Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Will chain wait for me to get my mortgage?

4 replies

dollyplumislotsoffun · 05/03/2015 09:07

Hi Smile
I'm a bit confused about the whole process to be honest.
We have to wait til near end of April for our mortgage to go through as need tax returns back. Our estate agent said this was a reasonable time frame and to put our house on the market and see how we go. The first view put in a good offer and we accepted (they really want it and I'm sure would be happy to wait a bit)
Yesterday we saw our dream house and also put in an offer! However I'm now wondering if we have jumped the gun and will people be unwilling to wait til our mortgage can go through? We have been credit checked by mortgage co which passed. We have mortgage advisor sorting that end.

Any thoughts ? Blush

OP posts:
Spickle · 05/03/2015 09:51

It should be fine, so long as some of the work can be sorted out before the end of April.

You need to instruct a solicitor to do the legal work and your buyer and your vendor/seller need to instruct theirs. Then the Estate Agent will send a sales memorandum to all parties so that the work can begin. Your solicitor will wait for draft contract papers to be sent from your vendor's solicitors and at the same time your solicitor will send draft contract papers to your buyer's solicitor. Draft contract papers consist of a draft contract, draft transfer, title deeds and plans, property information form, fixtures & fittings, leasehold information form (leasehold only) as well as other documents relating to the property, i.e. EPC, Fensa, NHBC, building regulations and planning permissions etc.

You need to provide ID to your solicitor - usually passport/driving licence and a couple of bank statements. If you can't physically visit your solicitor, the ID will have to be verified by certain professionals and then posted/scanned/emailed.

Your solicitors will advise you what searches you might need (check with your solicitor if you have to pay separately from his fees for these).

You may wish to get an independent survey (i.e. not just rely on the mortgage lender's valuation survey)

Then there will be a gap while everyone waits for all the paperwork to come in and be distributed. By the time everything is to hand and the solicitors can raise enquiries over anything in the paperwork which needs clarifying, you should have your mortgage offer.

greenbanana · 05/03/2015 09:58

Is there anyone else in the chain apart from your vendor and buyer? If it's shorter they'll be more likely to wait.

I think if you're upfront with everyone this is fine and they'll wait. Will it take until end of April for approval or is that when application goes in? 8 weeks from offer to exchange is not really that much.

Be completely upfront, give a realistic expectation of an exchange date now, and get everything else you need to do done in the meantime to make it easy once the mortgage is done. Keep everyone informed along the way so they don't worry.

bilbodog · 05/03/2015 14:21

just make sure your financial adviser regularly checks up on the mortgage offer to make sure you get it asap. Good idea to keep everyone informed and should be OK. Good luck!

dollyplumislotsoffun · 05/03/2015 17:22

Thank you so much fr taking the time to give some good replies, very helpful. I've taken your advice and told all involved the score and everyone seems fine about it, it is a short chain and looks like it will be smooth sailing hoprfully.
Thanks again Smile

OP posts:
New posts on this thread. Refresh page
Swipe left for the next trending thread