buying a house for cash - how long does it take?

[moeky99]

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

[craft1948]

I bought my current house outright for cash, and for some inexplicable reason it took 4 months............(I'd never use the same solicitors again)

[R1Geezer]

If there is no chain and you do all the running around yourself, it's been done in a day! But in reality it should be possible in weeks rather than months. Specialist conveyancers are good at this. Solicitors love writing letters at £50 a pop and they love to strecth the whole process out.

[ubasses]

It's usually the searches that cause it to take about 3 months

[jomifl]

six weeks shouldn't be a problem, my wife once bought a house in 1 month but the solicitor was a friend of hers.
What takes time is finding out if the vendor is the real owner and if there are any debts attached to it.

[Graham-W]

We recently bought a flat at auction. Told the solicitor not to bother with a search (we know the area and local plans well) and completed in two weeks.

[Postdog]

Bought one for cash towards the end of last year, no chain cos they were renting. Told 4 weeks but that was in October and we didn't move in till January

[Eve]

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.

[DTCwordfan]

have seen under two weeks - think jen has it in depends on the other side's lawyers and sometimes if the owners aren't living there it can cause delay - not the same pressures on them

[4getmenot]

I sold my flat at auction on 17th feb completed by 8th march.

[Eve]

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.

[AlBags]

I bought my cottage for cash several years ago. From seeing it to move-in .. 2 weeks dead.
I even made the old tenants use a tractor and trailer for moving to keep their promise to move out PDQ! Ended up with a freezer with food .. and various other items they could not shift : )

[AlBags]

(I carried out a survey myself tho!)
And it was a cask transaction .. Nowadays, there may be a holdup due to money-laundering checks.
Beware slow solicitors and excuses!

[venator]

Bought a cottage from the firm I worked for - took 3 days from acceptance of my offer.

[moeky99]

Thank you so much for your advice, appreciate it!

[dotty.]

what if it needs a mining report?

[gintopault]

Try any Cash buyers like Saleswift so that you can sell your property fast for cash without any hassle.It's a quick deal process.Cash buyers serves all functions like searches,fixing an amount etc.