How long to wait for news? Mortgage application done, solicitor instructed, FTB

Dave_6

Hi all,
Am a first time buyer and just wondering what the rough timescale should be for things, in other words when can I start chasing people up (but not that soon that I annoy)

FTB, buying a house that is currently empty and has no chain. Vendor has already moved out.

House offer accepted 17/08/11, Went into lenders branch 19/08/11 and signed all mortgage paperwork. Lender was also going to instruct solicitor for us as it had to be a member of their panel as they are paying the legals fees as part of the mortgage deal.

I presume from that point on the lender arranges the valuation survey and also completes any checks they needed to do on us.


We’ve not heard anything from the lender since 19/8/11 and so far nothing at all from the solicitor, I imagine that’s pretty normal as its not long at all but wandered how long to leave it before seeing if there’s any news, middle of next week? So say the 31st

Are we likely to hear from the lender after the valuation survey or will it be the solicitor that contacts us next as the valuation results go straight to them?

From that point on I guess its mostly down to how quick the solicitors are and how soon disbursements can be done

Thanks for any guidance : - )
Dave

FTB27

Hi Dave,

I think it would be ok to phone either today or tomorrow just to enquire on how things are progressing seeing as it's been almost a week. I think it is normal to not hear anything by this point though as it's only been a week but seeing as you have no chain then I would be keen to chase things up to see if you can get a quick sale. the valuation survey will go straight to the lender to provide a basic assessment for the lender to approve your mortgage and if you've requested a more detailed survey, you will have a copy in the post. In my experience, my searches, mortgage offer and survey (which the mortgage company arrange) were completed by the end of June (i put offer in first week of June) but I am due to complete tomorrow so it's taken 12 weeks which I've been told is longer than usual as there's no chain either side. So really I suppose you can't judge how long it will take as all cases are different but if you're keen to push the sale through, there's no harm in checking in every week to get a progress update.

Good luck with your purchase!