Conveyancing process? Bit of guidance

goodwithsaving

Hello

I'm buying a house (I'm an FTB hence this is all completely new to me) and we put our offer in at the end of January. Apologies if these are straightforward questions. I have googled a few and not come to any obvious answer.

I'm wondering a few things:

Our survey is on the 18th. I'm guessing the mortgage offer will come through after that. Roughly how long is it until the solicitor gets their forms they need us to sign?

Are local authority searches submitted AFTER the draft contract, or can they be done at the same time?

My guess is that once our mortgage is made official, searches have come back and the draft contract is ok, we can proceed to exchange?

I'm just trying to get my head around the stressful time and semi-figuring out a realistic time to be able to exchange.

If anyone has any tips on how to keep it moving, please do share.

Thank you

kingstreet

You won't be able to exchange contracts until all the paperwork is done and satisfactory AND everyone in the chain is agreed on a completion date.

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.

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.

goodwithsaving

Crikey - that seems like so much to do! We already provided payment for searches so hopefully our conveyancer has requested those already. The draft contract is due this/next week (our valuation is also due next week).

I'm so glad we aren't selling too. It seems complicated!!

Thank you very much for your detailed response

kingstreet

You've paid for the searches but until the solicitor receives the draft contract he's unable to apply for them.

That's because most local authorities work from the plan which is included with the draft contract.

goodwithsaving

You're very helpful. Thank you :-)

kingstreet

Presumably you don't have a (good) broker guiding you through this stuff?

I see it as part of the job which justifies my existence.

G_M

Local library:

http://www.amazon.co.uk/How-Your-First-Home-Sell/dp/0091935377

or similar.

heytoki

G_M wrote: »

Local library:

http://www.amazon.co.uk/How-Your-First-Home-Sell/dp/0091935377

or similar.

is it good? i am firts buyer too, so i might get it

heytoki

http://www.waterstones.com/waterstonesweb/simpleSearch.do?simpleSearchString=how+to+buy+your+first+home&typeAheadFormSubmit=

i will buy it at Waterstones thou. Amazon dont pay taxes

Malmo

heytoki wrote: »

i will buy it at Waterstones thou. Amazon dont pay taxes

It's not that simplistic. Although perhaps not in the same league as Amazon, you might want to query why Waterstones' parent company A&NN Capital Fund Management is registered in Bermuda, a well-known tax avoidance haven.

G_M

As this is a moneysaving forum, I suggested you use your local library (free).

They will have several books to choose from - that link was just an example.