Mortgage Offer received. What happens next?

Funkygibbon

Hi all, I received our mortgage offer this morning. The solicitor has received a copy as well. Just wanted to know what happens now?
Thanks for the advice in advance!!

Richard_Webster

Depends.

If your solicitor has:

1. Set of draft contract papers from seller's solicitors;
2. Satisfactory replies to any questions that he has asked seller's solicitors; and
3. Satisfactory results of searches

then he will either get you in to go through the papers and obtain your signatures or provide you with a written report explaining the legal stuff and the documents to sign. He will then want exchange deposit from you (unless you are also selling) and the signed documents.

As soon as the other side are ready then he will exchange contracts for completion on a date that you will have previously agreed with him.

Signing the contract doesn't legally commit you so don't go giving in notice on rented buying white goods etc until you have been told that contracts have actually been exchanged (which isn't the same as signing!)

kford224

Funkygibbon wrote: »

Hi all, I received our mortgage offer this morning. The solicitor has received a copy as well. Just wanted to know what happens now?
Thanks for the advice in advance!!

Ooh how exciting - sounds like you don't have long to go!!

Funkygibbon

Richard_Webster wrote: »

Depends.

If your solicitor has:

1. Set of draft contract papers from seller's solicitors;
2. Satisfactory replies to any questions that he has asked seller's solicitors; and
3. Satisfactory results of searches

then he will either get you in to go through the papers and obtain your signatures or provide you with a written report explaining the legal stuff and the documents to sign. He will then want exchange deposit from you (unless you are also selling) and the signed documents.

As soon as the other side are ready then he will exchange contracts for completion on a date that you will have previously agreed with him.

Signing the contract doesn't legally commit you so don't go giving in notice on rented buying white goods etc until you have been told that contracts have actually been exchanged (which isn't the same as signing!)

Thanks for that! Think we are at the beginning! Really useful though thank you!!

Funkygibbon

kford224 wrote: »

Ooh how exciting - sounds like you don't have long to go!!

Are we? I'm not sure how long this part takes!! We are hoping to be in by Easter! Not sure if that is realistic or not!

Funkygibbon

Just an update. Looks like the solicitor has started to receive documents from the vendors solicitor now. We have received the Fixtures and Fittings list now. And the searches have been sent to the council!