What else is left to do from our side? Are we close to exchange?

anp1

We are FTBs and our vendor recently got married and is moving into her husband's house, so they haven't got a property to buy.

We recently signed and posted off the contract and TR1 and do know that the solicitors are waiting for hear from the vendor's solicitor about the enquiries that they have raised on the contract. So what really happens next? Are there any rough time scales at all? I have been pressing for exchange but things seem to be dragging a bit now. Also, when do I let the solicitors know that I would like to exchange and complete on the same day? Can I still press of exchange or completion on the same day even if the solicitors are not very keen on it? Thanks in advance.

G_M

Could be a week or...... 6 months.

Are you getting a mortgage? Has the valuation been done?
Are you getting a survey?
Has the local authority search and other searches been completed?
What enquiries are you waiting for from vendor?

There's a process description here.

Be patient. It always takes longer than expected/hoped.

You can insist on same day (provided the vendor agrees!), but it is more stressful all round, and your solicitor may advise against. But it's your solicitor not the other way round! The earlier you discuss this the better as it involves more upfront legal work, and arrangement of mortgage money being available (if relevant).

anp1

G_M wrote: »

Could be a week or...... 6 months.

Are you getting a mortgage? Has the valuation been done?
Are you getting a survey?
Has the local authority search and other searches been completed?
What enquiries are you waiting for from vendor?


Be patient. It always takes longer than expected/hoped.

You can insist on same day (provided the vendor agrees!), but it is more stressful all round, and your solicitor may advise against. But it's your solicitor not the other way round! The earlier you discuss this the better as it involves more upfront legal work, and arrangement of mortgage money being available (if relevant).

Thank you, G_M

We are getting a mortgage and received the mortgage offer within two weeks of our offer been accepted. Valuation has been done and it has been valued at exactly what we are paying for the house.

Survey done and came back the same day with no problems.

All searches completed.

I received a set of 'additional enquiries before contract' from the solicitors, there are about 17 questions in them related to building regulation consent etc, they also want a better copy of Deed of Grant as the provided one is not a legible copy.

Jeffrey_Shaw

Simultaneous exchange/completion won't work if there's a chain of transactions. Your V [vendor] is not linking this sale with the purchase of alternative accommodation, of course. However, V may have other associated dealings unknown to you.

sonastin

Provided that your vendor is already moved out and you have no immediate deadline for leaving your current residence, there is no reason why simultaneous exchange/completion should be stressful. You just make the arrangements for moving out once you know that the property is yours and if it takes an extra day or two to go through, its an extra day or two without mortgage interest!

It is too hard to say how much longer you've got though. Sounds like everything has been done bar these enquiries but the questions are being asked for a reason. If the answers come back with the right info, you are good to go. If they turn up some details that your solicitor is not happy with, you might still have months of negotiation and enquiry to work through and it might be something so important that you end up pulling out of the purchase. You just have to wait and see what comes back. Chances are it is all fine but if that was guaranteed, there would be no point in asking!