Quizzes & Puzzles1 min ago
buying a house for cash - how long does it take?
16 Answers
I wondered how long it takes to buy a house outright for cash? There is no chain and the property is currently empty. I was told 3months, but that can't be right can it? The property is a mid-terrace so while I don't want to speed things up just for the sake of it, I can't see the house falling down, becoming a motorway etc. Anyone know for sure? Thanks
Answers
It can be done very quickly depending on how cautious you want to be (searches etc...). Getting a decent professional who can properly risk assess is a good plan rather than someone who goes for the sticking plaster indemnity insurance approach without fully explaining (and often understandin g) the full risks.
Searches don't take long at all these...
20:53 Thu 24th Mar 2011
It can be done very quickly depending on how cautious you want to be (searches etc...). Getting a decent professional who can properly risk assess is a good plan rather than someone who goes for the sticking plaster indemnity insurance approach without fully explaining (and often understanding) the full risks.
Searches don't take long at all these days, usually Local (council) is the longest (sometimes water) but you many these days are done by search agents (rather than the local authority staff themselves) which makes it quicker. Some will expedite results for an increased fee.
If there are no real issues then the main hold up is usually the other party and/or their legal advisors.
One thing I would say as a note of caution is that just because you are buying cash it doesn't mean you may not want (or need) to refinance/sell one day. Don't cut corners to the extent that you might later find to your (potentially significant) cost that there is actually an issue that stops the property being mortgageable/saleable and you being saddled with a potential moneypit.
Searches don't take long at all these days, usually Local (council) is the longest (sometimes water) but you many these days are done by search agents (rather than the local authority staff themselves) which makes it quicker. Some will expedite results for an increased fee.
If there are no real issues then the main hold up is usually the other party and/or their legal advisors.
One thing I would say as a note of caution is that just because you are buying cash it doesn't mean you may not want (or need) to refinance/sell one day. Don't cut corners to the extent that you might later find to your (potentially significant) cost that there is actually an issue that stops the property being mortgageable/saleable and you being saddled with a potential moneypit.
A lot can depend on the "other side". I could do it very quickly but to an extent could only move as fast as I got the information in (in a purchase), even doing as much of their side of the leg work as I could. Recommendations can be key here. Most lawyers know others who are properly independant but work quickly and efficiently (without cutting corners). People who use email are vital, so much can be done like that and having lawyers who work well together can make a big difference in cutting out more formal faff.
Some agents (if through them) can be very good in pushing matters along as well (their incentive, the quicker it goes through, the quicker they get their fee). They can form a vital direct bridge with the sellers rather than via two sets of lawyers if there is a holdup.
Most things can be done online now (searches etc...), lawyers who still use the old fashioned paper methods and rely on all formal letters rather than emails etc... will more than likely take far longer.
Some agents (if through them) can be very good in pushing matters along as well (their incentive, the quicker it goes through, the quicker they get their fee). They can form a vital direct bridge with the sellers rather than via two sets of lawyers if there is a holdup.
Most things can be done online now (searches etc...), lawyers who still use the old fashioned paper methods and rely on all formal letters rather than emails etc... will more than likely take far longer.
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