How long from Valuation instruction to exchange

paye

I Sold my property beginning of December and have been living under mum roof until I could find a slightly bigger house, never realized how hot the market is at the moment. I've been gazumped once been to loads of viewings with about 20-30 people turning for every viewing which has put me right off.

The whole experience has just been a total nightmare. Finally I have found the place I liked and it's all systems go.

I've promised the vendor I will do all I can to exchange and complete by the second week of February 2014 should they accept my offer as they are 80 years old who are desperate to move into their retirement home just before one of the vendor 81st birthday. I've finally got my offer approved from the vendor yesterday after the viewing on sunday, which was really good news, I also had my mortgage approved yesterday as it was already in place and the valuation has been instructed by Tesco Bank. Solicitors have already made contact with the vendor solicitors all in two days :T.

I want some feedback from the more experienced people on how likely it is that we can get to an exchange point within the next two weeks? and how long does it usually take for the valuation report to filter through back to the lender? My lender has only instructed the valuation today but haven't yet made contact with the agents. Tesco Bank have been brilliant up to now and I can't rate them enough as they have managed to get decision from the underwriters within hours of me submitting my mortgage application I told them I was desperate and they turned it round real fast so full credit to them. :beer:

G_M

Couple of weeks.

Maybe 2 months.

Perhaps longer.

paye

G_M wrote: »

Couple of weeks.

Maybe 2 months.

Perhaps longer.

Not 7 days?

Thrugelmir

If you chivvy everybody along - 4 weeks is possible.

Though house buying throws up all sorts of unexpected surprises.

Let the solicitors get to work. Don't make anymore promises!

maunders

my story:
offer made 7th september
chain complete 10th october.
still waiting for exchange.

Kynthia

Chain free purchase. Offer accepted 8th November and no exchange date yet but hopefully next week. Now changing broker the first week, Christmas post and then the solicitors shutting for a fortnight did slow everything down a little but it's still very hard to complete in under 8 weeks.

SmlSave

You definitely can't exchange without the mortgage offer being in the hands of your solicitor and I would think that two weeks is pushing it.

Do you know how long the Local Land Search takes in your area? Your solicitor shouldn't exchange without that. Some Councils take 2 weeks to process them and others take 6!

I think exchange in two weeks with a mortgage is going to be pretty impossible hun.

We bought from an elderly couple in April 2013 and they slowed down the whole process by not filling in the paperwork required by their solicitor promptly and being unable to find guarantees etc that they promised they had.

I would say a timescale of 4-8 weeks for a bog standard sale/purchase where everyone does everything promptly with no unusual queries

kingstreet

paye wrote: »

My lender has only instructed the valuation today

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.

Kynthia

Does your solicitor know to start searches now and not wait for your mortgage offer?

paye

I've instructed the solicitor to already start the searches which should take around a week to turn round, valuation has been booked for this Friday. Hopefully should get the mortgage offer next week in the post following the outcome of the valuation. Taking I.D to solicitors on Friday. I've mostly done everything in my part. fingers crossed nothing out of the ordinary pops up.

So far so good. Spoke to the solicitor today and he told me to chill out abit:) but I can't I want that house. lol