How long will it take to complete on my house?

Question

I have just accepted an offer on my house, I am going into rented accommodation and the people buying my house are first time buyers. I'm in a hurry - how long should it take to complete?

Answer 1

If all parties pull their fingers out on a simple transaction, then there is no reason why completion cannot be achieved in 4-6 weeks. I know someone who managed to do it in 9 days due to the fact that they had contacts at various parts of the house buying process (the lender, the council and solicitors).

Lenders can be slow at making an mortgage offer, as they may be busy with applications. I've been told of one lender taking 20 days to make a full offer. Also, your solicitor has to apply for the copy deeds of the property you're purchasing - and these may come from another lender. This process can be slow.

Another slow part are the local searches. Some local authorities can take up to four weeks but I've been told that there are quicker means (e.g. the web) which some solicitors use to speed this up.

Things which can slow down the process even further are if any of the properties are leasehold, in which case the solicitors have to apply to the freeholders and managing agents etc for various stuff.

Answer 2

When you accepted the buyer's offer you did so by signing a purchase contract. There should be a close of escrow date which corresponds to the transfer of ownership. This transfer happens once the Grant Deed is recorded at the county clerk recorder's office where the property is located. Talk to your Realtor about the terms of the contract. There are many things that can delay the closing, most often it has to do with lender conditions on the buyer's side. Your Realtor should handle all of the negotiations and be able to come to some fair terms should there be a need for an extension of time. Good Luck :)

Answer 3

Your syntax and use of the word "complete" rather than "close" suggests you are in the UK. The usual time is four to six weeks from exchange of contracts. But it may take some time to exchange because your buyer's solicitor has to do searches, and your buyer needs to line of financing.

Your contract will probably give a specific date. Under the law, the buyer has to complete within ten working days of that or risk loss of the deposit. (We once exchanged contracts that specifically gave the seller a "reasonable time" to complete, which we let run for three months. But we had a business reason for doing that: we got the house at a good price.

(Other readers: in the UK, unlike the USA, contracts of sale of property are almost always unconditional. They can't be exchanged (signed copies exchanged by lawyers) until everything is in place.)

Answer 4

Roughly 8-12 weeks, depending if u have a good solicitor ! as they are first time buyers there is no chain to worry about. they just need to pay for there searches, get a surveyor round, get the mortgage offer in, answer additional enquires and then u can exchange and complete.

Answer 5

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Answer 6

It normally takes about 3 months but because you have a short chain and only need searches and surveys doing on the house you are selling you should be able to complete in under a month. Keep on the solicitors' backs because they tend to dally.
PS. It has been known for people who decide to buy a house and have NO searches and surveys and mortgage done,, to complete in one day, but these people are very rare as most people want searches.

Answer 7

My mum just bought a house. She had first time buyers buying hers and the owner of the one she was moving into was going to vacate upon completion and move in with a friend. A very simple and easy chain but her move still took three months. I suggest you keep kicking the solicitor up the backside because they seem to need it. Good luck.

Answer 8

In the United States, if it can't be done in thirty days, something is wrong, either with the buyers or the loan officer or agent.

You've already got a purchase contract it sounds like. Your agent should have put the necessary clauses into that contract to motivate them to get moving, and should have explained them to you. If not, you're stuck at "wait and hope"

Answer 9

It is just a legal matter, could be in a few days.

Answer 10

sorry but if it takes as long as ours did you could be looking at three months......