FTB - things are moving but a bit confused, advice please?

Silaqui

Hi everyone,

I am just in the process of buying my first house - it should in theory be pretty uncomplicated, as there are only me and the seller involved in the transaction.

Its been a month now since the offer was accepted, I had notification of a formal mortgage offer from my lender which I am happy with, and my solicitor has sent me a letter to say they have also received the mortgage offer and will soon forward the mortgage deed for signing.

However, I'm a bit unsure as to what happens next... is the 'mortgage deed' the same as the contract after which neither of us can pull out without losing money?

And am I to assume that once this has been signed, I can get in contact with the estate agent and arrange a date for getting the keys?

Also can I just check that I'm on the right lines here: exchange = exchange of contracts, completion = exchange of keys?

And, final question - based on where we are now, is it feasible to get the keys by 20th October at the latest?

Any advice on what I should be expecting to happen next would be gratefully received - I'm never sure who to ask about this kind of thing, solicitor, mortgage advisor or estate agent!
Thanks in advance - so many questions sorry!

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HapPea

The Mortgage Deed is not the "Contract". It is the agreeement between you and the bank for the mortgage.

The contract is the agreement between you and the seller for the purchase of your house. Has your solicitor received the contract from the sellers? This hould also be accompanied by the Fixtures and Fitting list which you need to check. Your solicitor should also send you a copy of the Title for the land and any covenants etc.

Once you solicitor has the contract there will be various searches to be completed.

So basically there are a few steps to go before you get to exchange.

Before exchange you (via your solicitor) will agree the completion date with the seller. At exchange you commit to purchase the property on the Completion Date. And yes, you will get the keys on the completion day.

Hope this helps a little

Silaqui

Thanks HapPea,

I will ring the solicitor then I think and find out what the situation is with the sellers contract. The solicitor I am using is one in Stockport that I was allocated through Nationwide, so I need to know what to do about the contract because presumably it has to be signed in the presence of a proper person?

I think I will have to do some chasing up as I've not had any of the fixtures and fittings info etc.

Thanks for your help!

HapPea

Silaqui wrote: »

Thanks HapPea,

I will ring the solicitor then I think and find out what the situation is with the sellers contract. The solicitor I am using is one in Stockport that I was allocated through Nationwide, so I need to know what to do about the contract because presumably it has to be signed in the presence of a proper person?

I think I will have to do some chasing up as I've not had any of the fixtures and fittings info etc.

Thanks for your help!

The contract needs to be signed in presence of pretty much anyone who isn't family. They just need to provide their name and address. I got someone from work to sign mine. You then post the signed contract back to your solicitor

CLAPTON

the biggest factor that will decide completion date is what the sellers circumstances are.

are they buying something else? are they in a chain? if so the whole chain has to complete on the same day which means that the date must suit the slowest.

pmlindyloo

Have a look at this:

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/BuyingYourHome/DG_4001326

It may help you understand the process a bit more.

Also, if your solicitor has a website there is often a guide to the process and the details of each stage.

Silaqui

The house we are buying is empty as the seller moved out some time ago. There are one or two bits still left there (an old stereo system in the lift for example) but in general the only bits left are what we agreed for him to leave when we negotiated the offer.

We are ready to move whenever as we are living with parents at the mo, but ideally it would be good to have the keys by half term so I don't have to take a day off work.

Thanks for the link - that helps a bit - I've read so many of the first time buyer guides that it all seems to run into one and the slightly varying terms they use make it all very confusing!

Good to know about the contract though - I have plenty of people I could use to witness it in that case!

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