Buying / Selling Legal process - are we doing ok ?

MadMonkey

Just wanted to check that things were on track with it all.

We are now 9 days post offers accepted - all offers in the chain were accepted on the same day.

Day 1 - offers accepted - solicitors instructed. Mortgage confirmed and application done in full. Valuation paid for.

Day 2 - Memorandum received from EA for our sale. Searches paid for.

Day 3 - We signed the formal offer at the sellers EA.

Day 4 / 5 - nothing

Day 6 - SPIF form received.

Day 7 - day of rest:rotfl:

Day 8 - Spif form returned to solicitor

Day 9 - Sellers solcitors faxed plan to my solicitor to enable searches to go ahead. The 2 surveys in the chain were carried out.

So are we up to speed ? Moving slowly ? Moving fast ?

The bottom of the chain are pushing for fast completion due to re-location. There are 4 people in the chain.

1) FTB with mortgage in place - survey done today

2) Cash buyers - no mortgage - no survey.

3) Mortgage in place, survey done.

4) Cash buyer no survey moving into an empty property with no further chain.

If everyone in the chain keeps pushing as they are doing any idea on how soon to exchange ?

I know this is very much "how long is a piece of string" post but was just wondering how things are progressing compared to others experiences ?

The searches are pretty certain not to throw any spanners into the works as all the houses are within estates so no open ground where a satanic worship cult may be built in the next year or anything:p - having said that are there any things the searches may produce ? Surveys should also be ok as they are just valuation surveys.

Doozergirl

You are doing very good with your purchase. That means nothing in terms of when you will eventually exchange. Has your buyer's valuation survey been booked yet?

I wouldn't expect things to run too smoothly in a chain of four. Don't expect anything less than three months and try not to expect anything at all (entirely impossible, I know ) but you'll be happier if you don't expect; just try to keep thigns ticking over.

MadMonkey

Hi - our buyers are not having a survey.

There are only 2 in the chain having surveys and both are done.

Biggie

Appears you moving quite quickly.

I exchanged on a chain of 4 last week. I was the last to chain the end of the chain.

it took around 10 weeks one of the major delays was I found out the house i'm purchasing had been underpinned.

You just never know whats going to happen and nothing is a done deal until exchange.

Jack_Frost_2

I'm at the same stage within pretty much the same timescale, as you MadMonkey. My buyers are first time buyers and I'm moving in with partner so no chain. So I too would be interested to know how long this piece of string is!

Richard_Webster

"Mortgage in place" - Does this mean a formal offer or just that the lender has confirmed that if Mr X can prove he is earning £ZZ,ZZZ per year lender will give him a mortgage? Usually have to wait for formal offer whihc typicallly takes about 3 weeks from application.

Also, as suggested, it isn't the searches that normally cause the problems (but we have to have them, at least the most important ones) but points like no FENSA certificates for double glazing, no consent for a conservatory under some covenants, etc, etc.

If there is a flat in the chain, then there may be a delay getting information from managing agents. It could go a bit like this:

Buyer's solicitor sends questionnaire to seller's solicitor, who sends it on to managing agent. Managing agent writes back saying its standard charge for this s £150 plus VAT. Seller's solicitor contacts client and asks for £150 plus VAT. Client moans about this and doesn't see why he has to pay. Seller's solicitor goes back and says that if he wants the sale to go ahead he had better pay it. Eventually cheque received and money sent to managing agents and then a week or so after that they reply and that is sent on to buyer's solcitors.

Obviously if there's no flat in the chain then that kind of hassle could be avoided.

dweeby

Jack_Frost wrote: »

I'm at the same stage within pretty much the same timescale, as you MadMonkey. My buyers are first time buyers and I'm moving in with partner so no chain. So I too would be interested to know how long this piece of string is!

Me too!

Just received the list of included fixtures and fittings last night, only to find that the seller is taking all the curtains (but leaving all the carpets)! More expense.

We're living in rented, and the people in "our" house are going to an empty house - 3 of us (but only 2 properties) in the chain.

Our mortgage is approved for affordability (or whatever they call it), and all the forms are in. Our valuation hasn't happened yet, so I guess that's probably our next stage. We wait for the post with bated breath every day!

otter1_2

I belong to this little class group too. It will be interesting to see how we all get on - perhaps a race to the finish?

I expect to return home to some documentation from the solicitor in today's post and the formal mortgage application was submitted last Tuesday. No valuation yet either.

Ours hardly constitutes a chain - there's us as FTBs and the vendors selling a vacant property. It is a flat rather than a house though, so this may cause its own delays.

dweeby

otter1 wrote: »

I belong to this little class group too.

If any of you guys who are at the same stage as us are interested (MadMonkey, Jack Frost and otter1), drop me a pm and I'll send you my email address. We could compare notes as the process progresses. Don't know about you, but I don't fully understand everything that happens or the timescales. Being in communication with other people doing the same thing at the same time would be interesting, and possibly useful.

Ours:
offer accepted 28/1/08
solicitor instructed 28/1/08
mortgage 'affordability' confirmed 29/1/08
contracts returned to solicitor 30/1/08
mortgage forms returned 31/1/08 (First Direct 4.99%, 5yrs)
received planning permission copies, fixtures & fittings list 5/2/08
etc.

So we're also 9 days into it all...

MadMonkey

Thanks for the replies peeps:beer:

Day 10 - the contract has been sent to our buyer. The plan has (hopefully) been faxed from our sellers sols to our sols so the searches can begin.

There are no flats involved which is good as they sound a nightmare !!

We have restrictions on our deed but we have the permission letters.

AFAIK there is no Fensa certs as there is no installationsafter the date needed.

Apparatly searches are comng back quite quickly at the moment.

dweeby

Impatient, so I just called First Direct to see how the mortgage application was going (they received everything on 1/2/08). Just been told that the mortgage "agreement in principle" is nearly completed, and that they'll value the house once that is done.

Presumably "agreement in principle" means we (the people) have checked out, so the next stage would be the valuation of the house we want to buy?

What's the mortgage process? something like:

All details discussed, affordability etc agreed.
Mortgage application (+ supporting documentation) sent in.
"agreement in principle" - for the borrowers(?).
Property valuation.
Mortgage offer.
Release of money on completion.

Or have I missed something??

Can exchange happen after the mortgage offer is agreed?