Advice on timeframe?

kasperblue

So its been almost 6 weeks since I had my offer accepted. Mortgage process has taken ages with delays in post etc but I now have confirmation that the lender has booked in the valuation a week today (4th Aug). All the searches have come back on this property (and the one that I'm selling) and I've just sent back a signed copy of the contract for the sale of my property. Basically it seems like all the solicitor stuff is progressing nicely.


I know this is such an opened ended question but was wondering if anyone could give me an idea of how long I should expect until completion from this point i.e. once I finally (and hopefully) get the mortgage offer in a couple of weeks (??) what else will the solicitor need to do and roughly how long will it take?


Estate agents are asking for possible dates and I'm not sure what to say except as soon as possible!


Thanks for any thoughts

ACG

Depends on the lender, usually though when the valuation has been carried out it will be back with the lender within 24-48 hours.

It could theoretically go to offer within 24 hours of that point in time, or it could sit in a queue waiting to be worked for anything up to 2 weeks.

kasperblue

Thanks. So perhaps if I used a rough scenario:


4th Aug: Valuation
11th Aug: Lender (Platform) get the report
18th Aug: Lender does offer
25th Aug: Solicitor gets offer


How long would we be able to get to exchange/completion from there?


I hope its much quicker than this in reality!

ACG

Ooooo! Platform! They have something like a 10 working day backlog at the minute.

If the Valuation is to be carried out on the 4th then I would say between the 13th-18th for them to issue an offer. The offer will be with the solicitors within 48 hours.

13th-18th could be more or less, they do seem to be getting that turn around time down, but it is coming down slowly.

kasperblue

I seem to keep getting that response whenever I mention Platform haha!! Thanks for the rough timeframe - it avoids me getting worked up when nothing seems to be happening. Hopefully the solicitors can do their thing very quickly when it does happen....and maybe an end of August completion could still be on the cards!

ACG

If all the searches have come back and questions raised/answered. It will just be the offer you are waiting on.

I have one going through with platform at the moment - my first case with them. They are unusual in their procedures but my case is a little ahead of yours, valuation has recently been carried out.

This might help you? http://www.platform.co.uk/intermediaries/support/service_standards.aspx

It just gives you a breakdown of their service standards. Its showing as 9 days.