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How long for a house sale completion? Can it be delayed by the buyer?

Discussion in 'Personal' started by dogcat, Aug 31, 2011.

  1. dogcat

    dogcat New commenter

    Hi, I have had an offer accepted on a house last week. There is no chain ( I am a first time buyer, hence my lack of knowledge on this), my mum used to be an estate agent and she said average time for house sale is 6-12 weeks.
    I really don't want my first mortgage payment to come out of September's pay for various reasons. For it to come out of October's pay it would be about 9 weeks from when I first put my offer in.
    My mortgage broker has been away until today, so my valuation fee will be paid today and the valuation survery done next week. Is it likely to take 8 weeks from today for it all to go through?
    If it is done quicker, am I able to hold off signing for a couple of weeks, or do you have to do it all asap?
    The reasons for me wanting to wait are that if I do then I can save at least £800 for September's pay for my things for the house and savings, which will be completley depleted after it all goes through, also September is my first pay under the new acedemy system so I want to make sure it is correct and not missing off my TLR or move up the MPS and it would also mean I could move in over half term, and not during the very busy and tiring first 7 weeks back!
    Would really apprecite some of people's experiences of timescales etc
     
  2. emilystrange

    emilystrange Star commenter

    you could negotiate a date with your vendor. 9 weeks from offer isn't unreasonable or unusual, though, for all the paperwork to go through. you'll exchange first, and there's generally a gap before completion.

    my last buy took six months! but that was our vendor being a ****.
     
  3. lurk_much

    lurk_much Occasional commenter

    It is your money, you are in charge.
    Tell them the date you want to complete.
    They will accept your timetable.
     
  4. lurk_much

    lurk_much Occasional commenter

    btw solicitors like to complete on fridays. Don't let them do this to you, choose a day earlier in the week, it gives you chance to kick their *** before they slope off for the weekend.
     
  5. dogcat

    dogcat New commenter

    Thanks guys, my bf's stepdad knows the estate agent that it is on with and I get the impression that he had told them that I can move quickly on it. I have not told the estate agent that I can, also my bf's stepdad is a lawyer at the firm I am using. I have told him not to push for the searches to be done until I have the valuation back (I would do this anyway regardless of timescale in case something came back from valuation).
    I have been away over the bank holiday, so I will speak to bf's stepdad tonight to make sure he hasn't made any false promises on my behalf. Estate agent rang yesterday as vendor was chasing up why valuation hadn't gone through yet.
    Vendor wants to get it done quickly, mainly as he lives in a second house and just wants to sell up this one asap I think. I am sure it should be ok, I just don't want to feel pressured into doing it before I am comfortable. Wouldn't be as much of an issue if my pay was coming from the same place, but you can never be too sure with new companies and your first paycheck!
     
  6. dogcat

    dogcat New commenter

    Found out my mortgage broker is on holiday for two weeks as of next week, so that may delay things a little bit as well. Hopefully the vendor will be patient and not pull out!
     
  7. emilystrange

    emilystrange Star commenter

    i suspect not, in this housing market!
     
  8. I was told my completion would be within 6 weeks.
    6 months later I was still waiting and there was absolutely no chain as I was buying a brand spanking new house!
     
  9. I think you are more likely to be moaning in a couple of months about the time it is taking.
     
  10. dogcat

    dogcat New commenter

    Thanks guys, the longer the better to be honest for me. Means I can save save save!
    Just worried as the vendor was already chasing the lack of valuation within a week of my offer.
     
  11. Yes well, that would be normal for a vendor. Don't put the offer in unelss you are serious. Why should they lock out the prospect of another buyer is you are dragging your heels and deliberately holding things up ( my broker on holiday for 2 weeks - so he has no colleague?)
    It's swings and roundabouts, but any vendor with a brain won't wait around whilst you play games with them.
    If I were them, I would accept your offer, but refuse to take the property off the market until you pulled your finger out.
    It's the rules of the game, whatever the state of the market.
     
  12. I put in offer in July, got the house beginning of November. I was a first time buyer too with no apparent chain forward but it does take a long time.
     
  13. Yes, that is not unusual.
    Don't know what the problem is with this buyer, since even if they completed in September, the first morgage payment wouldn't be until October anyway. And in reality they probably won't be in till just before Christmas.
    But tardy buyers, who haven't even organised a survey = not committed or cannot get a mortgage in a seller's view.

     
  14. dogcat

    dogcat New commenter

    I have a mortgage it is all organised.Offer was put in end of last week, I emailed on Thursday to try and organise valuation fee I was away over the bank holiday and I told my broker this, she said she was out of the office Friday but could ring me Saturday (when I was out of the country). Today is my first day back and I have sorted the valuation fee.
    I have already asked for someone else to contact me the survey details whilst she is away on holiday, which she said she would organise. If it went through mid September the first payment would likely to be end of September/start of October from what I have been told. So apart from the bank holiday issue I have not dragged my feet.

     
  15. dogcat

    dogcat New commenter

    Looks as though the people who said on here that it may take a while anyway were quite right! Took a week after paying valuation fee for building society to contact estate agent for vendor's details.
    Had a letter today with a list of things that the building society want in realtion to my mortgage application, including an explanation of a previous last name that has never been mine! (It is the last name of the girl I used to live with.)
    Can't speak to building society until Monday, rang estate agents to speak to them and no one in the office that can help until Monday either.
    Now not worried that it will go through too quick, more worried that it will go through at all!!!
    The random name issue was not flagged with the last valuation and application I did with them, no idea where it has come from.
     
  16. Just to agree with everyone else who has posted: I have never known a house purchase taking a shorter time than expected!
     
  17. jubilee

    jubilee Star commenter

    Your first mortgage payment is not deducted immediately on exchange of contracts. I've had several mortgages and have always been able to nominate the dateof the month when I want payments to leave my account.
    You can move in during October, for instance, and make the first payment in early November.
     
  18. Whatever the hassles, when you look back on this purchase in the future (when you are buying and selling) you will smile fondly and realise how relatively easy it was! Good luck - what an exciting time for you!
     
  19. dogcat

    dogcat New commenter

    Thanks Jubilee, that is good to know. Just hoping nothing they have asked for in the new letter means I don't get it. The new list looks pretty normal, latest bank statement and pay slip (they already have 3 from last house application), proof of deposit (have savings bank statement), dates of emploment and name of last school, confirmation of if I am renting or living with family and explanation of the name (which is an error somewhere as it is my old housemate's last name)

    It is pretty scary doing it for the first time, especially as it is on my own. Going to ring on Monday to clarify name thing.
     
  20. Cestrian

    Cestrian New commenter

    The time taken to complete is often dictated by how long it takes for the searches to be done - your solicitor will know what the average is for your area, as it varies from place to place. Our recent house purchase went through in about 10 weeks, as searches were taking 4-6 weeks, but a town not too far away had an average of 10 days for searches!!
     

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