We have found a lovely property to buy where there are no chains, but my solicitor tells me it could still take up to three months to arrange a completion. Why does it take so long and how could we speed up the process?
Unless you are a cash buyer of a vacant property the average period for sale and purchases can range between six and 12 weeks. Without the need to obtain mortgage finance and with suitable co-operation from the sellers’ solicitors the turn-around of documentation can be done within 14-28 days.
If the property has all the valid searches in place then this period could be even shorter. The issues that take up the time in any transaction are the period required to process a mortgage application (between 4-8 weeks) and the period required to obtain up-to-date searches (10 working days).
If the property has structural issues or is semi-derelict then this will have a bearing on your mortgage application and survey and may result in retentions and the need for you to obtain further experts’ reports. Again, more time.
However, in a straightforward purchase of an ordinary property which is vacant with no chains and where you are a cash buyer with the benefit of all up-to-date searches in place, there is no reason why a completion cannot be made in a matter of 14 days.