Getting the keys

Mr_DB

Hi all,

Just wanted to ask how long does it take before I get the keys to my new house. I'm a first time buyer so have no experience with purchasing a house.

5/10 offer accepted on house
6/10 full mortgage application submitted
7/10 valuation carried out
8/10 phone call from MA advising mortgage offer in post
10/10 mortgage offer received

As you can see everything's happened quickly so far. I've made a payment to solicitors for the searches so how long would you expect it to take?

Thank you

p00hsticks

Typically I'd allow about 10-12 weeks from offer to completion, so you could be in by Christmas

From memory, the next stages will be to get your solicitor to carry out the relevant searches (which could take a number of weeks depending on where you are), have a survey done if you're going to, get the fixture & fittings lists etc from the vendor and resolve any queries, agree a completion date & get deposit in place, sign and exchange contracts and complete.

kirtsypoos

Hi Mr DB,

Our mortgage offer was received on 28th September and our solicitor had already applied for searches on 25th September at our request. All searches came back on 7th October and queries sent to our vendors solicitor. At the moment we are all working towards a 13th November completion which everyone seems to think is achievable at this stage - I think that will be 9.5 weeks from date of offer if I remember rightly

kingstreet

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.

Mr_DB

That you all for the detailed replies.

I've had the mortgage offer in the post so it's all down to the solicitors now. I had to pay money towards the searches Friday just gone so I'm assuming they'll be requested in the next few days. I'm hoping to move in beggining of December. From what you have all told me I think this is realistic.

ACG

10-12 WEEKS from OFFER to COMPLETION?
Sorry for every other word being in capitals but I have only had 1 or 2 cases take that long in 3 years of being a broker and both were because the vendors had effectively stolen land from a neighbour.

I would say 4-6 weeks from offer to completion.

Mr_DB

I'm itching to get out and start buying furniture for the house.

Once the mortgage offer has been issued, is it normally straight forward from here?

alchemist.1

Mr_DB wrote: »

I'm itching to get out and start buying furniture for the house.

Once the mortgage offer has been issued, is it normally straight forward from here?

Depends on searches, depends on surveys, depends whether there are any planning issues etc.
No one can you give you a more specific answer than already given. Each property is different.

PixelPound

Depends on how on the ball your solicitor is, phone them twice a week and give them a date you would like to complete by, in early November. It could well slip but keeping on top of it will ensure your case doesn't drop down the pile.
Are you using a local solicitor that you could visit of you needed to push.

cns06

We are in week 13, or is it 14 I am losing track now! Expecting to exchange in the next week or so, completion within 2 weeks. So we are going to be 16-18 weeks. Total PITA.

GrumpyTeacher

We got to the week of exchange, 9 weeks in to be told our buyer had pulled out. We found a new buyer the next day so now back to square one!