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House buying timeline for dummies - help appreciated!

(7 Posts)
likeaboss Wed 26-Feb-14 19:58:43

Message withdrawn at poster's request.

orangepudding Wed 26-Feb-14 20:06:30

Congratulations on getting your offer accepted!

I got a mortgage through Nationwide. They arranged a surveyor to do the valuation survey, we took the option to upgrade it to a homebuyers report. We could have got a building survey through them if we wanted. May be worth seeing if your mortgage company do the same as it's one less thing to arrange.

I would arrange another visit after you have received the survey report. We got it by email within 2 days I think.

likeaboss Wed 26-Feb-14 21:37:32

Message withdrawn at poster's request.

Seabright Thu 27-Feb-14 00:27:09

Definately get a Home Buyers Report, not a valuation. Will give you 50 times the amount of info.

The timescale I usually give my clients, is to expect to be in 3 months after having an offer accepted. TBH, it's usually less than this, but if you have a long chain or some pain-in-the-arse other party in the chain, 3 months would be about right.

SwimmingMom Sun 02-Mar-14 18:36:42

Hi there, in the same boat as likeapudding. We've opted for homebuyers report.

We are FTB & the seller has no chain. When do we expect to complete? Mortgage advisor says hold 6 weeks to exchanging (from start of application ie tomorrow).

Are the dates to exchange & complete agreed at the time of offer or is this done further down the line?

vj32 Sun 02-Mar-14 19:53:28

How long to exchange is a bit of a how long is a piece of string question.

We were FTB with no chain and completed in 6 weeks. We exchanged and completed on the same day to avoid paying an extra months rent on the place we were in. I strongly recommend not doing this! (It made the whole thing very rushed and meant that we didn't follow up on some questions eg the condition of the boiler which later proved quite expensive.)

Depending on how long searches take to come back and how busy your solicitor is and the other solicitor is, 2 months till exchange is realistic. When you exchange you agree a date to complete, usually a week or two later. That gives you time to arrange removals if you need them, to get mail redirected, switch your utilities etc.

Madmog Sun 02-Mar-14 20:08:14

It can vary greatly how long it takes to complete.

We sold our flat to a FBT and it took nearly 11 weeks. We lost our ongoing purchase just before exchange, so became chain free and put another offer in on something else stating that we thought about completing in 6-8 weeks, but would pull our finger out if they wanted it quicker - they didn't and delayed paperwork being sent out - initial papers came from their solicitor after we had our mortgage offer, and it took 16 weeks to complete.

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