Post offer solicitors

banks4u

So I now have my mortgage offer, solicitors has requested the local authority search. The vendor doesn't have a mortgage and nothing has come up on the valuation or social conditions. So what happens next after the search? How quickly can we exchange?

The buyers have found a house and they are mortgage free.

Thrugelmir

banks4u wrote: »

The buyers have found a house and they are mortgage free.

Your vendors will still to conduct due diligence on the property they are purchasing. Obtaining a mortgage offer is not always the slowest part of the process. What's the position in the chain above your vendors?

banks4u

They are buying a Vacant property so I believe no chain after that.

Bippityboppity

We're in the same position as you, we had the offer through last week. We instructed solicitors early on to start searches early (as vendors wanted 4 week completion! Ha!) so all those complete now and returned final documents to Natwest on Monday which will be 5 weeks post offer accepted on house. So it's my understanding now that my solicitor will set a date to exchange next week - all being well - and Natwest require 5 working days before completion (so im told) so hopefully will complete the following week, which will be 7 weeks from start to finish. In an ideal world we would exchange and complete on the same day but I don't think it's possible.
My solicitor is on holiday this week and it's killing me not being able to chase for updates!

banks4u

Wow that's really quick, hopefully we can exchange soon too.