Share your mortgage process

clawless89

Hi all,

Me and my partner are FTB and I wanted to get an idea of what happens next and how long it can take to get to completion. So far our time line is as follows:

Thursday 28 February -DIP
Monday 18 March - Offer Accepted
Wednesday 20 March - Applied for Full Application
Thursday 28 March - Valuation Booked
Friday 29 March - Valuation Took Place. Valuation Satisfied & Formal Mortgage Offer Received via text.

Our buyers started looking for a home once offer was received & now I am under the impression that all that's left to do is complete searches/draw contracts and set a date to complete.

I just wanted to hear how long it has taken others to complete from being given a formal offer?

Thank you

addyboy1982

Mine happened in 2010:

3rd September - DIP
5th September - viewing and placed offer
6th September - offer accepted
8th September - solicitor instructed
13th September - survey booked
15th September - survey completed + valuation OK
20th September - formal offer received
4th October - formal offer withdrawn at underwriting stage (previous history banking with mortgage provider)
6th October - new DIP
8th October - valuation survey booked
12th October - valuation OK
14th October - formal offer received

Vendors then go away on holiday for 10 days and are uncontactable!

27th October - exchange 10am, complete 11am!

kingstreet

clawless89 wrote: »

Hi all,

Me and my partner are FTB and I wanted to get an idea of what happens next and how long it can take to get to completion. So far our time line is as follows:

Thursday 28 February -DIP
Monday 18 March - Offer Accepted
Wednesday 20 March - Applied for Full Application
Thursday 28 March - Valuation Booked
Friday 29 March - Valuation Took Place. Valuation Satisfied & Formal Mortgage Offer Received via text.

Our buyers started looking for a home once offer was received & now I am under the impression that all that's left to do is complete searches/draw contracts and set a date to complete.

I just wanted to hear how long it has taken others to complete from being given a formal offer?

Thank you

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.

You need to find out where other members of the chain are upto.

shonzyd

Think it depends on how many people are in the chain. My timeline is in my signature but buying a new build meant there was no chain.

clawless89

Thank you everyone! It helps to hear other timelines so I know what/when the next stage should roughly happen. Also, I didn't realise that you could have a formal offer withdrawn at the last minute! I'm glad you got it sorted in the end though addyboy1982!

We dont mind waiting while the vendors find a place as we do love the house but I will contact the EA tomorrow just to check where they are up to and let our solicitors know that they can begin drawing contracts up as they should be expecting a formal mortgage offer in the post soon. Thank you!