Timescales for mortgages

scarlett_cat

Hello all,

We have sold our house subject to contract. We accepted offer 12th October.

The mortgage valuation was done on the 30th October.

All conveyancing work has apparently been completed on both sides.

We are waiting for the buyer's mortgage lender to make them the official offer.

Spoke to EA yesterday who advised that once this offer comes through, all the legal work has been done therefore we will be able to exchange / complete not long after the offer comes in.

I am getting a little concerned that the survey was done 3 weeks ago today and the buyer's have not had an offer yet. The survey came back fine, with no problems and the surveyor agreeing with the offer that the buyer made to us.

I know it varies HUGELY between cases, but is 3 weeks after survey not a cause for concern? Concern for me is that they will be declined the mortgage offer.
I have been advised that some lenders do things backwards, with this lender (I do not know the lender) opting to do a survey first and then send it to the underwriters.

I suppose I am just looking for a little reassurance as this is my first house sale and we are wanting to move into a rental before christmas.

Also, the estate agent has advised that the buyer has not been asked for any additional documentation as they have provided everything that was requested at the time of applying for the mortgage.

Dave_Ham

I am sure your Estate Agents are calling them 15 times a day chasing the mortgage offer.

They too will be wanting the mortgage offer, given the legal costs and the valuation fee.

Depends on the lender if this is the norm or not, sure the Estate Agents will tell you if you ask.

Good luck

Lolzicles

We are still awaiting our final mortgage offer... we put the offer in 7 weeks ago now and sent our application off 6 weeks ago.. When we rang the bank they said there were no problems or anything. Some banks are just sloooowwww

scarlett_cat

Seems to be just slow banks, I agree.

Our estate agents have been chasing the buyers, asking them to call the mortgage company and as far as everyone is aware there are no problems. I have always been very impatient, this whole house selling game is making me realise just how bad I am!

kingstreet

Just remember, you can't exchange until you have a completion date on which everyone is agreed, so once the final piece of paper is in place, the next job is to put your preferred dates to your solicitor.

Once that's agreed, the deposit money has to be paid to the solicitor, then exchange can take place.

scarlett_cat

We had already agreed on 19th December for completion, so are hoping that the lender comes up trumps before then so that we can concentrate on finding a rental property in time for christmas.

Estate agent did also say that the lenders are busy at the moment as everyone has the same idea about completing in time for christmas, therefore november will be busy and december will be dead.

I just need to chill out a little bit I think

kmmr

We went from Survey to offer in 3 days. And since then I changed it to be in two names, and that took about 2 more days for the additional person to be assessed and the offer re-issued.

From offer on house, to getting the mortgage offer has taken just on 2 weeks, with Woolwich.

The legals are just getting started though!

QBSBuck

I am sure your buyers are even more stressed about awaiting their offer than you. My valuation was completed on the 9th September and I didn't get my offer until the 12th October.

Lolzicles

QBSBuck wrote: »

I am sure your buyers are even more stressed about awaiting their offer than you. My valuation was completed on the 9th September and I didn't get my offer until the 12th October.

Too right. From a buyers point of view.. i await the post every day with anticipation, and every time the phone rings i think ooh is it the bank.. I just want to be in my house! It is very frustrating indeed! (especially with xmas getting close!) They say buying/selling a house is one of the most stressful life experiences, and is definitely is!:mad:

Thrugelmir

scarlett_cat wrote: »

We had already agreed on 19th December for completion,

Whilst you may have agreed dates. The process hasn't commenced yet. So I would have contingency plans in place.