Got the mortgage offer, how long until exchange?

danielanthony · 26 July 2009 at 7:43PM

Hi there,

Britannia have just said that our mortgage offer is in the post and have sent copies to us and the solicitors. So...

1) How long does it take from the solicitors receiving the offer to exchange?
2) Once the exchange is done, how long until completion?
3) I understand we need insurance from the point of exchange, what evidence do we need to provide to show we have purchased it and I presume this goes to the solicitor?

Thanks for any help!

PasturesNew · 26 July 2009 at 7:47PM

1) It depends on when you want it, when anybody else in the chain wants it, if everybody else's paperwork is up to date.
2) Exchange and completion can be on the same day, usually they're a week apart, this is something that is decided by you telling your solicitor when you want it and he negotiates it up/down the chain with the other solicitors.
3) Yes, you need buildings insurance from the date of exchange (contents not required). You'll have to provide any evidence you have - if you do it online, print out your screens until something arrives in the post. Yes, your solicitor needs this, it is a requirement of the lender that the insurance is in place before exchange can happen, so no insurance = solicitor will not exchange.

Richard_Webster · 27 July 2009 at 9:33PM

The original post assumes that nothing else is outstanding. OP's solicitors may have asked questions about the property of the seller's solicitors and still be waiting for the answers. Results of some searches may still be awaited.

Is the seller buying another property? If so is he ready with mortgage offer, all searches back, and all questions answered? Is his seller buying another property?

emmalita · 27 July 2009 at 9:45PM

i had mortgage offer 12 days ago have rung solicitor a few times to see if there is any progress and shes said vendors solicitor has not responded to two letters and a fax and that she will keep trying. Answerfone message from her says she will contact me when she is ready for me to sign.God knows when that will be...

Cissi · 27 July 2009 at 9:49PM

As Richard Webster said, assuming that there is no further chain involved (or that everything is already in place and ready to go), it depends on what else still needs to be done for your purchase. Is it a relatively new or older house? Has the survey been carried out yet? Has your solicitor initiated any searches that need to be done (depending on the age of the HIP)?

It can take several months; we managed to exchange in just over 3 weeks. This meant chasing absolutely everything ALL the time, scouring the internet for specialist surveyors able to turn around surveys within a few days (we're buying a Victorian house and the structural survey raised some important questions) etc. I don't think it could have been done any quicker

As for completion, that's something for you and the vendor (and anyone else in the chain) to agree on. We agreed on 4 weeks, to give everyone time to organise the move etc. I think this was roughly how long we had between exchange and completion the previous times we bought and sold as well.

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Got the mortgage offer, how long until exchange?

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