How long it will take from your offer being accepted until completion will depend on a number of factors. The average process takes between 4 to 8 weeks. It can be quicker or slower, depending on the number of parties in the chain. Generally, the longer the chain, the longer a transaction will take. Remember we can only proceed to complete as quickly as the slowest party in the chain, as everyone’s transaction will be dependant on everyone else’s. It is therefore important that you speak to the estate agent to ascertain the length of the chain.
Generally, we find that the main causes for the delay in a transaction are as follows:
- A party fails to promptly instruct their conveyancer.
- A party fails to promptly apply for their mortgage (buyers only).
- Local Authority delays in providing a Local Authority search (buyers only).
- A property in the chain is leasehold.
- A party fails to communicate promptly with the chain.