how long from offer to complete

smacky

kingstreet wrote: »

You can't exchange until you've all agreed a completion date.

You can't agree a completion date until all the searches and enquiries are resolved, contract and mortgage deed signed and finally, deposit handed over.

This is the process. If it's all done, it's just a question of asking your solicitor to ask the other side(s) if they are happy with such a date, then you can exchange;-

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.

Hey King

Am glad am probably at the last 2 stages of the massive list . Vendor confirmed they have signed the contract with the completion date as 21st

2 questions i have here

1: they said they put 21st coz they dont wanna incur penalty if they get late but they might be able to complete earlier , is this something allowed as in if the contract says 21st but they are ready on 15th can we go ahead before the planned date

2: my sol will confirm if the contracts exchanged (ie hez received signed contract tomorrow morning) and request money from bank

- how long does it usually take for halifax to send money
- at this stage is it still possible to get declined for any reason ?

regards

sam4u

similar query here

smacky

any suggestions to previous question

kingstreet

smacky wrote: »

1: they said they put 21st coz they dont wanna incur penalty if they get late but they might be able to complete earlier , is this something allowed as in if the contract says 21st but they are ready on 15th can we go ahead before the planned date

Their suggested date is 21st. It is now for your solicitor to discuss with you, your preferred date. If you request 15th, you'll then hear back from their solicitor if that is possible.

2: my sol will confirm if the contracts exchanged (ie hez received signed contract tomorrow morning) and request money from bank

- how long does it usually take for halifax to send money
- at this stage is it still possible to get declined for any reason ?

regards

Exchange does not involve receipt of paperwork until after it has been done. Is is a phone call from one solicitor to another.

As completion approaches, solicitor sends Certificate of Title to lender which requests mortgage funds on a particular date. Lender transfer funds into solicitor's account in time of the notified date.

Your offer could still be withdrawn right up to completion, although this would be due to a routine audit and an extreme change in your circumstances, or the uncovering of unknown adverse information which caused the lender to decide not to lend.

smacky

Hi

i spoke to my Sol yesterday evening, they said they now have a signed copy from vendors sol and the completion date is 16th. however he hasnt exchanged as he wants to make sure if everything is alright with my mortgage offer from halifax

although i think this is good to check before exchange so i dont lose money..

i m trying to understand what exactly will they check and how long can it take

thx

smacky

any 1? :mad:

chanz4

28 days it took us

smacky

Hey Guys

Just wanted to update , we have exchanged now and completion is for 16th ie funds requested from bank but my sol has put 17th so that if funds arrive late we are covered

i just have one last question, before exchange he tried to confirm with halifax if all was okay but its been 2 working days they havent replied yet

this is probably my last fear as read on some other thread here. could anyone tell me what % applications generally fail between exchange and completion.

and if they have any issues, when would we know ie say if its picked for random audit when would that happen considering they have to transfer funds on monday 16th

thx