Exchange time from Mortgage offer being received

Mrsbase

Hey all,

I realise this is a how long is a piece of string question but wondering what experiences others have had.

So we are FTB, the house we are buying they are going into rented (divorce). We’ve had the survey and nationwide are happy with it. They are looking to get mortgage offer out next week.

We have a no sale no fee solicitors through estate agents and as such they have already conducted the searches and all is fine. We have signed contracts and sent back.

So my question is, how quickly can it be turned around from point of receiving the mortgage in writing? Originally the seller (Mr owns the house) wanted to complete the 8th June, I realise that’s not happening now.

Thanks in advance for your answers!

Mrsbase

Should have put that we started this process on 9th April, so coming up to 6 weeks.

Akahotpot

I am in a similar situation I offered on 2 April all my side is done except my mortgage pack arriving at solicitors
My vendor is also almost ready so if lucky exchange next week and complete end of May ....if lucky

hazyjo

This gets asked on a weekly (if not daily lol) basis.


Average is 12 weeks (freehold) from offer to completion. Work on that. It may be 5 weeks, it may be 5 months.

Mrsbase

I!!!8217;m keeping everything crossed for you!! It!!!8217;s so stressful isn!!!8217;t it? I!!!8217;m thinking once we get the mortgage pack then it will only be a couple of weeks. Nationwide have been sooooo slow though!

Mrsbase

Hazyjo - wow 12 weeks from mortgage offer coming through?! Yikes!!!!

kingstreet

House purchase process runs like this;-

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 < You are about here
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.

Mrsbase

Thanks kings street, but I!!!8217;m further ahead because enquiries etc are all complete, our solicitor has already conducted enquiries to the purchaser etc. We have signed the contracts and land registry deeds. That!!!8217;s why I!!!8217;m questioning how quickly it could be turned around now.

hazyjo

Mrsbase wrote: »

Hazyjo - wow 12 weeks from mortgage offer coming through?! Yikes!!!!

from offer on the property, not mortgage offer

Thrugelmir

Mrsbase wrote: »

Thanks kings street, but I!!!8217;m further ahead because enquiries etc are all complete, our solicitor has already conducted enquiries to the purchaser etc. We have signed the contracts and land registry deeds. That!!!8217;s why I!!!8217;m questioning how quickly it could be turned around now.

The question should be directed at the Estate Agent. As they are the ones best placed to facilitate communication between all the parties involved. Have the vendors both found somewhere to live? Has the division of equity in the property been agreed? There's many factors that come in to play.

Mrsbase

Yep I got that it should be directed at estate agents which I have done, I was just after some advice in this group from people who have been there.

The portion has been agreed and mr has already moved out.