What Happens After Enquiries Are Answered?

What Happens After Enquiries Are Answered?

What Happens After Enquiries Are Answered?

Once all the enquiries have been addressed between the buyers’ and sellers’ conveyancers, the next step is typically to move towards exchanging contracts, which legally commits the buyer and seller to the sale.

This usually happens within 1-2 weeks after enquiries are completed, but can take longer if issues arise from the enquiries that need resolution.

Some key things that happen after enquiries:

  • The buyers’ conveyancer reviews the enquiry replies and raises any further questions.
  • The buyer reviews the enquiry responses and approves moving forward.
  • The sellers’ conveyancer approves the contract.
  • Both parties agree on an exchange date.
  • The buyer transfers their deposit and signs the contract.
  • The contracts are exchanged, legally binding the sale.

How Long Do Enquiries Take After Searches

Here are the key points about how long enquiries take after searches:

  • Conveyancing searches typically take 2-8 weeks to complete. The length depends on the local authority and how many searches are required.
  • Once the searches are returned, the conveyancer reviews them and raises any necessary enquiries with the seller’s solicitor.
  • Responding to enquiries usually takes 1-4 weeks. Simple enquiries may only take a few days, while more complex issues can take longer to resolve.
  • From the time searches are ordered to the point of exchanging contracts, the process typically takes 4-10 weeks. But it can vary significantly based on the property and local area.
  • Factors that can delay the enquiries process include extended chains, mortgage issues, problems revealed in the searches, and solicitors waiting on responses from other parties.
  • Overall timeline:
    • Searches ordered: Week 1
    • Searches returned: Week 4
    • Enquiries raised and answered: Weeks 5-8
    • Contracts exchanged: Week 9-10+
  • Ways to potentially speed up enquiries: use online searches, choose a conveyancer who responds quickly, have all documents ready. But some delays are unavoidable.

How Long From Raising Enquiries To Completion?

While every home sale is different, the overall timeframe from first enquiries to final completion is usually 1-2 months on average.

Here is some information on typical timeframes from raising enquiries to completion when buying a house:

  • Enquiries are usually raised shortly after the buyer’s solicitor receives the draft contract pack from the seller’s solicitor. This is often 2-4 weeks after an offer has been accepted.
  • It usually takes 1-4 weeks for the seller’s solicitor to provide responses to the enquiries raised. This depends on the number and complexity of enquiries.
  • After enquiries are answered, it typically takes 1-2 weeks to exchange contracts, which legally commits both parties to complete the purchase.
  • The time between exchange and completion is commonly 1-2 weeks – this allows time for the buyer to arrange their mortgage and the seller to vacate the property.
  • So in total, a typical timeframe from initial enquiries to final completion is 6-12 weeks, but can be shorter or longer depending on any issues that arise.
  • Some property transactions can take 2-4 months from offer accepted to completion if extensive enquiries are needed. However, some simple sales with minimal enquiries can complete in 4-6 weeks in total.
  • Factors that can lengthen the process include chain links, mortgage issues, delays in enquiry responses, and problems flagged up in surveys/searches.

 

Related Posts

error: Content is protected !!
0

Compare