Offer to completion

Jazz1988

Hi all, we recently got our mortgage offer and literally clueless on how long roughly the next process takes. We’re first time buyers purchasing a house with no chain. The searches were ordered on Wednesday last week and the environmental search came back the next day, our local councils website states the local land charges search take around 5 working days. The draft contract is completed. 

Any idea what search takes the longest? Thank you in advance 😊

JustMe18

We've got our offer on the 8th of March, searches came back on the 4th of April, there are still few things to be sorted before we can exchange. I would say roughly process takes around 6-8 weeks. Depends on the area though. We are also buying a new build, but not first time buyers though.

kingstreet

This isn't a glib answer, but the most accurate one is "when everyone is ready."

When solicitors have everything in place, when you've paid your deposit, when all the paperwork is back and when a completion date is agreed you can exchange contracts. When the mortgage funds are drawndown, you can complete.

A good indication is when you are asked for and agree on a completion date. Without that, you can't exchange contracts. Typically, solicitors won't ask for this until they have all they need.

JustMe18

kingstreet said:

This isn't a glib answer, but the most accurate one is "when everyone is ready."

When solicitors have everything in place, when you've paid your deposit, when all the paperwork is back and when a completion date is agreed you can exchange contracts. When the mortgage funds are drawndown, you can complete.

A good indication is when you are asked for and agree on a completion date. Without that, you can't exchange contracts. Typically, solicitors won't ask for this until they have all they need.

In our case we won't have completion date, but will still exchange, as house is not built until July, but we have to exchange now.

kingstreet

JustMe18 said:

kingstreet said:

This isn't a glib answer, but the most accurate one is "when everyone is ready."

When solicitors have everything in place, when you've paid your deposit, when all the paperwork is back and when a completion date is agreed you can exchange contracts. When the mortgage funds are drawndown, you can complete.

A good indication is when you are asked for and agree on a completion date. Without that, you can't exchange contracts. Typically, solicitors won't ask for this until they have all they need.

In our case we won't have completion date, but will still exchange, as house is not built until July, but we have to exchange now.

Yes. You are buying a newbuild. Completion will be "on notice." My answer was for the OP who doesn't appear to be purchasing a newbuild.