Could we complete on friday... really?

MarkNewby

Hello,

We have given notice on the apartment that we rent at the moment - we have to be out on Sunday. We were originally meant to complete purchase on the 19th, but due to hold-ups in getting the mortgage to the valuation stage, this date fell back and we are now being told that we could complete this friday by the developer [new build property].

Just wondering, how likely is this date... it seems awfully close and to that end I have taken the rest of the week off work to personally same-day courier any documents from our solicitor to our mortgage broker and vice-versa [to speed things up which would have otherwise gone by royal mail].

Today was meant to be the day we recieved the formal mortgage offer, but instead there was a small error on the mortgage valuation form which had to be fixed, so instead we are due to get this tomorrow.

Once we have this [and if necessary we are free to visit our solicitor to sign a document tomorrow], how long are we looking at the process taking? I've heard that there is still a 'drawdown' which needs to take place where the money from the mortgage goes to our solicitor?

Any advice gratefully taken - we need an idea of how long we could be looking at in a hotel if this is going to go past friday...

_Andy_

Just about do-able (just) as long as the solicitor is on the ball and requests funds in time. Very very tight though.

MarkNewby

Okay cool - our contact at the developer told us things would be tight timewise, but always good to get a second opinion

Cozworth806

Really it is a question for your solicitor as he is the one that will decide if your end is in place to complete by then. He will need the mortgage money booked to be received by Thursday to be safe and unless he has done that then it really is unlikely but you should be expressing to him what your situation is and you want him to complete is at all possible.
Likewise have you provided him your deposits as otherwise that will need doing ASAP etc

MarkNewby

Yep, she has all the deposit money - the only thing we're unclear of is the legal fee's which still need paying - apparently there are fees such as a documenation charge which gets paid to the builders solicitor for preparing the leasehold agreement - anyway, I will try and speed things through at the legal end of things tomorrow.

Cheers guys - will update how I get on tomorrow.