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Mortgage Offered, No Chain, How Long?
FTBHere2018
Posts: 19 Forumite
Hi all, me and my partner are FTB, mortgage offer is in, on our purchase of a new build house. We instructed our solicitors today after finding out we had to change due to our previous choice was not on the lender's panel. We have just paid for searches - I checked my local council and it's about seven working days-ish turn around on their site via online requests.
What can we realistically expect this time frame now to be until exchange and completion? (A bit of a how long is a piece of string question here.)
*UPDATE: 24/10/2018 *
More info - if this helps, we have NHBC, the build comes with all certificates completed
Property was empty for a year I assume because of the original asking price, location could be considered undesirable too, to someone not from area.
Property is a private build
What can we realistically expect this time frame now to be until exchange and completion? (A bit of a how long is a piece of string question here.)
*UPDATE: 24/10/2018 *
More info - if this helps, we have NHBC, the build comes with all certificates completed
Property was empty for a year I assume because of the original asking price, location could be considered undesirable too, to someone not from area.
Property is a private build
0
Comments
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Is the house built yet?
It could be 2 weeks or it could be 2 years.0 -
What is the anticipated legal completion date on your reservation?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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house is built, was finished September 2017, we do not have a legal completion date, or reservation0
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Sorry?
You don't have a reservation agreement from the developer setting out the property details, reservation fee, solicitor details and your target exchange and completion dates etc?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
No, it's a private developer, the plot is two houses, we are purchasing this newly built house, we got our mortgage sorted out, now we are instructing the solicitors, we haven't heard anything from the dev, everything is done by our broker and estate agent atm, we don't have a targeted exchange or completion as we ran into a few hiccups with getting the mortgage due it being a new build, I am aware on plots where the houses are in construction there are set estimated dates of completion I assume, but in our circumstance the house is built and we are just waiting to go to exchange?0
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(I fear I may have confused matters further here, this wasn't a property that you could put a reservation down on as it was a private build, it was just on the market as an empty property built last September)0
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I bought an empty property from local council (not council house). It was empty because previous owner went into care. It took 3 months from mortgage offer to getting the keys.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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FTBHere2018 wrote: », but in our circumstance the house is built and we are just waiting to go to exchange?
Solicitor has to confirm a few details prior to the lender releasing the money. Why was the property unsold for such a long time? As a new build does it come with suitable warranties.0 -
Wow, sat empty for a year, has the price been reduced or something to make you want it?0
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We had no chain but it still took over 3 months to get the keys. The solicitors stage took the longest. Mainly enquiries back and forth.0
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