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What Happens Next
frank3030
Posts: 23 Forumite
Just made a full mortgage application and paid for valuation fee. So What happens next? How long do I have to wait to see if its being approved. I`m first time buyer sorry for the questions.
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Comments
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they will do the valuation...
have you instructed a solicitor to start the searches etc???
once the valuation comes back satisfactory, and the searches and legals are done, you are hand over the deposit, the solicitors exchange contracts, and you set a date to complete, which is when the bank pays the money out and you get the keys...
we paid for our valuation on the 4th april and the check HAS JUST been cashed by the valuation company! how slow is that?
the date for the valuation hasn't even been set...it's like watching paint dry!!!0 -
This is the whole process. Timing of each varies from one case to another.
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.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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