survey to mortgage offer to completion

billyboy11

Hi,

Any idea of timescale from survey to mortgage offer to completion in a three house chain.....

obviously nothing is ever that easy, but others opinions would be helpful,,

thanks

everlastingspirit

billyboy11 wrote: »

Hi,

Any idea of timescale from survey to mortgage offer to completion in a three house chain.....

obviously nothing is ever that easy, but others opinions would be helpful,,

thanks

Hi billyboy,

As an ex EA the truth is it is a guessing game at the best of times. Sometimes things come up if you are say awaiting documents from local auhorities. From offer to completion can sometimes be done in as little as a 28 day exchange for empty properties with a bu2let buyer and a pushy solicitor. However realistically most sales take between 2-4 months depending upon documents required and the efficiency of the solicitors and motivation of the buyers/sellers.

Suvery can take place as early as required after a formally accepted offer.

Hope this helps

Ben

cattie

Luckily I've never been involved in anything other than a 2 house chain & the average time has been between 12-14 weeks.

nansenst

We're on the 5th month now of a two house cahin, so i guess it just depends what your solicitors finds when sorting the paperwork.

billyboy11

ok thanks for replies,, but its the 21st century, and things havent moved on in the last 20 years so it seems, what actually is it that takes so long... which process seems to be the longest..

cheers

chickmug

billyboy11 wrote: »

ok thanks for replies,, but its the 21st century, and things havent moved on in the last 20 years so it seems, what actually is it that takes so long... which process seems to be the longest..

cheers

See below which was in another post I made recently: -


Just one aspect alone in the buying and selling process would make a huge difference. Read on!!

It is extremely frustrating as an agent (me) who believed in my staff clearing desks every day even if it meant doing extra time. But this attitude was not the norm by any means. So whilst we 'moved the papers' very quickly we usually found those around us a lot slower.

And whilst bad enough with a buyer and seller only this problem gets compounded with each link in a chain. So each link can easily have a finance broker, estate agent, solicitor, lender, valuer, structural surveyor as well as themselves. So let's say 7 parties any one of which or all of which could take an extra day or two to get back to queries raised. So 7 parties times the number of links in the chain. So a chain with 5 links could have up to 35 parties all equally as likely to 'let the grass grow' under their feet.

Forget HIPs and the like for now and say it was law that every link had to contribute to an Online 'time line' what and when it was actioned and the other links had access to this information.

I have been so appalled at times taken to resolve the easiest issues and sorry to say often with solicitors who were not prepared to telephone, or email, or even fax not all but enough.

There is a lot for a willing government to get its teeth into but my one idea above would make a heck of a difference.

billyboy11

Thanks for replies....

Got mortgage offer within two weeks, which apparently is very quick..

Now the million dollar question,,

I return all solicitors forms next day by hand not by post..

What else can i do to speed up the process, if anything,, there are only three of us in the chain... Want to get to excahnge asap before anything horrible possibly happens...

Anybody's experience or advice, much appreciated...

jezebel

Have signed the contracts and had mortgage and survey approved - it's soooooo frustrating as their solicitor (seller) has had the paperwork over 2 weeks now and done nothing with it! I really want to move in and am living half out of boxes and tripping over piles of moving stuff.

My only advice is speak to your solicitor regularly and ensure that he/she is chasing the other side...

billyboy11

Now two out of the three of us have had our mortgage offers, i have been told that the solicitors don't wait for the mortgage offers all to be in place, as in the meantime they are still doing their paperwork.

So i guess that when (not wanting to think if !!) the last one gets their mortgage offer then the majority of paperwork will have been done by the solicitors.. ? is this sort of right thinking and on my basic assumptions could this mean that we could possibly exchange soon after the third offer is in??

So far the process has been three weeks, again i have been told that this is really good at the moment, but its still seems so frustratingly slow !!

Thanks for any ideas or experiences...

ps. Jezebel, how is yours coming along..

billyboy11

All 3 now have mortgage offers,,, can we complete by the end of the month.,... Draft contracts have been sent,,,

How long now is that completion away.... (bit of string comes to mind)

ps Did post this on another board in error,, meant for this one.,..

chickmug

billyboy11 wrote: »

All 3 now have mortgage offers,,, can we complete by the end of the month.,... Draft contracts have been sent,,,

How long now is that completion away.... (bit of string comes to mind)

ps Did post this on another board in error,, meant for this one.,..

Hi billyboy

I am afraid it is not as simple as all three offers are in? It is also to do with the stages the three solicitors have reached in their other legal work.

Can you call your agent and ask for an up to date resume (emailed to you would be good so you can copy in to your solicitor) of the lastest position and ask them to find this out in some detail as you would like to know. Not forgettingto ask about estimated time for x/change and completion.