Got mortgage offer, how long until completion

littlened

Hi All,

We've finally got a mortgage offer for a property we've been trying to buy.

All the searches have been done on the property, and all I can see that needs doing now is for the solicitor to receive the mortgage offer, sort out contracts with and sellers and raise any questions.

The property is a repossession, so the selling company are highly likely to be quick responding to our solicitors letters etc.

Does anyone have any idea how long things would normally take from this point to completion?

We're thinking 2-3 weeks, but I've read some articles which state 4-6 weeks.

miss_undastood

Have you put down a deposit?

I bought a repo a few months back and I pushed it through really quickly... from first viewing to getting the keys all took less than a month - including searches, surveys, getting a mortgage etc.

When I paid the deposit they said it would be 4 weeks until completion, unless we mutally agreed another date. As they wanted it off their hands and I wanted to get the house then we set a date of a week, but you can exchange and complete on the same day (dependant upon any chain) if you are a FTB or don't have to sell your current house then I don't see why you couldn't complete on the day of exchange, or a few days later.

Hope that this helps.

littlened

miss_undastood wrote: »

Have you put down a deposit?

I bought a repo a few months back and I pushed it through really quickly... from first viewing to getting the keys all took less than a month - including searches, surveys, getting a mortgage etc.

When I paid the deposit they said it would be 4 weeks until completion, unless we mutally agreed another date. As they wanted it off their hands and I wanted to get the house then we set a date of a week, but you can exchange and complete on the same day (dependant upon any chain) if you are a FTB or don't have to sell your current house then I don't see why you couldn't complete on the day of exchange, or a few days later.

Hope that this helps.

Thanks for that.

We've not paid the deposit yet, just waiting for our solicitor to tell us what to do next.

We're not first time buyers, but we're lucky that we've been able to raise the 20% deposit needed without selling our existing property, which will be rented out.

I just hate all the waiting around.