Tight on timescales

afooksy

Myself & Partner are currently in the process of buying a house and are slightly worried about the timescales. We are at the very beginning as our offer was only accepted two days ago but we are FTB and the seller has no chain and wants it to through very quickly. We already have solicitors engaged and are awaiting our mortgage offer (should get next week).


my question is- can we influence the completion date around our pay packets?

ACG

Once the offer is issued and legals are completed you and the vendor would agree a completion date. You both have to be in agreement.

The thing in your favour is that if they do not agree, because it is too far away. If they pull out they would end up waiting longer for a new buyer to complete get an offer and complete the legal work.

Dave_Ham

Assuming your footer is accurate and you started a DMP one year ago, the likely lender/s are not known for speed so an offer in under 2 weeks in unusual.

Which lender have you gone with?

You can control the process (in liaison with your solicitor) although you may be threatened with the vendor pulling out

afooksy

Dave Ham- yep all correct & because of that mortgage is solely in my partners name, he has excellent credit and he has a DIP already. Lender is Woolwich.


Also good to know ACG.


Last thing we want is for the Vendor to pull out so we would make it work somehow. I just wanted to know if we had any influence at all or if its all on the Vendors terms.


If the whole process takes 8 weeks it will be very tight, any longer than that we should be fine.

Dave_Ham

Woolwich are usually pretty quick, so long as all within standard acceptance criteria.

You should be able to control this process on this basis, just keep communication open with your solicitor only and certainly prevent any Estate Agent (if purchased through one) from pushing their agenda.

Best of luck