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Whats the next step...

(12 Posts)
lulabelle Tue 07-Aug-07 15:55:33

...we put an offer in, sorted mortgage, valuation was done yesterday for the mortgage co, when do you think we will hear something? Or how long do you think until we get a completion date? This is a first buy so no idea what steps are and timeframe. Very impatient

nomdeplume Tue 07-Aug-07 15:56:53

you need to exchange first, before completion. Hard to give a time frame as it varies so much.

HectorsHouse Tue 07-Aug-07 15:57:32

if you're buying a house I hope you did a full survey and not just a valuation

from experience you just need to speak to your solicitors and tell them survey has been done and ask them to move things forward, then keep on top of them

HectorsHouse Tue 07-Aug-07 15:58:25

the quickest time frame is normally assumed to be 6 weeks .. normally there's 2 weeks between exchange and completion (read your solicitor's terms carefully they could charge extra for reducing that time frame)

LIZS Tue 07-Aug-07 16:00:36

What about whoever you are buying from , are they in a chain working with others' deadlines ? Mortgage offer could take a week or so plus legal paperwork to be doen ebfore exhcaneg maybe a month or so.

lulabelle Tue 07-Aug-07 16:01:13

our survey for structural things has been done already.

what will they be doing now then?

lulabelle Tue 07-Aug-07 16:01:26

our survey for structural things has been done already.

what will they be doing now then?

lulabelle Tue 07-Aug-07 16:02:10

there is no chain, we are first time buyers and the house is empty, the people we are buying from are builders and they have moved next door

nomdeplume Tue 07-Aug-07 16:04:56

Your lender will produce a letter detailing their findings during the valuation survey. It may take up to 7days. You may then have to forward it on to your solicitor (or the lender may send them a copy under separate cover).

LIZS Tue 07-Aug-07 16:59:29

Basically it take a while for the surveyor to complete the appropriate forms and forward this to the lender who then makes a formal offer of your proposed mortgage amount based upon the results. If the surveyor's valuation matches the purchase price , there should n't be any issue. Also the Royal Mail strikes may hold things up a bit.

Your solicitor will need to see and verify all the official paperwork for the property -Planning and Buildings Regs for example - Title Deeds, a list of any fixture and fittings included plus action local authority searches for any planning permissions, future developments or environmental/drainage issues which may affect the property and potentially its value.

Fimbo Tue 07-Aug-07 17:02:40

I have just exchanged on a new build (i.e. no chain) and it has taken 2 months to get to this point.

lulabelle Fri 10-Aug-07 13:35:21

Hi, our offer was made on 4th July, already had the mortgage agreed in principle. today we have had a copy of the valuation report, our own survey has already been done. Is it just my impatience, is this normal, I regret getting an intermediary involved as I have been chasing around myself! I just want to get out desperately of where I'am now.

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