Exchange and complete on the same day?

space_rider

I`ve exchanged and completed on the same day on an empty house and I had already sold and completed on the house I had lived in. My solicitor didn`t want to do it but all the funds were in place and the mortgage company said they only needed a few hours to send the money. I went to the solicitors 11 am to say I wanted to exchange and complete that day and I got the keys 4.30 same day. I only did this as my solicitor dragged their heels and I lost a reposession that had to complete in 28 days. No way was I prepared to pay for searches stc again.

SUGARSPICE

Andrew Webster

Hi

Im at the stage where the draft papers etc have gone out to the buyers solicitiors & are waiting on the buyers solicitors for enquiries.

Im also waiting for news on when the survey will be.

Does a survey always get carried out? I live in a ground floor purpose built flat,theres a second & third floor.

Is the next stage the exchange of contracts?

Be good to hear from you :beer:

Soot2006

We went from offer to completion in just under 6 weeks last month -- I put up an exact timetable somewhere, but by far the longest wait was between survey & final mortgage offer (there were no problems with our application, just a "busy period" apparently). Once our solicitor had the mortgage offer in hand, we transferred the 10% with CHAPS and went to sign contract. We exchange 24 hours later ... then completed 7 days after that. Just enough time to sort out the move & transfer the rest of our deposit + solicitor fees, etc ... We had 10 days overlap with our rental, but that ended up being a good thing as less stressful on the move + managed to get work done on house before actually living there!

SUGARSPICE

Hi All

Can an exchange of contracts be done a couple of days after a survey/mortgage result has been done ?

chickmug

SUGARSPICE wrote: »

Andrew Webster
Do you mean Richard Webster

Hi

Im at the stage where the draft papers etc have gone out to the buyers solicitiors & are waiting on the buyers solicitors for enquiries.

You have little control but need to keep chasing the EA and your solicitor. It does no harm to keep in touch with the buyer to ensure they also keep chasing.

Im also waiting for news on when the survey will be.

Differing lenders have greatly differing timescales. Who is the lender and others may come back who have also used them with ideas on this aspect.

Do you mean survey or do you mean valuation inspection as this will mean different answers?

Does a survey always get carried out? I live in a ground floor purpose built flat,theres a second & third floor.

Again do you mean survey or valuation. On the frist no not always and on the second if the buyer is borrwing yes always. Even cash buyers usually have a valuation.

Is the next stage the exchange of contracts?

It is one of the eventual stages but anumber of others in between.

Be good to hear from you :beer:

I am not Richard but have given you the asnwers.

chickmug

SUGARSPICE wrote: »

Hi All

Can an exchange of contracts be done a couple of days after a survey/mortgage result has been done ?

Do you mean survey or do you mean valuation inspection?

sancho

The valuation on our house was done today, the report is apparently being sent out with the mortgage offer, which will take 7-10 days apparently.

What's the next stage after that?

We received loads of info from the solicitors today, asking us to fill in some info and provide proof of ID etc. and write a cheque!!! We've spent a fair amount of money already and have pretty much nothing to show for it!!

chickmug

Did you not read the information on the link that poppysocks provided?

Timings but very very approximate!

Very fast - under 4 weeks

Fast - 4/5 weeks

Typical with no real problems - 6/8 weeks

Not unusual to take - 12 weeks

Nightmarish - 12 weeks plus many more weeks but very rare.

sancho

Those timings are from offer to completion right?

I was wondering the time scale from offer of mortgage to completion, or even the next stage.

Did have a look at that link, will investigate further

chickmug

sancho wrote: »

Those timings are from offer to completion right?

I was wondering the time scale from offer of mortgage to completion, or even the next stage.

Did have a look at that link, will investigate further

Yes sorry timings I gave were from offer to completion.

To try and set out the usual 'time lines' is absolutely impossible as there is just too much variation and impossibility of knowing what these stages would be. The stages will vary dependent on problems arising that need overcoming.

Others may comment based on their own experience but there is no such thing as average hence why solicitors usally refuse to give target dates.

Within the timings I gave there are two ways your solicitor may have played it :-

1) They may wait until they have the hard copy of the mortgage offer befere doing very much.

2) They may go for it on the full assumption you WILL get the offer and so will be doing their work whilst waiting for the offer.

Not sure on which basis your solicitor will have worked - do you know - did they ask you what they should do - as most don't.

However I stick with the very loose guide I posted and so you are these time frames which allowed for offers and the rest of the work needed.