Exchange of Contracts Question

PierremontQuaker03

Hi, I have agreed to buy a property on a residential mortgage and am going thru the process of providing proof of funding. I had agreed thru the Estate Agent to the person I am buying from that I dont want to rush things and I am in no rush for the Sale to go thru, so 3 to 4 months. Just before I left work today I got a call from the Estate Agent saying that the lady I am buying the house from wanted to Exchange Contracts in 6 weeks - I am confused - what is involved with this, are they pulling a fast one?

chanz4

nope, ours is 28 days

tim123456789

wish I had 6 week completion

!!!!!!s wanted 2, right PITA that is

noh

6 weeks to exchange is a reasonable request.
My partners sale just fell through after 12 weeks. The buyer pulled out with no explanation just before exchange. In hindsight it would have been wise to set a deadline on exchange. 3 months wasted and the process has to start again.
You agreeing and achieving the deadline for exchange demonstrates your commitment to the purchase.

PierremontQuaker03

so what have I got to do in those 6 weeks, get the mortgagr approval, get a survey of the house, sort out solicitors that sort of thing?

Riggster

You are the buyer, you are in the driving seat.

To exchange, you need to have a mortgage and deposit ready and have a solicitor who's checked everything, done the searches, etc and is ready to exchange on behalf of you. 6 weeks? Technically it's feasible, but good luck with that one.

I'd just tell the EA and vendor "yes I'd like to exchange in 6 weeks too".

Then let your solicitor and mortgage lender do there stuff and see how long it takes.

The vendor will have expended money with their solicitor and won't pull out if it takes a bit longer than 6 weeks.

Tis a buyers market.

JennyW_2

PierremontQuaker03 wrote: »

so what have I got to do in those 6 weeks, get the mortgagr approval, get a survey of the house, sort out solicitors that sort of thing?

you don't really do anything, your solicitor will do all the work. However I do think 6 weeks is ambitious. Also will depend on how many in the chain. Questions and queries can delay things.

We're 10 weeks into our process and questions are still being asked questions, it's exhausting......

PierremontQuaker03

Thanks for the replies everyone, so I need to
1) sort a solicitor and
2) mortgage that is fine -
3) but I presume I will need to sort out a survery aswell before the exchange of contracts - just so there is nothing that comes back out of the ordinary?
Thanks much

Yorkie1

When you apply for a mortgage, you will also pay for a valuation by a surveyor. This is for the lender's benefit (you don't get to see the documents, usually) and you can't usually rely on the contents of the report.

At the same time you either pay a bit more for the same surveyor to carry out a more detailed survey (either homebuyers, or full structural - or whatever the new terms for these are) at the same time, or you instruct a surveyor independently to do this for you. i.e. a RICS qualified surveyor from your local area.

You will not be able to control the timescale with any certainty because, as others have said, the searches need to be carried out and reported back to you, and there are highly likely to be extra questions from your solicitor to the sellers when the property information forms come from the seller / when the survey is received.

I, too, think 6 weeks is ambitious but as long as you are making steady progress and keep in contact with your solicitor and also the seller / EA to demonstrate your commitment, then there's nothing more you can do.

chanz4

Im going through a new build.

AIP day 1
2 days for htb form
10 working days for searches
2 days for Halifax survey
5 days for offer
solicitor received contract at day 10