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what's the quickest time you can complete on a house?

Discussion in 'Personal' started by bardteech, Oct 18, 2009.

  1. I am due to move out next week and am still looking for a house to purchase. What is the quickest time possible to put and offer in and complete? Apparently it's the searches that the solicitors do which takes the time. Can't they do a search in 24hrs or something? I need to complete by next week really. going to see two places tomorrow.


     
  2. grandelf

    grandelf New commenter

    an hotel room it is!
     
  3. RJR_38

    RJR_38 New commenter

    Or perhaps a large cardboard box would be more suitable?
     
  4. I thought it was 10 days between exchange and completion.
    Don't rely on what the solicitors tell you though. We were due to complete in July, it is now October and we still have no dates, and this was on a new build with no chain!
     
  5. chicabonita

    chicabonita New commenter

    No, you can exchange and complete on the same day.
    Think the OP is cutting it a bit fine, though. Temporary accommodation/short term rental might have to be an option...
     
  6. Unless you have a*sehole solicitors acting for the housing association it seems!
     
  7. Are you buying the house in Nuneaton?
     
  8. chicabonita

    chicabonita New commenter

    I think someone cursed you, PFF. Hope you get in soon [​IMG]
    And I would still be looking at getting someone to give you some form of compensation for all the "mishaps".
     
  9. We exchanged and completed on the same day. However you do actually have to have a property to 'exchange' on - and finding that may take some weeks, if not months.
     
  10. Sure they can. Just don't complain when you find out they are building an incinerator at the end of your street in two years' time.
     
  11. Yeah, these searches and so on do take time. IF eerything is prepared and ready to go smoothly and so on, you can complete on a simple freehold transaction in about 2 weeks. There are a couple of things you will need to do which do take a few days to arrange, but which can drag on and sometimes take a lot longer:
    Finance: unless you have the cash to put down outright, your bank/mortgagee will want to take a few days to process your application. They will need to see the property survey as well before they are prepared to forward the cash to your solicitor.
    Survey: Again, the mortgagee will want to use their own (they'll charge you more for someone else's and in some cases they will want their own surveyor to see the property anyway even if you have another surveyor). Booking the home appointment call out and arranging a time with the sellers can take a couple of days (in my case, it took nearly 2 weeks because no one would pull their finger out despite ringing up and begging them every day and we had to chase through a broker which was just another middleman we didn't need). Bear in mind the sellers will need advance notice to book time off work, etc. Then the surveyor has to draw up his report and send it on to the mortgagee.
    Deeds: usually held by the mortgagee of the sellers. Once a buyer is found, the seller needs to instruct a solicitor, then the solicitor writes to the seller's bank to release them and forwards them on. If you're lucky enough to have a forward-thinking seller, you can get this more quickly, but again, not the norm. But then for about £6 you may be able to get electronic copies from the Land Registry - they don't always have the maps, butif they do it's a good way to begin. Then the solicitor needs to review them, advise you of the boundaries which are your responsibility, any restrictions (tree preservation orders, no pets, no buildings more than a certain height), any rights of way, etc.
    Searches: these are the local authority reports and environmental reports, and they often take a week to 10 days to come back. Your solicitor needs to sit down with these and check: what planning applications have been filed by your neighbours, what restrictions there are on adding extensions/conservatories or whatever. HIPs were supposed to help in this regard, but tbh they don't really, as a) they don't apply to all properties, and b) your solicitor could be deemed negligent in some cases if the HIP is a little out of date and there is a material development in the meantime which would affect your decision to purchase the property. HIPs are compiled when the house goes on the market, but if it's been up for a while with no interest, it can go out of date very quickly. You will get a detailed report on the deeds and the searches, and you must read the report before exchanging contracts.
    So yes, if you find a freehold property and all the parties are motivated to complete asap,it could take as little as 2 weeks. If you are buying a flat, double that (ESPECIALLY a new build, in fact you can probably double that again for a new build flat as your best optimum time as you wouldn't believe the amount of paperwork that goes with new builds, it's a complete pain in the bottom - but again, it depends on the construction company.. my first flat purchase went through in 6 weeks, which was very very fast). And never, ever deal with an LA - I had one transaction which was only worth about £15k but the sheer amount of restrictions on what you can and can't do with LA property boggles the mind... and it can take forever to make sure all those are complied with - just when you think you're done, your client will unearth another piece of paper and say "oh yes, just thought I should show you this, but it won't make a difference really, will it, we can still complete tomorrow?" and then you have to check everything again... problem is that in property there are a lot of undertakings given by solicitors to do certain things: and a solicitor is PERSONALLY liable for any failure in the undertakings, even if it's not his fault. So everything has to be checked out.

    Anyway, this is all very general. And in one year I've been involved in more sales and purchases than most people see in a lifetime, so I reckon it's pretty accurate overall, despite any anecdotes to the contrary.
    Last point, never believe what the estate agent tells you, their job is to give you the most optimistic timeline they possibly can, and score some commission. We used to dodge calls from them all the time, and usually if there was a hold up of some kind they would relay the most garbled messages around the place just through not understanding what's going on. E.g. seller's sol tells us (buyer's sols) that he's waiting on a report, and will let us have it asap. We say ok, we let our client know. Agents ring around, our client says "yes my sols just need to see this document" and then next thing the agents start playing chinese whispers and ring us back saying "the seller is very upset that you need to do more reports, you're just wasting time, are they really necessary, we've just told your client (the buyer) that you should have everything from the other sol so you don't really need to do this too" and then your client thinks you're just trying to ring your costs up!! RAAAAARGH. Pet hate. The agents after all are getting 2% of the sale price as their commission (plus VAT) and that's an easy couple of grand, the solicitor is getting £400 -£600 for ten times the work, including postage, phonecalls and VAT and really doesn't need the hassle.
    Mind you, there are some rubbish solicitors too, in 2 years I've seen some really basic errors (and made a few, I daresay) and some of them occasionally even go on holidays or have sick children in the middle of your transaction, but no one ever sees that it's usually not our fault...
     
  12. ilovesooty

    ilovesooty Lead commenter

    http://www1.salvationarmy.org.uk/uki/www_uki.nsf
     
  13. Ranting paid off chica...we are exchanging and completing on same day after I moaned at the HA solicitors!

     
  14. A house will tie you down, so you will not be free to take jobs in Scotland.
    If I were you I would take a trip to Glasgow.
     
  15. Well on 3rd March we had a mortgage agreement ready and put an offer on ahouse. The couple could move asap. They saidwe could do it inside 2 weeks. We completed on 31st August! No problems with either seller or buyer, all bank and solicitor issues. Nothing difficult or unusual about sale in any way.
     
  16. That's ages 3rd March- 31st August. Almost 6 months!! What you on about??
     
  17. I forget my cheesed off tone of voice doesn't come across in text. It was a joke, evrything from all the staff being quarintined for swine flu, EVERYONE taking extended holidays, surveys being lost/ mixed up (2 weeks of thinking the place was subsiding until we clocked from the details it was another house!) to just *** taking.
     
  18. People must be MAD paying 2% commission to estate agents, I'm paying 1.5% and that's quite enough.
    My solicitor just rang to say she is going to exchanged contracts. I said don't I need to go in to sign anything and she said no and then phoned back 10 minutes later to say she's done it.
    So, it's as easy as that is it? You don't need to sign on the dotted line. Will I have to sign on completion?
     
  19. We speeded up the whole process by delivering everything ourselves ( and so did the others in the chain). The solicitors usually send everything by post and it really delays the process.
     
  20. A bit like our 5 month long job that should have been 6 weeks!
    I feel sorry for the other home owners in our street who STILL are waiting for their keys.
     

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