How long until completion of my mortgage?

jmre22

I’m not sure how long the process takes but here is where I’m at:

I’ve received a mortgage offer and I’m about to accept it this week. Me and my partner are using a HTB and LISA ISA to pay the deposit. Our solicitors have already obtained the necessary property searches/conveyancing searches and all came back okay. 

The seller of the property we are buying has found a property to buy which is recently renovated and empty, and there is no forward chain, so once they have received the funds from the sale they can move straight in.

So once we accept our mortgage offer, we sort our deposit with the solicitors, then what?
how long will this all take typically? Our tenancy ends in January. The sellers are ready to move out whenever and we are too.

ACG

Have your solicitor issued enquiries and received replies? 

You need to ask your solicitor really. They can give you the best answer. 

jmre22

ACG said:

Have your solicitor issued enquiries and received replies? 

You need to ask your solicitor really. They can give you the best answer. 

What sort of enquiries? My solicitor has been in contact with the sellers solicitors already, my solicitor is hesitant and not willing to give a timeframe as ‘anything can happen’

ACG

Enquiries are things like when was the boiler last serviced, electrics, have any replacement windows got fensa certificates - if not is there an indemnity policy, has there been any subsidence, any japanese knotweed etc etc. 

What is included int he sale - this includes things like radiators, carpets, curtains etc. 

You will get a pack with all of this stuff in, you need to review it before you can exchange/complete. 

jmre22

The seller has already made a list of what’s going to be left at the property so I assume these enquiries have been made.
once I accept the mortgage offer, close my HTB isa, what else is left for me to do or is it then all in the hands of the solicitors? If so what’s the timeframe for this?
thanks

ACG

I think you only close the HTB ISA when the solicitor tells you (I could be wrong on that, I dont really do HTB). 
It can take anywhere from a week to a month, it really depends on what crops up in the searches and enquiries and how long it takes the other side to answer and your solicitor to deal with it. 

Who is your offer with? Most lenders you do not need to formally accept the offer. If you complete they assume you have accepted it. 

I appreciate you are eager, but the solicitors need to do their job as they do not just work for you, they work for the lender. If they miss something you will no doubt (and understandably) be the first one make a complaint to them. They are right though, anything can happen.

Earlier this week I had a client pull out of a purchase due to the things that came up at the legal stage. It was a leasehold property so a little more can go wrong with those, but still. Maybe just ask them what best case scenario is if everything goes smoothly, but just accept that is best case scenario, it could be longer. 

housebuyer143

You haven't said when your offer was accepted? 

user1977

You're really asking a general house-buying question, so might be better on the house-buying board rather than here.

1616six

I’ll be honest, if you’ve not had enquiries sent through from your conveyancer yet, you’re probably quite a way off yet. Even once they confirm the enquiries they are sending to the vendors solicitor this can take anything from a couple of weeks to a few months back and forward.

We had our mortgage offer arrive by post on the 4th August and we are due to complete 8th December. 

It really is a how long is a piece of string question though, it can and will vary in every case.

k28x

Hello all, wondering if anyone can help me out at all…

does anyone know if you can speed up the process of getting your mortgage offer, we have had a lot of back and forth and the seller has asked for the property to be put back on the market which has obviously caused us extreme stress and upset

Thank you in advance

Sncjw

jmre22 said:

I’m not sure how long the process takes but here is where I’m at:

I’ve received a mortgage offer and I’m about to accept it this week. Me and my partner are using a HTB and LISA ISA to pay the deposit. Our solicitors have already obtained the necessary property searches/conveyancing searches and all came back okay. 

The seller of the property we are buying has found a property to buy which is recently renovated and empty, and there is no forward chain, so once they have received the funds from the sale they can move straight in.

So once we accept our mortgage offer, we sort our deposit with the solicitors, then what?
how long will this all take typically? Our tenancy ends in January. The sellers are ready to move out whenever and we are too.

Is the help to buy the one where you get 25 percent back from the government if so when I bought my house I thought I could use it towards deposit but you need to pay the deposit and complete on the sale before the solicitor applya for the funds from the government and they will ask for that after you complete.