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Topic: Buying Property - How long to close?  (Read 1207 times)

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Buying Property - How long to close?
« on: August 18, 2006, 02:50:15 AM »
Is the US standard of 60-90 days from signed contracts to closing and posession also the case in the UK when buying a house?  Anything especially different about the process?  TIA.


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Re: Buying Property - How long to close?
« Reply #1 on: August 18, 2006, 12:46:32 PM »
THe process works entirely differently here. I would suggest reading up on it - there are lots of guides out there as well as websites.
http://tinyurl.com/ona5l

THe process can take months because chains of buyers/sellers are common and everyone's ducks have to get in the same row, so to speak, for everyone to exchange contracts and complete. Until the exchange of contracts, your seller/buyer can back out, even if you've spent money to survey a property. It is nothing like the US experience at all.

Stop waiting. Start doing.


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Re: Buying Property - How long to close?
« Reply #2 on: August 18, 2006, 02:54:07 PM »
this is how my house buying experience worked here.  my was chain free (i didn't have a house to sell, and the house i was buying was empty so those owners didn't have to buy another place).

mid-aug--- put in offer for house
couple of days later--- offer accepted
month of september--- searches, approved for mortgage, mortgage company arranged survey, etc
sep 29--- signed contract.  called exchange as its the day you actually exchange contracts and things start getting binding
oct 4--- completion day- day i moved in

now, i had a relatively smooth 6 week offer to move in timeline.  but the housing market in the uk can be crazy for some.  from what little experience i have in the US market, one of the big differences is that until you exchange contracts either side can pull out.  even after spending ££££ on surveys, etc, the seller can take a higher offer, decide not to move, not find a house for them to move into, etc... and then you're back to square one.

my estate agent told me that 40% of house offers that are accepted don't make it to exchange/completion.

also- the above "rules" are for england.  scotland has a different system of offers over, and binding offers, etc...

i 110% agree with texasex's suggestion.  get a book that details how the house buying process is in the uk.  well worth every penny!  good luck.
If you harbour bitterness, happiness will dock elsewhere.


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Re: Buying Property - How long to close?
« Reply #3 on: September 04, 2006, 10:28:19 PM »
We moved into our house seven weeks after our offer was accepted. It was a straightforward deal--no chain, pretty good surveys--but it was a nerve-wracking seven weeks, knowing the whole deal could go bust at any time almost until the end. I was bracing for much worse after all the stories I'd heard. I think we had a pretty easy time of it, all things considered. Our mortgage person and solicitor came strongly recommended, and they really kept things moving along.

Now it'll take us three years to unpack the boxes! :P


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