Mortgage off to completion

tiny_atoms

Hi all
Just wondering the average time scale for mortgage offer to completion for a first time buyer moving into a house with no chain. We have paid the search fees and have been told that our solicitor cant commence searches until they have the paperwork from the vendors solicitor. We have the valuation done too. Can someone give me a brief outline of the step by step process? I asked the estate agent and although they gave me an overview it was all very blurred.

Thanks

Princess_giggles

Basically it changes for everyone. When we did it our offer came back then searches and the solicitor had already sent for paperwork. We signed contracts 2 days after our offer was received by our solicitor and we complete on Friday 28th so 2 weeks from signing to completion. Hope that helps,but bear in mind the old saying how long is a piece of string!!!!!

tiny_atoms

Yes, I guess so, just want the whole thing to be over and done with and for us to be in our house! Hate waiting around for things...

kingstreet

House purchase process runs like this;-

Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

blargh

Princess_giggles wrote: »

Basically it changes for everyone. When we did it our offer came back then searches and the solicitor had already sent for paperwork. We signed contracts 2 days after our offer was received by our solicitor and we complete on Friday 28th so 2 weeks from signing to completion. Hope that helps,but bear in mind the old saying how long is a piece of string!!!!!

mother of god... I'm almost exploding with jealousy right now

tiny_atoms

Yes, we had the mortgage agreed first along with the valuation done. And I have instructed the solicitor on Friday just gone and as far as I know the estate agent has sent the vendors solicitor details to my solicitor. Its such a long process!

How long do the searches normally take?

I just hope both solicitors are pro active and get the work done!

Mcduell

I am in the same boat as you.

We got mortgage offer last week and our solicitor has it all now too, searches are hopefully being processed as our vendors has only return their forms to solicitors this week and my solicitor goes on holiday in 4 weeks on Saturday so I'm desperate to exchange within the 4 weeks!! AAGGGHHH!! I feel like my brain is gonna explode at least 10 times a day!! I just want my house....also im desperate to just go shopping and spend spend spend xxx

tiny_atoms

I hope it all gets done in time for you!

I think the vendor is only getting the paperwork to her solicitor tomorrow I've paid for the searches and my solicitor cant do anything until she gets the paperwork from the vendors solicitor..its all very annoying!

Mcduell

We were in the same boat last friday as I got an email from my solicitor saying they hadnt returned forms. Then yesterday the solicitor emailed mine stating they had been instructed to act on their behalf so hopefully thats all a good sign. xxx Good Luck

Southernman

I was a first time buyer trying to complete on a repossession. As you can imagine i was trying to do it as quickly as possible, so that no one else would put in a higher offer. It took us a month of me ringing up Natwest and my solicitor nearly every day. A very stressful time in my life.

bethuk1

Sorry to hijack but if both solicitors have everything in place and are just waiting on our offer letter how quick in theory could we exchange? I can't believe how much things have changed last time be bought a house in 2005 we had an offer accepted week later went to Cuba for 2 weeks and moved in almost straight after we got home! This time it's been 7 weeks of stressful hell lol