Bought a flat, waiting for valuation!

illmonkey

im getting all excited!

We offered on a flat 4 weeks ago today. Its only a small 1 bed flat, needs some work, new kitchen. Most of it it cosmetic though.

We got it for 5k under asking price (145k) so we saved a few pennies there. Now all im waiting for is the valuator to go in and tell me its worth what we paid for it!

We were hoping to own is before xmas, to do some painting etc before moving in . People keep saying it proberly wont happen now. Although all we need is this valuation, then the mortage offer, exchange then complete. That can happen in 2 weeks right?!

We have most of the stuff we need, and my parents live above it :O so if we need anything, we can pop up there!

sarah_elton

I think honestly you will struggle to do that in two weeks.

1) Conveyancing - my Homebuyers report and valuation came back last week, searches are underway etc, but we still haven't talked dates for either exchange or completion. In my mind I'm thinking mid Jan at the earliest. Have you had the environmental search back (if you did one)? If it's a flat I assume its leasehold - what stage is the solicitor at with getting the lease, getting you on the freeholders records and all that gubbins?

2) Mortgage application - what stage are you at? I was cheeky and insisted on getting my mortgage offer firmly accepted before instructing my solicitor (patient vendor - we're chain free as he's moved in with g/f and he's very laid back), just in case they said no despite agreement in principle. However, even once I had signed and returned the offer document, HSBC have a minimum 4 weeks after that till completion (i.e. they release the cash). Though I doubt they're the quickest.

Bear in mind your solicitor probably has a week and a half more work before Xmas slow down.

Only way you can tell how long it will be is to ask your solicitor what stage it's all at, and if dates have been discussed yet.

illmonkey

My IFA is dealing with it all. so dont know what stadge people are at. I have to call him today to chase it all up though. so will push him.

mortage has been confirmed. theres no chain.

cattie

I don't think there is any chance at all of you being in before Christmas. In my experience it has always taken 12-14 weeks from offer to completion.

If you keep chasing your solicitor & he is really on the ball, you maybe extremely lucky & have everything done within 6 weeks. But you have to remember that the Christmas & New Year holiday shutdown is likely to slow things down.

Best to imagine yourself moving into your new home sometime towards the end of January at the earliest. Any sooner, consider it a big bonus.

AndrewSmith

Why has it taken 4 weeks and still no valuation?

How long ago did you sign the mortgage application forms? Most lenders carry out a valuation within the first 10 days (on average over the last 10 or so years that I have been submitting applications) unless there is a problem. Never take it for-granted that a mortgage is in place until you receive the formal mortgage offer.

I think it is safe to say that you will not be in for christmas. The postal system has slowed right down now, bear in mind that most solicitors rely on Posting Documents as opposed to email. Also the lender may not be ready to issue the mortgage offer yet.

Bank on it happening in the new year, if you are hoping for it before Christmas you will only be dissappointed.

Andy