How long now?

Jitterbug123

So... I am buying my first property.

Searches, survey, full mortgage offer all done.

I received the contract paperwork yesterday and have sent back recorded delivery to the solicitor this morning.

What do the solicitors do now, and is it likely to take a long time? When do they let me know the agreed exchange and completion date?

Sorry, I did go on the waiting to exchange thread but could not see this answered.

Thanks lovely people.

antonyc79

If all your stuff is done i think they check on the progress of all the otherd in the chain. If they are all ready to go they call round for an agreed completion date then the contracts exchange. We had a week between when contracts exchanged to completion but can be whatever is agreed.

I think they have to get the deposit money as well from the mortgage company or you if you have it.

cloo

All depends on the other people in the chain, so I'm afraid there's no clear cut answer.

Jitterbug123

There is no chain. So it's just me and the seller.

DettaWalker

that depends on the position of the seller. We are just waiting to exchange on our property, and this was dragged out quite a long time only because our seller got divorced and was selling the house as a result. Their settlement wasn't completed so we ended up waiting AGES for them to be settled. Once that was done though it took about another week to exchange.

Assuming there is no nasty divorce (and your seller is kicking out his tenants, not having to find a place for themselves), there shouldn't be more delays.
From experience, best to do is wait another day until your solicitor has received & worked through the paperwork & let them know you want to exchange ASAP. You will then have to confirm if there is anything outstanding (there shouldn't be) other than paying your deposit. Then your solicitor should get in touch with the sellers solicitor, and if he is ready to exchange, then that can easily happen in the next week. Assuming your place is tenanted, depending on how much notice they have to give, exchange will take more or less time.

Either way, your solicitor will be in the best shape to advise you how much longer the exchange is going to take. It could be days, it could be never if the other party pulls out.

Jitterbug123

Thanks Detta...

Also LOVE your name! More of a fan of Susannah Dean myself though.

DettaWalker

Cheers Detta is a great fit if you're a troll...
not that I am...!

Also, make sure to pester your solicitor for information on what needs to happen next, time lines & discuss it with your estate agent. they will be keen on a quick completion, too.

Hoploz

You will probably find your solicitor has legal enquiries to raise regarding the property you're buying, such as any certificates for work carried out or info on any covenants uncovered. And if there are any queries you have. They send them to the seller, then the seller has to reply, then your solicitor checks all the answers are in order before contracts can be exchanged.

Propertyauthor

Your legal company should give you some idea of the timings from here.

Have they done the buyers questions and checked all certificates etc? If not this can take another week or so to do.

You will need to have your deposit ready to transfer to the legal company. This will take a couple of days for it to 'land' in their account.

Also they will need your building insurance policy details, unless you have done this through the mortgage lender - checkout the insurance section on this site for help, but you can't exchange without it.

So in theory if the rest of your chain is ready, it's about a week to exchange and from there two weeks is normally given between exchange and completion - but if you want it to be less, say so, if you want it to be more, ask for that too.

Don't forget now is time to checkout your removal options. You should have access to the new property from 1pm the day of exchange, so have everything packed your end the day before and a back up plan if your sellers don't move out on completion day.

Hope that helps and all goes well for you.

Jitterbug123

Thank you all.

I spoke to the solicitors and they are apparently awaiting the answer to one query - everything else is in place.

Building insurance is covered in the Lease/Service charge, so this does not need to be put in place by me.

Again, thanks for being so nice and helpful

kingstreet

You will know when exchange of contracts is getting closer, as your solicitor will ask you for your preferred completion date(s).

Until the parties in the chain are agreed on a date, exchange cannot take place.

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 YOU ARE HEREish
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.