There is no simple answer to this. It may take under a week or it may take 12 months. If there is no financial institution involved, if the title is in order and if the personal circumstances of the buyer and seller are such then the transaction can happen very quickly. Life often gets in the way of transactions happening at lightening speed. It can take time for banks to facilitate the release of funds and often people need to arrange accommodation before they move out, so the a good rule of thumb is 6-9 weeks from the point the booking deposit is paid to keys being handed over.
Some common pitfalls include
- Title Issues
As solicitors we are first and foremost concerned with the title to the property you are buying. Most title issues can be resolved, but sometimes this can lead to delays.
- Unrealistic timelines
It normally takes approximately 8-10 weeks from a property to go from being sale agreed to moving into it. Sometime delays occur, particularly where either the buyer or vendor are in a “chain”, e.g. need to sell before they can buy.
- Bank problems
It is vitally important if you are getting a mortgage that all information is submitted to the bank on time, and correctly. We would often advise going with the Bank’s offering for Life and Home Insurance policies for the first year if they are competitive as it reduces the chance of complications.
It is not unknown that both vendor and purchaser have completely different expectations as to what contents are included with the property. “No contents” will usually include items that are built in, but a buyer should always double check.
- New Builds
If you are buying a new build, it does without saying that any delay in the construction can delay you getting your keys. (more on new builds overleaf)
Timeline to closing the deal