Mortgage Offer to Completion

kazzyma3

Hi everyone, I wanted some help with everyone's timeline. We got an offer on a shared ownership house back in early June. We were told roughly our completion date would be 16th of July. 

We have just been told they have just done local search, not sure tonky knowledge what that is. But how long do they process this? Is this the last step before exchange and how long from exchange to completion date? 

Hope someone can help

MaryNB

You got your mortgage offer in early June or got an offer on your property in early June?

If you are selling and got an offer on your property on early June then July 16th is very ambitious. 3 months is the average time to buy a house. 

The local searches could take a few days or a several weeks, depends on the local authority. It's a stage, not the last stage. Mortgage applications need to go through, surveys done and all enquiries through solicitors resolved.

It can be several weeks between exchange and completion or they can happen on the same day. All parties in the chain have to agree on both dates. At exchange the completion date is set and is legally binding.

kazzyma3

Hi thank you for the response, I was meant to say we got our mortgage offer, not selling. From what I understand the solicitors done the local search on may 19 and we only got news yesterday that they have the local search result and are dealing with this. Would this be then the last stage?

pluto261

Look up your local council here to get an idea of how long searches will take.

Enquiries are usually the last step before an exchange date can be arranged, since searches can raise enquiries. The enquiries might be a bit more complicated with a shared ownership property vs. a straightforward freehold. Theoretically it might be possible to complete by July 16th, but an August completion date is a lot more likely.

kingstreet

You have to agree a completion date before you can exchange contracts. When the solicitors are ready they will come to you and ask you for your preferred completion dates then put them to the other side. When you agree on one, then contracts can be exchanged.

Have you signed your contract and paid your deposit? If not, chances are your solicitor will want those before exchanging contracts too.