What now? Can it really be this quick? FTB

alexia88

I've just come off the phone to our mortgage lender, the flat we are trying to buy was valued yesterday and came back satisfactory, the mortgage offer will be sent to us by close of business today.

This has all happened within 3 weeks, from offer on the property accepted to today (offer accepted August 31st), and would have been even quicker if the bank had sent a letter to the right address when asking for a reference from my employer.

Is this too good to be true? Am I getting too excited?

According to our EA, the mortgage offer letter will be sent to our solicitors, they'll read through all the lease details (they have it already as they sent us a copy on Tuesday) and then we'll be called in to sign all of the contracts and have a completion date, this should be some time next week.

I have heard that it takes around 3 months for everything to go through and this just seems to be moving so fast, our mortgage lender always says everything will take 5 working days and this turns out to be 5 working hours. We haven't had to produce any documents like P60's or payslips, but could this have something to do with our mortgage application being done through the people we bank with?

p00hsticks

How far along is your solicitor in doing all the relevant searches ? Getting the mortgage in place, although key, is only one of the things that needs to be done before you are in a position to exchange ....

Needhelpsaving

We completed 4 years ago in about 7 weeks. No chain, we were FTB's and there were no issues. Just because it is going quicker than expected, doesn't mean there is anything wrong

alexia88

Hi P00hsticks, we received the full details of the lease and the outlined important parts from the solicitor on Tuesday, they said they were reluctant to begin the searches last week because of the short lease left on the property (59 years) and were worried this might stop the valuation, we explained the mortgage company knew about the short lease and that they were willing to lend providing there was 30 years left at the end of our mortgage term and then they commenced. According to the solicitors, as soon as the mortgage offer arrives through their letter box they will call us in to sign!

I think it's going so quick because we are both chain free, the vendors are only selling because they are about to move abroad and want to have some money instead of working, they've already bought their house.

phoebe1989seb

Our son and his g/f (FTBs) have just completed on their flat purchase in 6 weeks although admittedly they were fortunate enough to be cash-buyers so no hold-ups over mortgage offers, but we expected it to take longer with lease issues etc........so it's definitely possible that you could be looking at a quick completion.

Good Luck

angelsmomma

I just bought a property, no chain. 5 weeks from offer acceptance. I am buy ing another just now, a repossession that was supposed to take 4 weeks but it has now been 6 and still nowhere near due to the sellers solicitor holding things up.

chopper78

Our buyer is a BTL investor and our purchase is empty with no onward chain. So hopefully our move will proceed nice and quickly

alexia88

Nice to know I'm not alone in all these fast moving purchases, our estate agent couldn't believe how quickly everything had been done considering other high street lenders have had people waiting around 7 weeks for a valuation.
I'm glad I'm not in the horror story lists of people taking 3-6 months, I'd have no nails or hair left!!

bruciebounus

alexia88 wrote: »

I've just come off the phone to our mortgage lender, the flat we are trying to buy was valued yesterday and came back satisfactory, the mortgage offer will be sent to us by close of business today.

This has all happened within 3 weeks, from offer on the property accepted to today (offer accepted August 31st), and would have been even quicker if the bank had sent a letter to the right address when asking for a reference from my employer.

Is this too good to be true? Am I getting too excited?

According to our EA, the mortgage offer letter will be sent to our solicitors, they'll read through all the lease details (they have it already as they sent us a copy on Tuesday) and then we'll be called in to sign all of the contracts and have a completion date, this should be some time next week.

I have heard that it takes around 3 months for everything to go through and this just seems to be moving so fast, our mortgage lender always says everything will take 5 working days and this turns out to be 5 working hours. We haven't had to produce any documents like P60's or payslips, but could this have something to do with our mortgage application being done through the people we bank with?

Hi! It's really down to the solicitors as to how long things take now! I had my offer accepted/mortgage offer/survey report within about 2 weeks, but then when things were left to the solicitors it took a lot longer than I expected! I think I was naive in using conveyancers recomended by the agents, and it was a big internet firm who didn't seem that bothered about my case (plus my mortgage got picked for audit after acception). In the end it took me nearly 11 weeks from offer to completion.

lazer

Unfortunatley mine seems to be quite slow

Offer Accepted 15/08/11
Memorandum of Sales issued 30/08/11
Mortgage Approved 02/09/11

Now the Solicitors are seriously slowing things up
The title deeds have still not been received from the vendors Mortgage Lender - supposedly should be in within the next 2 -3 days - after me getting impatient and phoning both my solictiors and my estate agents quite often!

Anyone know how long the searches etc shoould take - when should i expect to exchange?

PS - This is a Northern Ireland Sale

Dorisx

We had our offer accepted on 8th August, We could be in by the end of next week if we wanted (7 Weeks from date of offer acceptance) and our mortgage took about 2 weeks to get sorted as we didnt get the inital mortgage we wanted. It totally depends on how quick people are - I certainly wouldnt think that it means something is going wrong.

Some people take months to complete but thats normally due to complications such as mortgage not getting approved, problem with survey, problem with chain - if you have none of these problems then there shouldnt be a hold up really!

Good Luck for moving in anyways! I hope you have mnay happy years in your new flat!:beer: