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First time buyer - How long til contracts signed.
pdhroche
Posts: 16 Forumite
Currently I have applied for my mortgage and my broker believes this should be completed within the next 2 weeks.
I understand this is a 'how long is a piece of string' question but typically how long would it take from a Mortgage offer to contracts signed.
I'm not bothered about moving in date but more bothered about when the contracts get finalised.
Many thanks
Peter
I understand this is a 'how long is a piece of string' question but typically how long would it take from a Mortgage offer to contracts signed.
I'm not bothered about moving in date but more bothered about when the contracts get finalised.
Many thanks
Peter
0
Comments
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Depends on how long your chain is... It took 4 to 5 weeks for all the surveys / searches / enquires to complete. That was without any issues or missing paper work... In your case it might be sooner or quicker...0
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Finger in the air guess, 6 weeks to exchange and 8 weeks until you complete.
However, I will bet you are at the bottom of a chain being a FTB and there could be 2 or 22 people above you who need to sort their admin out as well before you exchange.0 -
Contracts signed, or contracts exchanged?
Very different things. Contracts might be signed within a week or two, but Exchange might be several months later.........0 -
Contracts signed, or contracts exchanged?
Very different things. Contracts might be signed within a week or two, but Exchange might be several months later.........
I want the contracts to be signed, I'm not overly concerned about moving in date as I am happy to work around the current vendor.0 -
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No, it isn't.
You sign your contract and pay your deposit over to your solicitor. When he has an agreed completion date with the other parties in the chain, contracts can then be exchanged.
That is a telephone process only.
To answer the OP, the issue of a mortgage offer and contracts are totally unrelated. You need to establish what your solicitor is doing and if the draft contract has been received from the vendor's solicitor.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
House purchase process runs like this;-
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.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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