Time Frame from Exchange to Completion

STG_2015

We are buying a new build and are told by Redrow that they have to have 2 weeks between exchnage and completion to put "notification in".

Any ideas what this means or why they need to do it, the sales advisor at Redrow didn't really know the answer she just said the process had changed recently.

kingstreet

Anything else relevant, such as HTB Equity Loan?

STG_2015

Yes HTB equity loan, is that what the 2 weeks is for? I did wonder

kingstreet

There are certain timings which have to be adhered to.

When your solicitor has your mortgage offer and a copy of the valuation report (make sure you get Nationwide to send one to your solicitor as they don't normally and it has to be done specially on HTB cases) he submits a Solicitor Form 1 to the HTB Agent which triggers the issue of an ATE - Authority To Exchange.

Once the ATE is issued, contracts can be exchanged.

Then, the solicitor has to submit Form 2 and await "confirmation to developer" which authorises completion.

Finally, the funds are released.

Each step has a pre-set period of time before the next one can take place.

STG_2015

Brilliant this explains a lot thank you