorrow and close on May 22nd. Phew.]
    (Nearly) dunroving
    • Mjrmum
    • By Mjrmum 10th May 18, 10:07 PM
    • 5 Posts
    • 2 Thanks
    Mjrmum
    Thanks everyone - just need to be patient. I spoke with my solicitor today and he hasn!!!8217;t even had the draft contract or office copies from our sellers sokictors yet and it will be 2 working weeks tomorrow since we instructed them.

    I just need to stop stressing, think we prob won!!!8217;t get in there this summer but hopefully Christmas!!!55357;!!!56834;
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