Conveyancing

K_and_N

Hi All,
After a few problems on the way, we now like to think that we are a step closer to having our own place. :)Received the mortgage offer yesterday and met with solicitor for ID purpose.
We thought that offer letter needs to be signed by us and return to the lender to confirm that we accept the offer. But it says we don’t need to. Well....we’ve learnt a lot of things on buying a house and suppose it’s one of them.:o
We asked our solicitor how long it’s going to take until completion assuming there is no problem on the way. He said it could be about 3 months or more. We are not in a rush but still 3 months seems a long time. From our research it should be around 8 weeks. Does anyone think 3 months or more is a bit unusual?
Thank you.
K & N

madmish00

It depends on whether you are in a chain.

You say you have received your mortgage offer so things should be relatively quick after that as it does tend to be getting the mortgage offer that slows things down.

When we bought our house in Nov 2006 there was only one property involved as the seller was going into rented. Our offer was accepted around 21st September and we moved in on 14th November. So roughly the 8 weeks. But if there are other people further up it will take longer.

K_and_N

Thank you, madmish00.

We are not in a chain so hopefully it'll be quick. We don't have property to sell and the seller are also moving to a flat they are decorating now.

K&N

kford224

K_and_N wrote: »

Thank you, madmish00.

We are not in a chain so hopefully it'll be quick. We don't have property to sell and the seller are also moving to a flat they are decorating now.

K&N

I think it might quite quick, but it depends on what order your solicitor does everything. Ours got a lot of things done early on so searches...etc were out the way ASAP. We got our mortgage offer last Thursday and are hoping to complete within the next two weeks

G_M

Received the mortgage offer yesterday and met with solicitor for ID purpose.

Is this a firm offer or morgage in principal? If the mortgage valuation/survey has already been done (required before the mortgage becomes firm) then you are well on your way. Biggest delay likely to be Local Authority Searches. Some LAs are quick, some take weeks.

Then there is to/fro between solicitors so much depends on them.

K_and_N

kford: It's really great you could complete in 2 weeks time. I don't think ours will be that quick because we instructed our solicitor not to do anything until the valuation is done to avoid his cost in case there's problem with valuation.

G_M: It is an offer after they have done the valuation. And we handed a cheque to solicitor for the searches yesterday. Hope the LAs are quick one!

Funkygibbon

I thought they couldn't do the searches until they had received the deeds from the vendors solicitor? Or am I being told rubbish?

kford224

Funkygibbon wrote: »

I thought they couldn't do the searches until they had received the deeds from the vendors solicitor? Or am I being told rubbish?

We were asked whether they wanted us to make a start on searches...etc ASAP or whether we wanted to wait, and we chose for the to get on with it. It's down to personal preference I suppose Our priority was getting everything moving ASAP as it was a condtion of the acceptance of our offer

johnthebar

It also depends on how quickly your vendors move with the paperwork. With the place I'm buying I had my offer accepted on 14/01, should be exchanging tomorrow and complete on 15/04, so more or less 3 months. This was mainly due to the vendors sitting on the paperwork and a small issue with building regs. The survey and mortgage offer came through within a week and the searches took days, not weeks to come back.

I've had to hurry a few things up (nag various people to do their job) along the way.

K_and_N

Thanks.

At the moment, we are planning to call both our solicitor and estate agent every 4 or 5 days to check the progress. Is it ok or should we be doing more than that? Any tips anyone?

K & N

DVardysShadow

K_and_N wrote: »

Thanks.

At the moment, we are planning to call both our solicitor and estate agent every 4 or 5 days to check the progress. Is it ok or should we be doing more than that? Any tips anyone?

K & N

Ring according to need, not to a schedule. Always have in mid the next milestones in progress and when they should be taking place. At the moment, you are looking for completion of searches and papers from vendors' solicitor. So find out when searches should be complete from your solicitor and from the agent when papers will be forwarded to your solicitor [update your solicitor on this]. And then ring to chek that milestones have been met and what and when the next milestone is.