Offer accepted - how long until I move in?

Assassin saphir

Just had my offer accepted on a house. Finance in place, first time buyer and the property is empty. Does anyone know how long roughly til i get the keys as i want to give my landlord notice? Any help would be appreciated!:)

Spades

skittles1981 wrote: »

Just had my offer accepted on a house. Finance in place, first time buyer and the property is empty. Does anyone know how long roughly til i get the keys as i want to give my landlord notice? Any help would be appreciated!:)

You will have to discuss this with your solicitor. I imagine he and the vendors solicitor are not snowed under with work at the moment meaning they could have the deal complete between 6 and 8 weeks. That is just a guess, you solicitor is the person to confirm a date

Best of luck in your new home.

Assassin saphir

Thanks, thats great. Can't wait to move in!
Got a good bargain.;)

bath handle

6 to 8 weeks is typical. It will depend on the efficiency of both solicitors as well as the quality of the title. It frequently happens that there are delays which add months to the process.

Assassin saphir

Hope it doesn't take too long...lease up in May

liger

As stated these things can go sideways fast. I paid booking deposit in early - mid Nov and my solicitor got contracts end of last week. I still havnt signed and probably be 4more weeks AT LEAST before i get keys.

Lyn256

Sold our house last year.
Went sale agreed in late Sept and both buyer and I planned to close in early Nov.
However buyer had awful problems with the bank.
Bank held things up by almost 4 weeks. 'Mislaid' documents, having to send info to diff depts and then taking 3/4 days to come back to buyer.
(Got all this info from my excellent EA)
Very stressful on buyer-we weren't too fussed as we went into rented accommodation-we just wanted deal done by first week of Dec or else not til after Xmas.
So beware of the banks at the moment!

Assassin saphir

thank you all for your help.

Graces7

When we sold, it took almost a year..Dodgy solicitors and a right of way issue etc etc etc.

zacchaeus

Does anyone know if it always took this long in boom times?

Posy

skittles1981 wrote: »

Hope it doesn't take too long...lease up in May

Your landlord shouldn't have too much hassle with you wanting to stay an extra month/few weeks though unless he's completely unreasonable.
Congrats on your purchase!

Minier81

liger wrote: »

As stated these things can go sideways fast. I paid booking deposit in early - mid Nov and my solicitor got contracts end of last week. I still havnt signed and probably be 4more weeks AT LEAST before i get keys.

Me too!!! Paid booking deposit early November, still haven't signed contracts, hoping to be in within the month but who knows - very very frustrating :mad:

thewing

Congratulations

Just as someone who is waiting to buy (and have been waiting out the celtic tiger for about 8-9 years now), did you feel you got a good deal? Are you not worried house prices could still plummet leaving you in neg equity? Not to be a downer, just for info purposes...

Minier81

thewing wrote: »

Congratulations

Just as someone who is waiting to buy (and have been waiting out the celtic tiger for about 8-9 years now), did you feel you got a good deal? Are you not worried house prices could still plummet leaving you in neg equity? Not to be a downer, just for info purposes...

Thanks!

I do think prices will come down further. I have been waiting to buy for years too, and as as result have good savings and am borrowing less than 70% of the house value - or I suppose I should say of the agreed price rather than value I woudl hope that with such a good loan to value, we shoudl be a long way from negative equity even if prices fall, but I guess only time will tell.

It really came down to a personal choice, we felt that we were leaving our lives on hold by waiting much longer. Even if the value goes down, we are happy with what the repayments will be and have stress tested our ability to repay to about 7% interest.

thewing

Thanks for that reply. I think I might give it another year, but I hear you about not wanting to wait any longer...would be able to lay down a good chunk at this stage as well so interest should be favourable...just wish the bottom would arrive quicker!

Best of luck and enjoy your new home

liger

thewing wrote: »

Thanks for that reply. I think I might give it another year, but I hear you about not wanting to wait any longer...would be able to lay down a good chunk at this stage as well so interest should be favourable...just wish the bottom would arrive quicker!

Best of luck and enjoy your new home

One of the things i was concerned about is waiting too long and the bank not giving me a mortgage then.

I think i got a good deal on the place i got, the asking price had dropped about 20k before i viewed and then i got an offer of 23% below that accepted. Like i said, am still waiting to close the deal and because of the delays a was able to squeze another 5-6% off the price.