The nervous wait to exchange....

  • Thread starter Thread starter noj
  • Start date Start date
Irish_Tom said:
Yeah, that's the other thing — their mortgage offer at the old lower rate is now effectively a write-off.

So even if they find somewhere else (or their vendor has another change of heart), they're going to be paying more for the same house…
Click to expand...
aye this is our dilemma, were approaching exchange with a further buyer now.

mortgage ends at end of oct, can be extended eded to end of nov, then its byebye 1.99% and i expect theres a lot in a similar position. the original mortgage advisor giving bad information is why wete in this mess haha.

whilst the few k saved on the stamp duty would be welcomed by most i think the mortgage rate increase is eating them. simply changing it from a debt you need to pay now to a debt your paying later and quite possibly a far bigger debt!

as long as we get to exchnage before the suggested house prices dropping 10-30% we should be good haha
 
I’m pretty sure this is a how long is a piece of string question but thought I’d ask anyways.

I’m not in a chain
It’s a new build which is already built/completed etc.

How long roughly between mortgage offer and completion?
 
joelk2 said:
I’m pretty sure this is a how long is a piece of string question but thought I’d ask anyways.

I’m not in a chain
It’s a new build which is already built/completed etc.

How long roughly between mortgage offer and completion?
Click to expand...

In theory it could probably be done in 2 months or less..
But your relying on both sides conveyance solicitors acting straight away when either gets an update that the other has done 'thing x'.

Also the local searches... Your kinda beholden to the authorities that produce them to do it quickly even if they they are applied for in good time.
 
mattyfez said:
In theory it could probably be done in 2 months or less..
But your relying on both sides conveyance solicitors acting straight away when either gets an update that the other has done 'thing x'.

Also the local searches... Your kinda beholden to the authorities that produce them to do it quickly even if they they are applied for in good time.
Click to expand...
cool thanks.

my solicitor is on the ball and will sort out my stuff as soon as she gets it (she is a family member)

that answers my question perfectly anyway. was just looking for a rough estimate.
 
joelk2 said:
cool thanks.

my solicitor is on the ball and will sort out my stuff as soon as she gets it (she is a family member)

that answers my question perfectly anyway. was just looking for a rough estimate.
Click to expand...

Throughout my 30 plus years of buying and selling houses the biggest issue has always been the solicitor!
 
If you are buying an empty house, in theory it can be done in a month if you really want to. As others have said, it’s all down to having a cooperative solicitor on both sides and local authority that does their but quickly.
 
ChrisD. said:
This is what I'm confused about.

Is it a brand new house and OP is buying from a developer, and OP has no house? If so, it can be done in less than a month and there is only 1 solicitor, usually appointed by the developers.
Click to expand...

Not sure i'm 100% but both parties , buyer and seller can use the same solicitor, I don't think theres any rules against that, but as buyer you still need a solicitor, even if it's the same one, to ensure your not laundering money, stamp duty is correct, ensure the seller actualy owns the house and can legally sell it etc.

Having your own solicitor ensures no conflict of interest I guess is what I'm saying. As in they are working in your interests and not getting back handers from the developer.
 
Last edited:
mattyfez said:
Not sure i'm 100% but both parties , buyer and seller can use the same solicitor, I don't think theres any rules against that, but as buyer you still need a solicitor, even if it's the same one, to ensure your not laundering money, stamp duty is correct, ensure the seller actualy owns the house and can legally sell it etc.
Click to expand...
Usually the developer will pay the[eir] legals, or at least they did when I bought new, so it was faster just to use their solicitors.

I put my reservation down on the 4th of December and I got the keys on the 21st, this was in 2014 though.
 
Last edited:
ChrisD. said:
This is what I'm confused about.

Is it a brand new house and OP is buying from a developer, and OP has no house? If so, it can be done in less than a month and there is only 1 solicitor, usually appointed by the developers.
Click to expand...
My in-laws bought a new build 2 months ago and were forced to use the developers solicitor. I have a friend that has bought a few off plan to rent out too. Apparently in spite of this they are still just as garbage as the worst online provider you can find, so it doesn't expedite anything. In fact they are more closely aligned to the aims of the new build firm so you may even be subject to them cash shaping or deal making to hit certain accounting periods (could be for or against you).
 
Last edited by a moderator:
Yeah, it's coming back to me now. I also had to speak to their financial advisors, even though I had an AIP. I remember being quite irate about it at the time. I'm glad I did though, as I got a much better mortgage rate. :D
 
ChrisD. said:
As in, you don't have a house to sell?
Click to expand...
i dont have a house to sell no, im renting.

b0rn2sk8 said:
If you are buying an empty house, in theory it can be done in a month if you really want to. As others have said, it’s all down to having a cooperative solicitor on both sides and local authority that does their but quickly.
Click to expand...
completely empty house, it is fully complete though. some of the immediate neighbours are in already.


as mentioned my solicitor will be on the ball, so i guess its just down to their solicitors now.

its good to know it can be done pretty quick though. i need to look into some flooring companies pretty sharpish by the sounds of it though as ideally i dont want to move in and then have flooring fitted. ideally ill have the flooring fitted when i get the keys and then move in a few days after.

ive got some rough dimensions from the plans on the developers website, this should be enough to get some rough estimates i think. may have to go have a look around this weekend.
 
joelk2 said:
i dont have a house to sell no, im renting.


completely empty house, it is fully complete though. some of the immediate neighbours are in already.


as mentioned my solicitor will be on the ball, so i guess its just down to their solicitors now.

its good to know it can be done pretty quick though. i need to look into some flooring companies pretty sharpish by the sounds of it though as ideally i dont want to move in and then have flooring fitted. ideally ill have the flooring fitted when i get the keys and then move in a few days after.

ive got some rough dimensions from the plans on the developers website, this should be enough to get some rough estimates i think. may have to go have a look around this weekend.
Click to expand...
Ned to get you're flooring done and booked asap as decent builders are fully booked for 2-3 months
 
grudas said:
gratz man! I remember we both started at similar times..
Click to expand...
We did yeah, we just had a couple chain failures which is why it’s taken so long. We had 1 week left on our mortgage offer.

However…had to call to pick up the keys and we turn up to find them still moving out and I reckon they need another couple hours. We’re moving tomorrow so it’s not like I need to sit in and van and wait but stil had to drive back to our rental with a car full of boxes instead.
 
You must log in or register to reply here.
Back
Top Bottom