The Completion Date - How Long Will It Take To Complete My Purchase?
3,748 views · Published 17 October 2017 · 4:12 · Indexed 29 October 2026
Channel: Life The Basic Manual · 2017 · Education
In this video, Lawrence Copeland, a chartered surveyor and estate agent who has many decades worth of experience in the property business, has given us an insider’s view on how to buy your first property. Here he gives us the inside view on how long it’s likely to take to reach completion when the property legally becomes yours. Lawrence takes us through a number of variables that can affect how long this can take. If you are a cash buyer, and no chain is involved, you are in the best position to move through the purchase as swiftly as possible. But even from that perspective, there are still i’s to be dotted, and t’s to be crossed. If you are buying with a mortgage, from the point of having your offer accepted, you can probably expect the rest of the process to take between six and eight weeks. During this time, your solicitor and that of the vendor will be doing their work behind the scenes, and your mortgage company will want to have sight of all relevant information. You can speed things up by making sure that the references they need to receive from you are all in hand. If you are buying a leasehold apartment, you can anticipate the need for more detailed information on all the potential issues that may arise. Both holiday seasons such as Christmas, and during the summer holidays, can slow down the progress. A sale agreed in November may well not be completed until March. The exchange of contracts is a significant milestone in any sale and is a legally binding contract. If you are buying with a mortgage, you will need to ensure your funds are in place, a deposit can put down. The size of the deposit will vary, but it is often ten percent. Completion usually takes place three to four working days after the exchange of contracts, and that’s the point at which you have legal ownership of the property. For more on Lawrence’s work, please see: https://lawrencecopeland.com SUBSCRIBE FOR MORE VIDEOS https://www.youtube.com/c/lifethebasicmanual?sub_confirmation=1 FIND LIFE THE BASIC MANUAL HERE http://lifethebasicmanual.com http://www.facebook.com/lifethebasicmanual http://instagram.com/lifethebasicmanual http://twitter.com/BasicManual
