FTB advice needed

m.and.me11

Hello, Ok heres the story... my offer was accepted on a property a couple of weeks ago, the solicitor has finished searches, the house has been valued and the mortgage offer has just been sent to me and our solicitor. Im a FTB so i dont really know what happens next or how long it takes. Im currently renting a house and i need to give 4 weeks notice. Does any1 know how long after the mortgage offer, we will reach exchange contracts and then get completion date? sorry if i sound abit dumb just this is all new to me. dont want to give notice incase the solicitor takes too long, but i do not want to not give notice incase its quick and i have to end up paying my mortgage and 4 weeks rent in one month :S
Will my solicitor be able to give me an approx date?

Advice is really appreciated. thanks

gnimia

As an FTB too - talk to your solicitor, and ask whats outstanding - there may be queries resulting from the searches or other hold ups. He will be able to advise you how long.
Mine started saying about a week ago that we were nearing exchange, but we arent there yet! (and thats another story...)
You also need to find out, or tell them how long you want to completion - you might be able to tie this in with your notice period.
You'll need your 10% deposit ready at exchange
hth

housesitter

It's up to you and the vendor to decide when you wish to exchange and them complete.

If I had to give 4 weeks notice then I would look to exchange towards the end of a month, ready to submit my notice for a full month, and then complete in the middle of the next or subsequent month, giving you two weeks "ownership" of both properties and enough time to move your stuff.

As a FTB you are in a strong position, expect the vendor to be the one delaying as their chain will likely need more time to figure out when to do the paper work.