Anyone buying a house now - how long is it taking?

[tmwalsh]

Hi, I'm currently in the process of moving so selling/buying and am told I'm in a fairly long chain.

My buyers solicitor and estate agent are in a round about way asking me if I would break the chain because I assume the buyer doesn't want to pay stamp duty (who does).

I'm resigned to paying it personally but get the feeling my buyer isn't. Maybe they can't afford it I'm not sure. Anyhow, my question is, if you're buying now how long are your searches taking. My authority says 23 working days at the moment (for selling), not sure about buying as its a different LA.

Anyhow, how long is everyone taking to get moved at the mo.

[tspill]

We have just agreed a sale and are hopeful to complete by the March SD deadline.

[FlorayG]

I accepted an offer on mine 23rd October. Hoping to exchange contracts next week and there's no chain

[tmwalsh]

Originally Posted by FlorayG

I accepted an offer on mine 23rd October. Hoping to exchange contracts next week and there's no chain

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So over three months. I'm a little bit miffed with my estate agent as he kind of meandered around asking me to go into rented.

As I said, I'm resigned to paying stamp duty unless that deadline is extended.

[Scaramouche]

August - January it’s taken for my parents. That’s from them putting their house up to moving day. They move next week. There’s only 3 in the chain, renters buying their house, no chain in the house my parents are buying.

This absolutely would have fallen through if they had to pay stamp duty - for all 3.

My best friend is the same, same time scale as my mum but not yet got an exchange or moving date - they will pull out if they can’t complete before the stamp duty has to be paid.

[tmwalsh]

Originally Posted by Scaramouche

August - January it’s taken for my parents. That’s from them putting their house up to moving day. They move next week. There’s only 3 in the chain, renters buying their house, no chain in the house my parents are buying.

This absolutely would have fallen through if they had to pay stamp duty - for all 3.

My best friend is the same, same time scale as my mum but not yet got an exchange or moving date - they will pull out if they can’t complete before the stamp duty has to be paid.

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I think that will happen quite a lot if the stamp duty holiday is not extended or tapered somehow.

[vhm672]

With or without a chain getting to completion in time would be very challenging given likely lead in time for searches and chances of people wanting no gap between exchange and completion. Plus add in mortgage offers etc.

In a chain these issues are magnified so any chance goes down exponentially every link you add

For you the issue is the cost of paying stamp duty plus rent and finding a short term rent. Then compare this to the chance of reselling post stamp duty changes and the hit you may take on price.

[Scaramouche]

Originally Posted by tmwalsh

I think that will happen quite a lot if the stamp duty holiday is not extended or tapered somehow.

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Definitely! It’s a massive amount on some properties!

[Tinkertangled]

We are buying a new build and have been told it’s going take around a month longer than we were told when we exchanged.
Exchanging took us 6 weeks which is longer than we were told when we reserved and we didn’t have any specific hold ups it was just the wait for searches and mortgage underwriting

[Noodle500]

Originally Posted by tmwalsh

So over three months. I'm a little bit miffed with my estate agent as he kind of meandered around asking me to go into rented.

As I said, I'm resigned to paying stamp duty unless that deadline is extended.

See more...

We were asked if we would move out as we were waiting for our house to be completed. Only us and another lady in chain. We said no as the hassle and cost of moving twice and renting wouldn't be worth it.

Are the buyers going to compensate \ increase their offer if you have all the hassle and costs of going into rented?