How close are we?

jack_1992

Hi,

We have had a mortgage offer from NatWest, our solicitor has completed the land and water searches and she is sending out the contracts to us in the post.

As we are FTB, I don't really know the answer, so how close are we to completing? Is it long after we have sent the contracts back? Or are there more steps in between signing contracts & getting the keys?

Thanks

Jack

Cakeguts

Are you in a chain? If so you have to wait for the searches on all the other properties in the chain to be done then you exchange contracts. When you exchange contracts everyone agrees as to which day completion will be. Completion when the money is given to the people whose house you are buying is usually a week or two after exchange of contracts.

Signing the contracts means nothing. It is exchange of contracts that you are waiting for.

jack_1992

No we are not in a chain just us buying.
So when we have signed, what happens between that and the exchange?

hazyjo

Are you having a survey done?

The solicitors get the contracts signed so they're ready in advance for exchange. The date is usually added last. They will cross every t and dot every i and tie up any loose ends as once they've exchanged, there's no going back and you're committed to complete.

Average is 12 weeks from offer to completion. Leasehold can be longer. Quick is usually 4-5 weeks. I did one in 5 weeks, another took 5 months!

Jx

G_M

jack_1992 wrote: »

No we are not in a chain just us buying.
So when we have signed, what happens between that and the exchange?

You could be close.

Or it could be another 3 months.

See

https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0470994487/ref=sr_1_1?ie=UTF8&qid=1487637083&sr=8-1&keywords=buying+a+house+for+dummies

jack_1992

Thanks to you all for your replies.

Hopefully once we have signed I can see what our solicitor says about exchange and completion.

I look around online but there is so much info about, it can be hard to totally understand what happens and when so thank you again!:)

Newbie78

I know how you feel


We kind of requested an exchange date as it was the day we came back from holiday and would be homeless Our solicitor worked to that deadline with no help from the Housing association (Shared ownership)


We had no chain and it was a new build so that was in our favour also


From the sounds of things you are very close now

eddddy

jack_1992 wrote: »

No we are not in a chain just us buying.

So just to be clear - the property you are buying is empty.

There's nobody living in it (owner or tenants) who has to find somewhere else to live?

If your buying through an EA, ask the EA to check with the seller when they want to exchange/complete.

With an empty property, the answer would normally be ASAP. But there may be special circumstances (e.g. they want to complete after 5th April for tax reasons.)

jack_1992

That's right yes. House is empty, no one living in there at all.

We have had our contract through this morning to sign and return.
Would now be a good time to ask for exchange/completion dates and that is from the solicitor correct?

Sorry again, totally new to this

Ptolemyspuzzle

How long is a piece of string?

Cash buyer, chain free house. Offer accepted in April last year, searches etc completed by June. Signed contracts months ago. Unfortunately random paperwork issues and waiting for council to sort them means I'll only be completing this March.

Fun times.

eddddy

jack_1992 wrote: »

Would now be a good time to ask for exchange/completion dates and that is from the solicitor correct?

As I say, it may be better to discuss with the seller first (via the EA).

The buyer and seller need to agree the dates - but the solicitors also need to be able to get their work done in time.

You might get a reply via the EA in minutes. It might be days (or weeks) before you get a reply from the solicitor.

So it would be more efficient to find out the seller's view before proposing dates (or asking about dates) with your solicitor.