Mortgage Offer Received - Next Stage?

sonique1

I am new to property market, I have no idea of the process involved. I would be greatful if someone could advise me of the process and a rough time scales until we get the keys to the property.

We have received a mortgage offer yesterday for a new built property. Received a letter confirming the offer on the post this morning. This offer is valid until March 2013. We have appointed a Solicitor to act on our behalf as well.

Can someone please reply with what is the next stages are and a rough time scale for them?

Thanks in advance.

kingstreet

sonique1 wrote: »

I am new to property market, I have no idea of the process involved. I would be greatful if someone could advise me of the process and a rough time scales until we get the keys to the property.

We have received a mortgage offer yesterday for a new built property. Received a letter confirming the offer on the post this morning. This offer is valid until March 2013. We have appointed a Solicitor to act on our behalf as well.

Can someone please reply with what is the next stages are and a rough time scale for them?

Thanks in advance.

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 (You are here)
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
Contracts exchanged "on notice"
Completion takes place when property finished.

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.

sonique1

kingstreet wrote: »

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 (You are here)
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
Contracts exchanged "on notice"
Completion takes place when property finished.

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.

Thank you for the reply kingstreet. So just over half way there :j. Time scale wise, from now roughly how for completion to take place please? (As I need to give my current landlord 2 months notice).

iwb100

It really depends on how quick your solicitor is now, and if anything comes up in the searches etc.....

As its a new build, it probably can be pretty quick now. Is the build complete and ready to move into?

In terms of notice, you shouldn't really give it until you've exchanged, because up until then anything can go wrong. If you have a backup (e.g. relatives you could live with for a while) then I'd say give notice soon (as its two months) assuming all the things in that list are ticked except the searches etc.....

sonique1

iwb100 wrote: »

It really depends on how quick your solicitor is now, and if anything comes up in the searches etc.....

As its a new build, it probably can be pretty quick now. Is the build complete and ready to move into?

In terms of notice, you shouldn't really give it until you've exchanged, because up until then anything can go wrong. If you have a backup (e.g. relatives you could live with for a while) then I'd say give notice soon (as its two months) assuming all the things in that list are ticked except the searches etc.....

Hi, No they are still working on the building but nearly finished. I would say another 4 weeks before it is complete.

kingstreet

sonique1 wrote: »

Thank you for the reply kingstreet. So just over half way there :j. Time scale wise, from now roughly how for completion to take place please? (As I need to give my current landlord 2 months notice).

How long do you expect before the property is ready?

Hopefully, if it's a couple of months away or more, you exchange contracts then give notice when you expect the property to be ready just within the two months.