OT: What's the average time from offer to completion on a house sale???
We had the offer on our new house accecpted last Tuesday, I'm just wondering how long it usually takes for it all to go thru. We are selling our house to first time buyers and the people we are buying from are buying an empty property so its a small chain if that makes any difference.
Any experiences any advise will be greatly appreciated! X
It just depends - sometimes it could be as little as 4-6 weeks. We sold our flat 2 weeks ago, and have a completion date of 1st June, but the original date the buyer wanted was 5 weeks away (we haven't got a house to move in to yet )
i was a mortgage adviser for 5 years so hopefully i can help out on this one
depends on if there is a chain and how much chasing of solicitors both parties are willing to do but on average if there is a chain you are looking at anywhere between 6-12 weeks
but for a mortgage to actually complete it CAN be done in 28 days (and if bought at auction usually has to be done in this time) so if both parties what to move ASAP and there is no chain you both need to get on to your banks and solicitors and tell them you are looking to complete within 28 days and then chase chase and chase both bank and sols
From working in mortgages, I would say between 6 to 8 weeks. If the valuation on the property comes back ok it can be quicker. Sometime extra reports can be required, which is why it can take a bit longer.
Hassle your solicitors! For some reason they don't seem to do very much if you don't hassle them. It took 8 weeks for our sale to go through, which included nothing happening over Christmas and New Year. We were chain free buyers and our vendors were buying from a developer.
i was a conveyancing secretary for years before getting pregnant with this monkey and my best advice would be to call your estate agents, mortgage advisor and solicitor on pretty much a daily basis if you want to move quickly. alot depends on how thorough the solicitors are and if things like surveys or damp reports etc are being undertaken. however, i would strongly advise that a full set of enquiries about the property are raised as if you don't do this and later find out that the property is damp, there are problems with the neighbours, etc then there will be no comeback against the solicitors! the solicitor i worked for did not just do property transactions and he put them off as long as could as there is more money in other types of work than in property. so make sure you make a nuisance of yourself!
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