Valuation complete - How long now?

dugma1975

Just heard valuation has been completed by my lender (Woolwich)

Can any of you experts explain to me 3 things:

1) is the next step the offer? (assuming all is ok with valuation) or is there another step post valuation?

2) Has anyone had experience with Woolwich as to how long they take to send out offer after valuation (again assuming all ok with valuation)?

3) finally is it now in the hands of the solicitors to do their bit and get all necessary details to get in a position of exchange

As you can gather this is all new to me so any help is much appreciated

Thanks in advance

amnblog

1) Theoretically yes
2) Depends how busy they are - can be within 2 or 3 days
3) Once you have the offer - yes

dugma1975

amnblog wrote: »

1) Theoretically yes
2) Depends how busy they are - can be within 2 or 3 days
3) Once you have the offer - yes

Many thanks for your quick response and help

kingstreet

Broker or direct, dugma?

Offer agreed
Solicitors instructed
Sales memorandum issued by estate agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract to purchaser's solicitor
Vendor completes seller's enquiry forms and returns to their solicitor
Valuation/survey carried out
Purchaser pays their solicitor for searches
Searches requested by purchaser's solicitor
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries with vendor's solicitor
Searches returned to purchaser's solicitor
Responses to enquiries from vendor's solicitor to purchaser's solicitor
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Purchaser's solicitor sends purchase funds to vendor's solicitor
Completion takes place
Vendor's solicitor receives purchase funds and authorises key release.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

dugma1975

kingstreet wrote: »

Broker or direct, dugma?

Offer agreed
Solicitors instructed
Sales memorandum issued by estate agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract to purchaser's solicitor
Vendor completes seller's enquiry forms and returns to their solicitor
Valuation/survey carried out
Purchaser pays their solicitor for searches
Searches requested by purchaser's solicitor
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries with vendor's solicitor
Searches returned to purchaser's solicitor
Responses to enquiries from vendor's solicitor to purchaser's solicitor
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Purchaser's solicitor sends purchase funds to vendor's solicitor
Completion takes place
Vendor's solicitor receives purchase funds and authorises key release.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

Thanks for the detailed response. I am dealing via broker.

Searches applied for
Valuation completed
draft papers sent to my solicitor
everything above this done
Now its just waiting for offer and possible re-negotiation due to survey findings

kingstreet

Why don't brokers actually position their clients' expectations?

There's no chance a lender will do it, but I thought our lot should know better.;)

dugma1975

kingstreet wrote: »

Why don't brokers actually position their clients' expectations?

There's no chance a lender will do it, but I thought our lot should know better.;)

Excuse my ignorrance but are you criticising the broker? or my lack of knowledge?

kingstreet

Forgive my directness, but I thought my post was a fairly obvious criticism of my fellow brokers.

For the avoidance of doubt, it was a criticism of brokers in general who could inform their clients of how things work and no criticism of the OP was intended or implied.

I trust that clarifies.

Thrugelmir

kingstreet wrote: »

Broker or direct, dugma?

Offer agreed
Solicitors instructed
Sales memorandum issued by estate agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract to purchaser's solicitor
Vendor completes seller's enquiry forms and returns to their solicitor
Valuation/survey carried out
Purchaser pays their solicitor for searches
Searches requested by purchaser's solicitor
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries with vendor's solicitor
Searches returned to purchaser's solicitor
Responses to enquiries from vendor's solicitor to purchaser's solicitor
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Purchaser's solicitor sends purchase funds to vendor's solicitor
Completion takes place
Vendor's solicitor receives purchase funds and authorises key release.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

Is this in the right order? I would never instruct a solicitor to do anything until there's a mortgage offer on the table.

Moseydo82

The offers is in the middle of the text.

kingstreet

Thrugelmir wrote: »

Is this in the right order? I would never instruct a solicitor to do anything until there's a mortgage offer on the table.

You're confusing what the vendor's solicitor is doing with what you would instruct your solicitor to do as a purchaser.

As a vendor, you have to enable your solicitor to at least get a draft contract out and to be able to produce enquiry forms for the vendor to complete.

I'm not saying the order is always going to run as I've suggested, but it's there or thereabouts.