Ftbs's--- How Long Does Process Take?

lilyann1

Since our sale fell through a few weeks ago we have been waiting for another buyer.
We now have a FTB and are just wondering how long it will take for him to get everything ready?
We are ready to exchange any time as everything was ready before.
Any help please would be appreciated.

BarmyBubba

I am a FTB and everything is currently going through. I agreed a mortgage in principle last Wednesday after struggling to get one. They sent the surveyor out on Friday and I spoke to them on Saturday morning and they said I should have the results of the survey and hopefully an offer back this week.

So that part of the process has been pretty quick. I am not too sure as to how quick things will move from there. My conveyances get their information from a agency and said their work should take about a week. As for after that I don’t know. It couldn’t go quick enough for me.

Jorgan_2

There are many variables involved so its difficult to give an accurate answer. Has the FTb had their solicitor apply for the searches yet? Are they going via a search company or via the council, search companies can take about 5-7 working days, as can some councils, other councils can take weeks, 6-7 isn't uncommon.

Whats the situation with the buyers mortgage, has the survey been done yet? Is the mortgage application actually been submitted? Some buyers will get their mortgage submitted ina couple of days, others take a couple of weeks.

Try & find out the answers to these questions from the EA's & solicitors involved.

danielle21_2

Hi, I am a first time buyer buying a house with no-chain. We first went to look at the house on 19 June, paid deposit 23 June, instructed solicitors 26 June & got searches back pretty quick, were going to see solicitor today (18July) to go through documents & sign. Then they exchange & hopefully we will complete as arranged previously on 28 July!!!

lilyann1

Yes he put offer in 10th July,saw mtge advisor last Thursday 14th July and mtge agreed in principle.Arranged solicitors then too.Haven't heard when they'll be doing survey yet.Keep phoning Ea's but don't want to be a pest all the time,just want to know what is going on though.

lilyann1

All searches have been done before when the last buyer pulled out,does anybody know if the buyer now can buy them off the previous solicitor or if he has to have them all done again?

Jorgan_2

It is possible in some cases to buy the searches, best he speaks to his solicitor.

missk_ensington

Mine took 16 weeks from the offer being accepted to receiving the keys. Solicitors aren't in any rush, especially at this time of year when they have annual holidays booked and everyone wants to complete at the same time!
You can help by getting your buildings/contents insurance in place and ready to send off so there's no hold up in releasing the funds.

Jorgan_2

Lilyann1, from memory tis is your buyers, buyer you are refering to.

In my experience its frustrating things like employers references not being returned or requested early enough that can slow down the mortgage going to offer. I've got a sale going thru at present, agreed on the 18th May, surveyed on the 25th May, advised by purchasers broker 3 weeks ago that the mortgage offer was being issued any day. End of last week, still no mortgage offer, broker finally tells me the lender is waiting for the purchasers employers reference to come back. Spoke to purchaser who spoke to his HR department on Friday morning, they return reference, mortgage offer issued today. Three weeks wasted & increased frustration for all involved.

Don't be afraid to check everything is being done.

lilyann1

Yes it is our buyers buyer,the heat has got to me today!!!
I just don't want to seem pushy and chase anyone away, but I need to know things are being done and that weeks and weeks aren't being wasted where no one does anything, as I am worried people up the chain will start getting itchy feetif it doesn't get moving quickly

Jorgan_2

The main reason people get itchy is because of the lack of communication. As long as everyone is kept informed & things can be seen to be moving along, generally they will be happy, it when they think nothing is happening that people start to ask questions & get itchy feet.