FTB - advice

S_

I’m hoping somebody may be able
to shed some light on previous experience with this. 

We put an offer on a house which was accepted back in April. On the same day we applied for a DIP with Virgin money and a week later put in the full application. In the meantime we instructed solicitors and have had all searches completed. After a lot of back and forth with Virgin money, we finally got our official mortgage offer last week and our survey has also been completed. 

We’re FTB’s and the house is completely empty as it was previously a rental. We’ve asked our solicitors how long until completion is likely to take place and they’ve been so slow at getting back to us. We have a 6 month old and have to leave our rental accommodation on the 19th july. So I guess my question is - has anyone been successful at exchanging contracts and being in their new property in 3 weeks after all searches and mortgage offer has been done? 

TIA

housebuyer143

S_ said:

I’m hoping somebody may be able
to shed some light on previous experience with this. 

We put an offer on a house which was accepted back in April. On the same day we applied for a DIP with Virgin money and a week later put in the full application. In the meantime we instructed solicitors and have had all searches completed. After a lot of back and forth with Virgin money, we finally got our official mortgage offer last week and our survey has also been completed. 

We’re FTB’s and the house is completely empty as it was previously a rental. We’ve asked our solicitors how long until completion is likely to take place and they’ve been so slow at getting back to us. We have a 6 month old and have to leave our rental accommodation on the 19th july. So I guess my question is - has anyone been successful at exchanging contracts and being in their new property in 3 weeks after all searches and mortgage offer has been done? 

TIA

I sold my rental in 5 weeks, start to finish. 

It takes as long as the enquiries take and that's 100% down to the solicitors. 

S_

@housebuyer143

Thank you, that sounds reassuring. Maybe we’ll just keep on at the solicitors and hope for the best 

Slithery

S_ said:

...and have to leave our rental accommodation on the 19th july.

Why? Have you handed in your notice?

S_

@Slithery yes we have. We didn’t want to sign up for another 12 months knowing we were so close to getting the house 

Slithery

For future reference you should never hand in your notice until you have exchanged for just this reason.

You could have just not signed for another 12 months and gone onto a rolling monthly tenancy instead but it's too late now if you've given notice. Have you actually given written official notice yet or just let them know that you won't be renewing? Read...

Ending/renewing an AST

NameUnavailable

You need to be putting that question to your solicitors - only they know what if anything remains to be done. Phone them and see what they say. You need to badger them to get your file put to the top of the pile otherwise it will sit on a desk until they get to it.

RAS

S_ said:

@Slithery yes we have. We didn’t want to sign up for another 12 months knowing we were so close to getting the house 

Until exchange the whole sale can fall apart. No-one can predict if something will come up in the searches etc.

Have you actually given notice to your LL/EA? As in looked at your contract and complied with the rules for the serving of notices?

Or has the agent told you they want you to sign a new contract and you told them you don't want to? Exactly what was your reply?

Thank you we don't want a 12 month contract? 
Or No thanks, confirm we are moving out on July 19?

Not a good idea if the latter, but might still be wriggle room.

If the former, there is nothing in law to stop you staying past 19 July and then giving notice, as per your contract. Yes, you might end up paying rent and mortgage for a month or so but a lot cheaper than emergency accommodation.

So, I'd suggest you sort out plan B now in case the purchase fails or there is a delay.

Noneforit999

Sounds like its just down to your solicitor doing any enquiries then if the searches are back and your mortgage offer is in.

Call you solicitor and ask if the enquires are satisfied. If so, ask them if approved contract has been received and can it be sent for you to sign.

One thing I have learned about solicitors is that unless you are on them regularly, they take things at their own (snails) pace.

TheJP

The enquires raised from the searches are usually the part of the process that takes the longest. Your solicitor raises questions they want answers to, their solicitors then compile this and send to the seller then it depends as to how long it takes for them to respond, then it takes further time for the solicitor to review and submit the responses, then your solicitor will review the responses and ask for any more queries etc etc. Until all enquiries are satisfied. Phew that was long.

I also wouldn't want to try and rush this part as its pretty important. This is the main diligence element, rush it and miss something could be costly when you go to sell in the future.

Noneforit999

TheJP said:

The enquires raised from the searches are usually the part of the process that takes the longest. Your solicitor raises questions they want answers to, their solicitors then compile this and send to the seller then it depends as to how long it takes for them to respond, then it takes further time for the solicitor to review and submit the responses, then your solicitor will review the responses and ask for any more queries etc etc. Until all enquiries are satisfied. Phew that was long.

I also wouldn't want to try and rush this part as its pretty important. This is the main diligence element, rush it and miss something could be costly when you go to sell in the future.

This is very true and if they need to raise more enquires based off responses to previous ones, it could drag on for weeks/months.

We are 5 months in now and our buyers solicitor has raised three sets of enquires over a 6 week period.

The last one was asking to retain £200 at completion in case the buyer needed to pay management fees due by us after we move out. My response was along the lines of 'They can have the £200 and the shirt off my back if it speeds this process up'.