First Time Buyer Query

2tort

Hello All,
I'm new to the forum but have had found it extremely useful in this stressful house buying process so far!


We have the mortgage valuation and survey being carried out today on the property we've had our offer accepted on. We've applied for a mortgage through Nationwide. I just wondered if anyone can give me a rough estimate on how long it usually takes from completion of survey to getting the mortgage offer? We've already handed in all the documents the lenders have requested and they've confirmed they have all they need. Do they carry out further credit checks and other checks after they've received the valuation report?


Sorry for all the questions! We're just trying to work out how long each of these little steps takes as we honestly have no clue how long it will be to reach exchange stage and then completion stage despite friends and family asking us! All we know is that the vendor wants to move quickly, we're chain free and the property she's purchasing is end of chain too as the owner of that house is moving in with family abroad.


Any advice and help is greatly appreciated and sorry if I'm asking silly questions

nubbins

We use Nationwide for a recent remortgage and they use a progress tracker called lms.com which is quite good and you can see what is happening. This was mine so it will give you some idea but as said this was a remortgage...

Case Accepted
Law Firm
25/09/2014






Confirmed Legal Title
Estate Agent/Seller
25/09/2014






Questionnaire Received from Customer
Customer
07/10/2014






Customer Identification Confirmed
Customer
15/10/2014






Mortgage Deed Received
Customer
07/10/2014






Mortgage Offer Received
Mortgage Lender
17/10/2014






Redemption Statement Requested
Law Firm
20/10/2014






Redemption Statement Received
Existing Mortgage lender
21/10/2014






Request for Funds Submitted
Law Firm
21/10/2014






Completion
Mortgage Lender
28/10/2014






Application Sent to Land Registry
Law Firm
31/10/2014






Registered
Law Firm
03/11/2014

stator

What sort of survey are you having done?
You should hear about the valuation in a couple of days. If you are having a proper survey done it might take longer. If it highlights any issues that require attention this could slow you down a lot as negotitations over who will pay or what will be done.
The conveyencing takes 6 -8 weeks, have you started that process? Pick a local firm if you want it done quickly.

2tort

Thanks Nubbins, that's still a big help to see actual dates to give us an idea of timescales


Hi Stator, we are having a home buyers report completed. Hoping little or no issues will be found as the property is in great condition, but I suppose we won't know for sure until we receive the report. We've got our conveyancing in place already and they seem to be on the ball which is good.
I'm just hoping Nationwide aren't slow with issuing the mortgage offer or highlighting any further information they need...

stator

I have no personal experience of nationwide but from posts on this forum I think they are operating pretty quickly at the moment.
I think it will be the conveyencing that will determine the timescales for exchange and completion. How many queries are raised by yours and how quickly they are answered. Plus whether there are additional searches or indemnity policies required etc.

2tort

Thanks very much Stator, you've been a real help I'm sure I'll have many more queries along the way! My fingers and toes are starting to cramp from being crossed too long...!

mumbles87

2tort wrote: »

Hello All,
I'm new to the forum but have had found it extremely useful in this stressful house buying process so far!


We have the mortgage valuation and survey being carried out today on the property we've had our offer accepted on. We've applied for a mortgage through Nationwide. I just wondered if anyone can give me a rough estimate on how long it usually takes from completion of survey to getting the mortgage offer? We've already handed in all the documents the lenders have requested and they've confirmed they have all they need. Do they carry out further credit checks and other checks after they've received the valuation report?


Sorry for all the questions! We're just trying to work out how long each of these little steps takes as we honestly have no clue how long it will be to reach exchange stage and then completion stage despite friends and family asking us! All we know is that the vendor wants to move quickly, we're chain free and the property she's purchasing is end of chain too as the owner of that house is moving in with family abroad.


Any advice and help is greatly appreciated and sorry if I'm asking silly questions

Same boat as you. Applied via nationwide, valuation carried out tuesday and we had an offer thursday this week 48 hours

2tort

Wow, that was quick Mumbles87! Thanks ever so much for replying to my query, it's a big help. That gives me hope and makes me calm down a little, the wait is so nerve-wracking! Fingers crossed we don't have to wait too much longer

amnblog

Everyone has to wait.


Everyone worries.


Unfortunately, the regulator insists that Lenders check some things. The position is complicated by the fact Lenders have to handle more than a handful of cases to make enough to pay their staff.


Therefore 2tort - you are in the queue with everyone else. Nationwide will do what they do and if everything stacks, best guess is you will get an offer around the end of the month.