Question: What Happens After House Searches Are Done?

Who decides completion date?

The date of completion is one that is agreed by both parties prior to exchange, commonly one or two weeks later.

It is the date on which full payment is made to the seller, ownership transfers to the buyer and moving day takes place..

Why do solicitors take so long to exchange contracts?

There are numerous factors that can cause delays, delays in conducting or obtaining searches, differences in valuations, the size of the chain, unresponsive buyers or sellers, a solicitor having too much to handle or simply being bad at his or her work. …

How can I speed up my house sale?

Top tips for pushing your house purchase through as quickly as possibleGet your finances sorted. Arranging a mortgage can take several weeks, so it makes sense to start the process early. … Book your survey early. … Identify issues early on. … Speed up those searches. … Manage the chain.

What happens after searches come back?

When the search results are back, your solicitor will send a copy of them to you with a report summarising the main points. These usually take 2 to 3 weeks but the local authority search can take up to 6 weeks depending on the area and workload of the relevant local authority.

What do solicitors do after searches?

Your solicitor will normally undertake legal work on behalf of your lender as well. Once all searches have been received and answers to all enquiries have been answered satisfactorily, you will be invited by your solicitor to sign the contract papers including your mortgage deed.

How long after draft contract is completion?

around 9 weeksIn an ideal world, it should take around 9 weeks from the draft contract stage until the day you exchange. But as we’ve covered, it’s not always that simple. A lot can happen before completion day, and for a taste of what can go wrong, read our blog on why house sales fall through.

Can you exchange and complete in 3 days?

3 days between exchange and completion In essence it gets the fastest completion after exchange and has very few downsides other than it may take your mortgage lender more than 3 days to send your solicitor the mortgage funds.

How long do solicitors take after searches?

around two to three weeksAs a rough guide, searches typically take around two to three weeks to complete, but remember that their results may prompt your solicitor to make further enquiries.

Can anything go wrong between exchange and completion?

Something untoward could happen to one of the parties between exchange and completion. A dispute arises regarding the property being purchased before completion. One of the parties to the contract decides not to complete on the contract. The home you’re buying burns down between exchange and completion.

What do local searches show?

The local search reveals a variety of useful information regarding a property. … A Local Search provides information in relation to the roadways serving the property, whether there are any planning permission and applications (where they have been granted, issued or refused) and a vast amount of other information.

What do solicitors searches include?

Conveyancing searches are often a mysterious topic to a home buyer. Searches are enquiries submitted to various authorities which provide you with more information about the property you are looking to purchase. These authorities include Local Councils, the Environmental Agency, Coal and Water Authorities.

What happens before exchange of contracts?

Before you exchange contracts Check you have your mortgage offer in writing. Check you have the funds for your mortgage deposit. Make sure you’ve agreed on a completion date for sale. Check the contract your solicitor will send before signing and returning it.

How long after all searches to completion?

The time between conveyancing searches and exchange of contracts is typically between 1 and 3 weeks. Although this may seem like quite a long time, you’ll be pleased to know that you’re on the home straight!

What are local searches when buying a house?

Local searches are specific to the property you are buying. They’re carried out by the local authority the property is situated in. If you are having a mortgage your conveyancer must carry out a local search. If you are a cash buyer it is your choice whether you have a local search, although it is strongly recommended.