can anyone tell me how long it should now take for me to complete / exchange?(41 Posts)
I have just had my mortgage issued (survey came back fine), solicitors have received contract from the seller (they didn't mention if it was still in draft form or not), they have had the questionnair about the property and fixtures and fittings form filled and returned by the seller, which I also have a copy of now.. they also have sent me a map of the property.. not entirely sure if that is the Title search?
I think they have to carry out all the searches now.. but i have no idea how long that takes normally.
As long as everything is ok.. does anyone have any idea how long i should now expect to complete/exchange? My solicitor is a bit difficult to get hold of...
That's according to the agent so really not sure if that's correct or not. I will double check with my solicitor.
Do remember that very few surveys will come back perfect and they tend to be over cautious so don't worry too much. What exactly have they said re problems?
The most urgent issue that requires attention was the electrics is out of date and the main fuse unit looks like it isn't capable of handling the needs of a family and the usual number of appliances.
One external wall is damp.
Woodworm evident in upstairs flooring.
The ceilings are mostly concealed by tiles or paper, but show evidence of cracks, and some of the textured coverings may have asbestos. I was intending to get all the walls/ceilings replastered anyway, but presence of asbestos might make that more difficult/costly
Due to the age of the property the chimneys, walls and ceilings have old type of plaster which loosens over time, there are loose areas of plaster. But again I was planning to replaster (not necessary knock existing plastering away but was planning to skim over if possible)
Those are the main issues, apart from that, there are a few loose roof tiles, and the a flat roof to an extension where the felt will probably need to be replaced as it's aged.
Will get quotes in and see if there's a need to renegotiate.
The solicitors should tell you if they are acting for buyer and vendor as it is potentially a conflict of interest. Same firm, different offices is ok but should have your explicit permission.
that's what I thought ILike, possible conflict of interest...will check this.
received a letter yesterday regarding firm representing both parties, and signed a form to say it's ok for me (hope it is ok)
Woodworm in upstairs flooring, a complete rewire and there is damp. If this is not at a bargain price and they are not prepared to haggle and come down on pricce run for the hills - that is thousands possible tens of thousands of pounds of work.
the surveyor valued it at the same as the market value that we're purchasing at (i.e. didn't go back to the mortgage lender and say that he thought it was worth less). Also according to the report, he reckons that these are problems that should be expected for a property of its age.. Nonetheless, it isnt a bargain price. It is a bit lower, but in my opinion that just reflects the updating that is needed to the decor, not all this additional major work that's cropped up.
Will definitely be looking at renegotiating
We had a lot of those issues listed in our property report.
Evidence of woodworm - evidence of current infestation or past, ours was the latter = already treated no work required.
Electrics need updating, advise further testing - wiring actually fine, spent £150ish updating the consumer unit only, wiring was fine
High damp reading - no evidence of damp anywhere, i've read that the meters they used aren't reliable.
Blown plaster - took me an age with hammer and chisel to remove area of plaster in preparation for inserting an rsj. Removed many layers of wallpaper but plaster intact in every room
that was our experience. so the survey might suggest things are worse than they actually are
just to update you - the searches have come back (so took around 2 weeks!!) and the solicitor is sending the report to me along with the mortgage offer report.. in terms of the state of teh house, we had electricians take a look, looks like the wiring is very out of date and will need redoing, although the quote we received wasn't as high as we'd expected.
Damp is being caused by a neighbour so have asked vendor to address that with neighbour.
Just waiting on the asbestos report now.. that might be the one that gets us.
Thanks for filling me in on your experience ILike. It gave me hope!
Our survey has turned out just to be the surveyors covering his bum too, and also incredibly vague so I called them to query every point!
After nothing happening for 4 weeks after our offer being accepted, this week our solictors received our mortgage offer, contract and some of the searches and a date for an exchange/completion has been set for 2 weeks time! Eek! All seems to be going a bit fast now....
Ooh exciting stuff Petty, has moved pretty quick for you! I was told 6 weeks initially for searches to come back.. but I guess that was the solicitor being overly cautious. I have ignored some of the stuff that our surveyor came back with... but things like asbestos.. if there's a chance of it, then for peace of mind we just need to get it looked at (and is costing us nearly £500 to get it checked
I didn't actually query the major points with the surveyor - in your experience you think this made a difference in how you proceeded? What kinds of things did your surveyor highlight that you later found to be just bum-covering and unlikely to actually be a major issue?
Apologies for the delay Nanabana
My survey took up less than half a page and included such insights as:
Rendering needs repair or replacing - I asked the surveryor if it was cracked or something? His response was maybe. My df (a builder) couldn't find any fault with it today.
Chimney stack needs repairing or replacing - might have plants growing out of it. Again, no evidence.
Damp in ground floor - washing machine has previously leaked
Cause for concern of over electrics/central heating - surveyors hasn't seen (or asked for) installation certificates.ave
I only got the explanations because I phoned the surveyor (tip from another mner) otherwise it was very short and statement like.
There were no points that the surveyor raised that need attention. Its not making any difference how I proceed though as I already have a good price on the house.
Have they mentioned asbestos because the house has artex? I believe this is only an issue if a) the artex is pre 1985 and b) you disturb it by drilling or sanding etc...
Ages - well that is what it feels like. We were in a chain and the person at the bottom was a buy to let investor and a complete wanker. He moved the exchange date 3 times and then didn't draw down the money for completion...We ended up exchanging and completing within the week and packing was a nightmare. Our Solicitor and our sellers Estate Agents seemed to be the only people with any idea what was happening. Regarding searches we ignored ours (am of the opinion that as long as the walls aren't falling down we are OK) and our buyers had an extra report done as the house we are selling is Victorian and the report was filled with ifs and buts. Basically they paid to have extra damp/timber surveys done which didn't show up any damp/rot/woodworm etc.....
Petty, I got a homebuyers report.. not sure if it is the same as the survey you had done but the report was pretty bulky and gave a fair bit of description.. it gave 3 ratings,anything given a middle rating highlighted if/but/possibly type problems.. and i got a lot of those!
The house is victorian and yes it's got artex done pre 1985.. we are planning to gut the place out therefore if there is asbestos then we'd need to know about it. Should be receiving results tomorrow.. fingers crossed.
I have ignored a lot of the possible problems that the survey threw up and am hoping for the best!
Ive signed off the searches, signed off the mortgage deed thing... now just waiting for contract to be finalised before setting date for exchanging! Just hope the asbestos thing doesn't hold us back.
Mrsdp123, that buy to letter sounds like a right PITA. We've been told that our seller is bvuying a place that is already empty, and we aren't selling.. but with these thigns there is always a chance of something goiong wrong. Oh and we were told for ages that the house wasn't on a water meter... but when I got the searches back it turns out it is on a meter.. wasn't pleased but can't really do much about it.
my report only listed "urgent" items aparently. it was only a basic survey for valuation purposes.
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