Completion Timescale ?

rab_cilbup

Have sent off all my documents / forms this week after getting an offer from Abbey for a 'fast track' remortgage on my flat which I currently own outright - anyone got any idea how long this would normally take to complete (roughly ?) - am not overly concerned (not after two days anyway !) but will stop me checking my email every five minutes

Apologies in advance if I've just asked how long a piece of string is !

happybroker

the Abbey are really busy at the moment but if you've been accepted for fast track it shouldn't take too long.

They will probably take 5 working days to look at what you've sent in and assuming there are no issues they will get the valuation done, offer and then wait for the solicitors to do their thing.

Much depends on how quickly the solicitors work, some are awful and some are great but if you badger the hell out them they will crack on and all in all I would say 6 weeks (ish) start to finish

rab_cilbup

Thanks - received my offer over the weekend and the paperwork etc is with the Abbey Solicitors as of today if Her Majesty's Post Office haven't boobed.

So I guess as you say, it's down to the Solicitor.

The valuation was done without inspecting the flat - just as well, as the place is a disaster area at the moment because I'm decorating !

Thanks again.

happybroker

you will get a questionnaire through from the solicitor next. If you have used a broker get them to help to fill it in and get it back to them asap. Once they have that they only need to request funds from Abbey (assuming they have the redemption figures from your current lender) and that takes 5 wd's

rab_cilbup

Thanks again - that actually sounds like the stage I'm at as I've returned the questionaire with the proof of ID that they requested. Don't have a current lender so shouldn't be a problem there

rab_cilbup

Well, it was all going far too smoothly

Just had an email from the Solicitor and there's a problem with the land registry records, or more accurately they can't make sense of the way the leaseholders are named ! Need copies of an assignment and another one of the registry records.

Luckily (!) I had a boundary dispute with a neighbour a few years ago and I think I have copies of all these to hand at home.

Wouldn't be a mortgage application without at least one hiccup would it ?

rab_cilbup

Looks like there's a lease and a sublease / underlease or whatever you call it, hence the confusion - is all detailed in two of the Land Registry documents which the solictor doesn't have a copy of. Feel a little bit better but the old sphincter is still twitching a bit !