How long from Sale agreed to getting keys

F

foxylady

Registered User
Messages
1,460
Is there an average amount of time for this to happen or does it all just depend on your solicitor?
 
foxylady said:
Is there an average amount of time for this to happen or does it all just depend on your solicitor?
Click to expand...

It depends on:

1. The Vendor and their plans and ability or otherwise to vacate. Is it an executor's sale? Are there any problems with the house and the title?
2. The Vendor's solicitor and see above
3. The Vendor's bank
4. You as a purchaser - are you in funds ? Have you a formal letter of loan offer?
5. Your solicitor - and see above as to who they need to do their bit.
6. The property - have you had it surveyed?

A realistic time frame - with everyone willing and no issues is 8 weeks. It is possible to do a transaction in 1-2 weeks but only if everyone is keen and everything is in order - which almost never happens.

The big delays are usually with the purchaser organising their finance and getting life cover and then the loan cheque.

mf
 
We bought in May last year and it was 12 weeks from sale agreed to getting the keys. There was alot of time spent discussing the survey report so it could have been less as per MF1's advise if there were no issues in the survey.
 
6 months here, but the first attempt fell through (literally, burst pipe) and the seller was a liquidator.
 
My house was 5 weeks from Sale Agreed to getting the keys. I have a great solicitor! It meant I could go straight from my previous house on the day it was being purchased straight into my new one without have to rent or put my furniture in storage.

Admittedly it was a stressful 5 weeks!!
 
mf1 said:
It depends on:

1. The Vendor and their plans and ability or otherwise to vacate. Is it an executor's sale? Are there any problems with the house and the title?
2. The Vendor's solicitor and see above
3. The Vendor's bank
4. You as a purchaser - are you in funds ? Have you a formal letter of loan offer?
5. Your solicitor - and see above as to who they need to do their bit.
6. The property - have you had it surveyed?

A realistic time frame - with everyone willing and no issues is 8 weeks. It is possible to do a transaction in 1-2 weeks but only if everyone is keen and everything is in order - which almost never happens.

The big delays are usually with the purchaser organising their finance and getting life cover and then the loan cheque.

mf
Click to expand...

If it is possible in 1 - 2 weeks why on earth does it take anywhere from 5 to 12 weeks?
 
foxylady said:
If it is possible in 1 - 2 weeks why on earth does it take anywhere from 5 to 12 weeks?
Click to expand...

Did you read the rest of the post?

"It is possible to do a transaction in 1-2 weeks but only if everyone is keen and everything is in order - which almost never happens."

mf
 
I bought a vacant house, so it would have probably been even longer if I had been waiting for the occupants to leave. Five weeks is very good. Last two houses took about 3 months.

It is rarely straightforward.
 
went sale agreed 4 months ago still waiting on contracts to come back signed...
 
mine took about 12 weeks, but there was issues with right of way for a shared alleyway with my neighbour. solicitor wouldn't let me proceed until it was sorted.
 
Sale Agreed date has no bearing on the date you actually get the keys.
The important date is the Contract date, bearing in mind that either Solicitor often changes this date to suit their own client(s).
The contract date is not set until all the legal questions have been satisfactorily dealt with - "requisitions and report on title" etc.
You are supposed to get the keys on the same day as the money changes hand, i.e. the date it leaves one solicitor & is received the other solicitor.
A delay of maximum 3 days would be acceptable, in order to allow for money transmission etc.
 
You must log in or register to reply here.
Back
Top