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  • FIRST POST
    • Sassybot
    • By Sassybot 9th Jan 18, 11:57 AM
    • 24Posts
    • 4Thanks
    Sassybot
    Last stages of buying
    • #1
    • 9th Jan 18, 11:57 AM
    Last stages of buying 9th Jan 18 at 11:57 AM
    Would someone be able to advise me on the final stages of the buying process? I have a sort of step by step guide but I think some of the last bits happen on the same day as it's not overly clear.

    Currently, all the searches are back, we've signed the mortgage deed and are waiting on the seller's team to answer a couple of questions about the contract.

    It looks like we then have to sign the contract, send across the deposit and exchange contracts, then the solicitor puts in a request for funds and the funds are received, then completion.

    I'm asking only because I'm a first time buyer and am in a rental at the moment. I'd need to give one month notice in line with my rental period so am a tad worried that we might accidentally get to a position where the mortgage and rent comes out my account if I don't get a handle on what is going on
    Last edited by Sassybot; 09-01-2018 at 12:01 PM.
Page 1
    • CommitedToChange
    • By CommitedToChange 9th Jan 18, 12:02 PM
    • 1,221 Posts
    • 3,851 Thanks
    CommitedToChange
    • #2
    • 9th Jan 18, 12:02 PM
    • #2
    • 9th Jan 18, 12:02 PM
    You may well have a cross over in rent and mortgage - and should have budgeted (sp) for this. you can ask for time between exchange and completion, but that has to be agreed and odds are it won't fit perfectly with your notice period. Plus an overlap will make moving easier if you're not travelling to far and give you time to clean the rental to get your deposit back.

    Do NOT give notice until you have exchanged, anything can happen and you don't want to end up with nowhere to live. I was supposed to exchange and complete before xmas - still hasn't happened. If I'd given notice I'd have to move out today!
    Attempting to buy a house
    • Sassybot
    • By Sassybot 9th Jan 18, 12:11 PM
    • 24 Posts
    • 4 Thanks
    Sassybot
    • #3
    • 9th Jan 18, 12:11 PM
    • #3
    • 9th Jan 18, 12:11 PM
    I have no intention of giving notice until I know the date the house is mine

    An overlap of a week or so is fine, like you said there are obvious benefits. My concern is paying for the full month of both the rental and new house. I thought there would be a moment when we can say when we want to move in, however that just doesn't seem to be the case. It looks more like a 'it will happen when it can' situation.

    Hopefully when the solicitors get the answers about the contract from the sellers there will be a moment to ask the question. Currently it seems to just be very quite with short bursts of lots of activity, not much of it needing my input
    • Tom99
    • By Tom99 9th Jan 18, 12:13 PM
    • 1,035 Posts
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    Tom99
    • #4
    • 9th Jan 18, 12:13 PM
    • #4
    • 9th Jan 18, 12:13 PM
    When you exchange a completion date will be written into the contract and unless things go badly wrong that will be the date you complete the purchase.
    The completion date is one you 1st agree with the seller.
    • Sassybot
    • By Sassybot 9th Jan 18, 12:16 PM
    • 24 Posts
    • 4 Thanks
    Sassybot
    • #5
    • 9th Jan 18, 12:16 PM
    • #5
    • 9th Jan 18, 12:16 PM
    No one has mentioned a date to be written into the contract. Do you think I should ask the solicitors or will it be brought up before the contract is sent across?
    • MoneySavingSue
    • By MoneySavingSue 9th Jan 18, 12:36 PM
    • 13 Posts
    • 35 Thanks
    MoneySavingSue
    • #6
    • 9th Jan 18, 12:36 PM
    • #6
    • 9th Jan 18, 12:36 PM
    The way mine worked I out, I had nearly a month over lap due to solicitors closing for Christmas, so I had the same concern. In the end I paid my last rent in December and won't pay my first mortgage till the 1st Feb, due to when the mortgage was drawn down. The first payment will be bigger by £120 due to the interest. So might be worth checking with your lender.
    12k in 2013: member 71. Aim £6000 - total so far: ... waiting to start!
    • saajan_12
    • By saajan_12 9th Jan 18, 12:43 PM
    • 1,043 Posts
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    saajan_12
    • #7
    • 9th Jan 18, 12:43 PM
    • #7
    • 9th Jan 18, 12:43 PM
    It looks like we then have to sign the contract, send across the deposit and exchange contracts, then the solicitor puts in a request for funds and the funds are received, then completion.
    Originally posted by Sassybot
    Broadly, yes that's the correct order. However to avoid delays, you can get some things ready for exchange:

    - pre-signing contract
    - sending deposit funds to solicitor
    - agreeing date for completion

    The solicitor will ensure everything is in place (ie searches, mortgage offer, date still feasible etc) before actually exchanging so you don't have to worry about pre-signing etc. At that point, the completion date is locked in.

    Then ~5 days before the agreed completion date, the solicitor will request funds, to pay the seller on completion day.
    • Tom99
    • By Tom99 9th Jan 18, 12:53 PM
    • 1,035 Posts
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    Tom99
    • #8
    • 9th Jan 18, 12:53 PM
    • #8
    • 9th Jan 18, 12:53 PM
    Its up to you to agree a completion date with the seller, usually via the EA. If 5 weeks between exchange and completion would suit you, then ask for that, but there usually has to be a bit of give and take if the sellers are keen to move quickly.
    • Sassybot
    • By Sassybot 9th Jan 18, 1:05 PM
    • 24 Posts
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    Sassybot
    • #9
    • 9th Jan 18, 1:05 PM
    • #9
    • 9th Jan 18, 1:05 PM

    Then ~5 days before the agreed completion date, the solicitor will request funds, to pay the seller on completion day.
    Originally posted by saajan_12
    That makes sense. I was worried that the request for funds would be on the completion day which sounded stressful

    @MoneySavingSue that sounded like it worked out alright. If I'm honest I have no idea when the mortgage company would expert their first (significantly larger) payment after completion. Will have to track that info down.

    @Tom99 Would I be right in thinking I have to wait for the enquiries to be answered before trying to arrange the completion date? Suspect this will be a drawn out process as the sellers haven't overly been speedy in their responses so if it's acceptable for me to start asking now I will. There is no chain so you'd think it would be easy.

    To be honest, I'm a little hesitant in asking questions as I asked someone at the estate agents a question at the start of all this and got a proper snotty answer. Not great customer service!
    • Rambosmum
    • By Rambosmum 9th Jan 18, 1:21 PM
    • 1,563 Posts
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    Rambosmum
    It does sound as though you are in the realms of negotiating the date. Are your sellers buying ahywhere? As that can impact on when people can/ are willing to complete.

    Remember that more often than not, your first mortgage payment is a big one, approximately 6 weeks worth.
    • Tom99
    • By Tom99 9th Jan 18, 1:21 PM
    • 1,035 Posts
    • 628 Thanks
    Tom99
    There is no harm in stating you would like a 5 week gap (if that suits you), now so that you get into the open any objection the seller has to that.
    • JoJo1978
    • By JoJo1978 9th Jan 18, 1:23 PM
    • 248 Posts
    • 266 Thanks
    JoJo1978
    Sassy i would encourage you to ask about dates via the EA even if it wasn't a pleasant experience for you last time. EA will be great at liaising with the whole chain and may get to an agreeable planned exchange and completion date more quickly than if it is all done via solicitors. Once there is a plan each communicate to your respective solicitors.

    The solicitors call the shots and won't exchange until absolutely everything in the whole chain is ready i.e. sometimes it's not quite as planned re dates and there may be some last minute negotiation on completion date then (which is set in stone at exchange.)

    So it helps make that bit less stressful of dates and everyone's needs have been discussed beforehand. Even if you still have some outstanding queries. Good luck!
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • Sassybot
    • By Sassybot 9th Jan 18, 1:30 PM
    • 24 Posts
    • 4 Thanks
    Sassybot
    There is no chain however the sellers don't appear to be in a hurry to move things a long.

    The mortgage company told us what the first month's payment would be and we've budgeted for that plus a month's rent. I'd prefer it if there was a week to ten day cross over though as that extra money could be used elsewhere.
    • BJV
    • By BJV 9th Jan 18, 1:33 PM
    • 2,254 Posts
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    BJV
    Op this is going to be stressful no matter what. Everyone will have good and bad stories about moving, selling etc. So put your trust in the solicitors. They will make sure everything is legal and they do talk to each other. The EA is also under pressure for commission so make them earn it. Call them pester them.

    Only piece of advice i would give is if possible and it may not be your choice try and get the exchange and completion dates as close as possible. Don't want to add to the stress but never mind, just try.

    Big deep breaths and relax.

    We had a nightmare moving, what could go wrong did, the stress OMG it was terrible. Waiting for this waiting for that. But 2 years on??? can not imagine being anywhere else. The whole family OH, kids, cat dog we all love it. if you have to wait a week or two no matter this will be your new home and you will soon forget the hassle. For me the moment that I realized that i could not control everything it was easier.

    Your solicitor and the EA will do this many times a week each and every week and they get paid a lot for doing so. So lean on them, make them work for their money. If you have questions ask. If you want to chase something ask. After all that is what they are there for.
    Last edited by BJV; 09-01-2018 at 1:35 PM.
    Happiness, Health and Wealth in that order please!
    • CommitedToChange
    • By CommitedToChange 9th Jan 18, 1:34 PM
    • 1,221 Posts
    • 3,851 Thanks
    CommitedToChange
    Glad to hear you won't give notice until exchange - it's awful how many threads/posts you see on here where people have done that then not exchanged as planned.

    You should defo discuss it now - both with your sols and the EA, at least everyone knows whats up then. It might not happen but at least you have tried. I discussed completion dates at the start as I wanted to be in by Christmas (ha!) now I just want to be in. I also think it shows that you're committed and moving forward
    Attempting to buy a house
    • Sassybot
    • By Sassybot 9th Jan 18, 2:51 PM
    • 24 Posts
    • 4 Thanks
    Sassybot
    Thanks for your advise. I've spoken to the solicitor who said that once they have the enquiries from the seller's solicitors, they will report to us and take instruction on when we want to complete. Who knows when the seller's solicitor will come back to us though. It's been a month now, although I appreciate Christmas delays things a bit.

    No word from the ea though. Called several times this morning about the enquiries but no answer so emailed. They are quite poor unfortunately.

    Can't stop thinking of how nice it will be to have a proper garden, unfortunately I'm a bit impatient (in case you haven't noticed) so it's just making me more frustrated
    • Sassybot
    • By Sassybot 10th Jan 18, 10:56 AM
    • 24 Posts
    • 4 Thanks
    Sassybot
    We've had a text alert from the solicitor saying the contract and transfer are coming out to us for signing today - eeeep!
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