Sale agreed, mortgage approval lapsed, 6 weeks to complete, time enough?

[paddytheape]

Hi all,

I've just bought a 'buy to let' for a sibling with housing needs to live in, I put a 48 hour time limit on my offer, vendor accepted but insisting we complete within 6 weeks. My mortgage approval (previously for a larger amount, now only require 80%) lapsed and so had to re-instate it last week. Contracts for sale are being prepared by solicitors and should be ready in a week (though I've since heard that 'title is unregistered', can this delay things) Can I dare to dream of completing house sale within this short time frame, by August 3rd?(I hope everything on my side is in place, surveyor, house insurance, life assurance all sorted, everything bar mortgage approval which I'm waiting on) Thanks in advance for any advice.

Paddy

 

[paddytheape]

I have received contracts for sale of house, closing date July 29th, however I see the vendor has included an 8% interest charge for delays beyond this date.
Is this usual practice? I have 6 weeks to close from going sale agreed, now in week 5 with a bit to do. Thanks for any advice.

 

[mf1]

Is this usual practice?

Yes.

Your timelines are tight but doable.

In reality, closing dates are aspirational only and it always comes down to the circumstances of the Vendor and Purchaser and the attitude of their respective solicitors.

Estate Agents tend to try to push too tight time frames on the parties and the solicitors then try to work out more manageable dates.

mf