Mortgage offer... Now what?!

Jess716

Paperwork has been given to solicitors and I have my mortgage offer, I know solicitors need to do the searches etc but what do we need to do now.. Just wait?

Does this mean we've got the house (unless there was a re-audit and something was wrong)
Due to it completing near Christmas I need to start packing abd organising if we are going to be moving, is it OK to start doing that or is it likely to still fall through at this stage? There's no chain and it's a new build that is ready for us to move into. Sorry for the questions as a ftb I'm slightly confused by it all :rotfl:

amnblog

Questions for your solicitor, not this forum.

Jess716

I'm aware of that but I'm unable to get hold of the solicitor dealing with my file at the moment so I assumed seeing as though this forum relates to people buying houses that other people may have some kind of idea what happens after you get your mortgage offer

ACG

The offer has been issued so unless there is a problem with the searches or deeds etc then you should be on course to complete before xmas - it does not normally take 8 weeks at this stage, although in saying that I tend to use a solicitor I know well.

I have had problems arise at legals stage so its not a formality but it only happens in the minority of cases. A couple of examples (a current sore subject) is a lender finding out about a house exchange at the last minute and no being able to complete and another which has happened a couple of times is where the vendor has effectively taken land that does not belong to them and that has resulted in delays until the fence is put in the correct place.

But I thnk I have only ever had issues at legal stages in 4-5 cases in 3 years of being a broker. Only 1 of them resulted in the client not completing and that is currently with a different lender at the minute.

The lender may do last minute checks but again, I have never had issues arise from that at such a late stage, I am sure it will happen one day (something to look forward to!).

fairyloveheart

Has your solicitor sent you your draft contract to read and your tp1 form? Normally they do the searches if they haven't already and send you the draft contract to review - so you'll need to read about any covenants etc and raise any enquiries if you have them but yes then your solicitor will agree an exchange date and completion date with your developer's solicitors. You'll get all the searches through to read yourself and once the date is agreed your solicitor will arrange for the drawdown of the loan on the agreed date. You'll need to sign the legal mortgage documents and contracts.


I don't think anything will go wrong now... I think you should start packing!

Jess716

Fairy - I have no idea what those forms are lol. I only paid for my searches on Monday and returned our client information form to them then so not had anything from them since

libf

If time was of the essence then you really should have paid the fees and done the info forms sooner...

Jess716

Libf- nobody said time is of the essence, I'm just interested to know when we are looking at.

Mr_DB

I was in a similar position as you.

Within the same week I had a mortgage offer, completed the client information form and paid the solicitor for the searches. This was the week commencing 5th October. I exchanged Monday and I'm due to complete next Friday. I'm lucky there's no chain involved and if I do complete next Friday it will be just under 5 weeks for everything.

Jess716

Mr Db- that's great! Hopefully ours will run as smoothly as yours!
Had an update from solicitors yesterday confirming the searches were underway, so hopefully we will be working on a similar timeframe

kirtsypoos

We had mortgage offer on 28th September (searches were underway the previous week as we instructed prior to mortgage offer to try and speed things up a bit) and we are hoping to exchange next Thursday and complete the Thursday/Friday after.
There have been a few little hiccups but I think it really depends on the solicitors you instruct and their performance. Fingers crossed all is speedy for you