My Mortgage Quest: Go from 85% -> 60% LTV by October 2013

DJ_Mike

Finally getting more papers trickling through to me from the solicitors... Just received the results of the Local Authority Search (all good), and apparently (as I've been told by the estate agent), the seller's solicitors sent the response to my solictors' enquiries last night, so hopefully I'll be seeing the results of those soon.

Assuming those are all OK, I wonder if it can be that much longer till we're talking exchange of contracts, dates, completion... and maybe eventually moving in!

Then begins the Mortgage Quest!

DJ_Mike

Chuckle... my solicitor came back to me yesterday saying that some of the responses to their enquiries were "unsatisfactory".

I guess I'm happy that my solicitor is so thorough, but it doesn't do me much good when both myself and the seller (who I finally met yesterday) are so keen to proceed!

The tricky part is that the seller goes on holiday for 3 weeks next week! My solicitor said a couple of the questions required him to answer them, so I'm facing potentially an extra month of waiting if they can't get satisfactory replies from him in time!

DJ_Mike

Hurrah! Solicitors have come back saying they're now satisfied with everything! I have an appointment next Thursday to go see them and go over the remaining points, and sign papers! Scary and exciting stuff!

SmlSave

Hi Mike.

Glad to hear your purchase is going smoothly

Look forward to reading about your MF journey

DJ_Mike

Well I'm very excited now! Signing the papers with the solicitor tomorrow - I'm really hoping everything goes through quickly after that.

The seller has already vacated the property, there's no chain, everything seems like it's in order...

Does anyone know how long I'll realistically be waiting to exchange/complete when the conditions are so favourable? I'm signing tomorrow (and hopefully transferring the funds to my solicitors the same day) - how long would it reasonably take the exchange to happen, and the transfer of the mortgage funds?

setmefree2

As far as I know it is possible for exchange and completion to happen on the same day if everything is in place - so you should be able to complete quite quickly I think...

DJ_Mike

Hurrah! After 2 weeks extra waiting while my solicitors waited for Abbey to say that part of my deposit coming from my Mum was OK, I've finally been told that they're going to try to exchange contracts today!!!

SmlSave

Good luck with exchange today Mike ) Have you agreed a completion date or is it all happening today (fingers crossed)

DJ_Mike

It has to be 5 working days after exchange since Abbey need that much time to transfer the funds (and my solicitors have to keep to that) - so if they're able to exchange today, it'll be next Friday that I can move in!

Apparently the vendor's solicitors also need to consult with him to make sure he's still happy to exchange, so there's a bit of a chain thing that has to happen, but hopefully there's enough time to do all that today!

DJ_Mike

Well, the cogs and wheels are really starting to turn now! Just sorted out my home insurance (via Top Cashback for a little money back later)! Also sent a booking for a man with a van to move my large furniture, and am making an appointment to go to the house and take some measurements for kitchen early next week!

It's all happening now!