I've been living in my aunt's house and she's just accepted an offer from a cash buyer with no chain. I have no experience of the selling process so I'm trying to find out how long (on average) it would take before the new owners will move in (assuming their are no problems with the surveying, conveyancing, etc).
Thank you
2-3 months.
I'd say 6 to 8 weeks would be average, and it could be a lot quicker if the buyer is keen to move quickly. A "cash buyer" is sometimes taken to mean someone with no house to sell, sometimes someone with no need for a mortgage - the term is an unhelpful one. A mortgage application and searches will take 3 to 4 weeks after which exchange of contracts takes place and the time between exchange and completion will usually be 2 to 4 weeks.
A house which has changed hands more recently shouldn't have any surprises hiding which can delay things. Does a chain hinder or help push along a sale?
Chain's are fine as long as all the links are working together to achieve a common goal. However, a failure anywhere along the chain can be at worst catashrophic and at least a pain in the arse. Obviously, the shorter the chain you can be in or perhaps no chain at all, the better.
In one case it happened in three days (a record?): Tuesday - agreement concluded Wednesday - money and completed documentation changed hands Thursday am - documentation produced for registration
Mind you, the the purchase price was way below value, the purchaser was implicated and the vendor's wife had the transaction overurned because she had been cheated of her equitable interest. Also it was a Torrens registration system (where searching is quick and easy) and no mortgages were involved.
Have theu sold their house yet?
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