My parents have last week had an offer accepted on a house - they are cash buyers - no mortgage offer and no survey required.
Anybody know how fast the paperwork can be done (assuming no awkward complications)?
I appreciate this does depend on the solicitor involved doing the work, but realistically how long, if a solicitor is on the ball, can searches etc be completed.
I appreciate this does depend on the solicitor involved doing the work, but realistically how long, if a solicitor is on the ball, can searches etc be completed.
I appreciate this does depend on the solicitor involved doing the work, but realistically how long, if a solicitor is on the ball, can searches etc be completed.
Doesn;t the HIP already conmtain the searches ?
Good Point! But my parents have still had to pay the solicitor for searches up front! Do solicitors not accept the searches in the HIPS pack! No wonder they are a waste of time!
... maybe i should have worded my original question a bit better - i know the "average" time period is 6-8 weeks from offer to exchange (took me 11 months but thats a different story!) but what is the shortest time period it can be done in?
I believe the average from offer to completion is 12 weeks.
We once sold a flat from offer to completion in under 4 weeks, that included the buyer (an FTB) getting a mortgage. It was a nightmare of stress and aggravation pushing it through that fast though.
Originally posted by velvet: I believe the average from offer to completion is 12 weeks.
OOPS got that wrong didnt I!
My dads got it in his head it can be to exchange in a fortnight, but i wouldnt have thought that was possible, hence i was asking the question! No mortgage involved!
We got to exchange in 3 weeks. Getting it done that fast was sheer aggravation and involved constant chasing of all parties concerned, and many sleepless nights.
Originally posted by velvet: We got to exchange in 3 weeks. Getting it done that fast was sheer aggravation and involved constant chasing of all parties concerned, and many sleepless nights.
Good going though!
Thanks velvet, will update the thread when they exchange!
Did a transaction in 7 working days for first time buyer with a mortgage last week but had lot of co-operation from mortgage advisors and local authority who pulled out the stops on search time.Only local search and drainage search are included in HIPS and if local search is a personal search you have to be careful as sometimes they don't include all information which is why some solictors don't accept them.Is your dad not having a survey even though he is investing his hard earned cash in the property?
Originally posted by Lawyerlady: Did a transaction in 7 working days for first time buyer with a mortgage last week but had lot of co-operation from mortgage advisors and local authority who pulled out the stops on search time.Only local search and drainage search are included in HIPS and if local search is a personal search you have to be careful as sometimes they don't include all information which is why some solictors don't accept them.Is your dad not having a survey even though he is investing his hard earned cash in the property?
Thank you. No dad's not having a survey, i would, but he's saying he's had a thorough look round the property and can see no sign of anything (he's a bit of "jack of all trades") so feels that he doesnt want to pay a surveyor hundreds of pounds to be recommended to get boiler checked out, electrics checked out etc etc. No telling him!
not really correct, the HIPS only include local and drainage search and some local searches are personal searches which can omit some information.The other searches which in our area are coal and enviromental are not included but are the main reason why most buyers pull out, where is the sense in that?
