Mortgage accepted 05/12 - trying to complete 14/12

Lovelyjoolz

What about the mortgage valuation? IF the offer has only jsut come through RBS won't have been out to look at the property yet surely?

I'm sorry, but I can't see them getting round to doing the valuation before the 14th...

YoungBusinessman

I should maybe have mentioned i am buying in Scotland, the seller has to have a homebuyers report done before property can be listed as for sale, this provides a valuation along with it. If the purchase is withn 3 months of this valuation, the buyer can just use this valuation.

So we have until 17th December when the valuation expires.

So i believe all searches are included in this homebuyers report, which we have been sent a copy of.

All thats left, i think, is sign contracts, send over deposit then wait till completion day to get the keys!!

caeler

Hi OP Well done on getting the mortgage offer, I'll be honest I didn't see it happening but delighted for you that it has. You probably should have mentioned you are buying in scotland as not everybody will be familiar with that process! I'm buying in the england and my exchange is set for tomorrow (after 6 weeks of pain, stress and more pain) and completion for next Friday. Good luck!

YoungBusinessman

Thanks, good luck to you also. What about the day of exchange, what actually happens? Simple as sign a sheet of paper?

gallygirl

Nothing as exciting as that I'm afraid. You'll sign the contract in advance but leave the date blank. The solicitor will get in late, have a coffee, faff about, have another coffee. Book golf for the weekend. Go for lunch. With any luck, come back from lunch, phone the other parties and get the funds released and exchange/complete about 3pm. If you're lucky they'll phone you. If not, you'll give in and phone them for the 4th time to be told it's just happened and you can collect the keys. Or maybe that's just my experiences........

YoungBusinessman

Haha well its a condition on the report form we got saying completion by 12pm as in the afternoon the same day, the seller, that we are buying from, is buying somewhere else!!

eviekins

I don't mean to sound rude, but they are lending 5 times your salary, and you have 17k worth of debt? I'm confused, I thought they were strict on lending criteria nowadays? Or is that different in Scotland as well?

YoungBusinessman

Yep its true!! On paper anyway!

My income for past 12 months is £56k gross. Made up of £21k salary and £5k overtime and £29k bonus.

Rbs said they cant take overtime or bonus into consideration. So i lost all hope on the spot. Then they accepted it!! I had to pay off debts to get them down from £26k to £17k, eating a chunk of my "go self employed" fund.....so starting up new business in January along side main earner, will look to go totally solo by end 2013!!

gallygirl

Is your bonus guaranteed, i.e. as long as you have work you are guaranteed something?

Sorry to be so pessimistic over timings but that's what happened to me. Apart from the time I was away with work when we were due to complete, phoned and left message. They phoned me back around 3pm - couldn't complete as didn't have my dd for mortgage (I had put a tick sheet in with what I had enclosed so know they had it :mad:). Fortunately I had copies of all paperwork with me, stopped at small row of shops with a B Soc sub-branch unrelated to all parties but they took pity on me and faxed through with 15 mins to spare _pale_.

Then I got to house and their bl**dy dog was still there!!!!!!!

Like I said, good luck .

eviekins

Well never the less, congratulations. Must have been a huge relief for you when it was finally accepted!
Is the mortgage totally in your name? They didn't take your girlfriends wage into consideration? What deposit are you putting down?