Process In Buying a Second Hand Property

taytoman

Registered User
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Hello

I am in the process of bidding on a property, and it is down to final bidding. If my bid is accepted, what is the process & timeline after this?

I understand that I have to pay the estate agent a refundable deposit within ?1 week. I assume the next step is that I get a surveyor to survey it within a further ?1-2 weeks, and then the vendor and the purchasers solicitors then exchange contracts simultaneously, with the deal only becoming final when both have signed in about 4 weeks time?
 
Yeah, booking deposit ASAP then survey soon after.
Your times are off though. The more delays you introduce the longer it will take. If you want to speed up the process I'd suggest getting the survey done sooner than 1-2 weeks.
No two transactions will be the same as the there are so many disparate factors.
The minimum would be four weeks but a complicated sale can take over a year.
My current experience may guide you:
I paid a booking deposit four weeks ago. As of last week the solicitors had not exchanged contracts. My solicitor said we'd sign the contacts "about three weeks" after she received them. Then we could expect to her the keys "about two weeks" after that.
Based on this, I'd expect to to get the keys the last week of next month.
Note, these times are based on no hiccups.
They are also based on no bank involvement, i.e. we're cash buyers and the vendors own the house outright.

Edit: note, I won't be cracking open the Champagne 'til we get the keys; we may have some Cava or Prosecco when we sign contracts.
 
Doesn't have time scales. I realise it can't, realistically; but it doesn't really answer the OP's queries on times.

That's because no two sales processess are the same. For some it can be a few weeks, in rare cases for others a year or more.
 
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