The nervous wait to exchange....

[~Divine~Wind~]

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…

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

 

[joelk2]

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?

 

[mattyfez]

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?

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.

 

[joelk2]

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.

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.

 

[koolpc]

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.

Throughout my 30 plus years of buying and selling houses the biggest issue has always been the solicitor!

 

[ChrisD.]

I’m not in a chain

As in, you don't have a house to sell?

 

[b0rn2sk8]

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.]

cooperative solicitor on both sides

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.

 

[mattyfez]

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.

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.

 

[ChrisD.]

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.

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.

 

[dlockers]

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.

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).

 

[ChrisD.]

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.

 

[joelk2]

As in, you don't have a house to sell?

i dont have a house to sell no, im renting.

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.

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.

 

[jonneymendoza]

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.

Ned to get you're flooring done and booked asap as decent builders are fully booked for 2-3 months

 

[joelk2]

Ned to get you're flooring done and booked asap as decent builders are fully booked for 2-3 months

Yeah that’s what I was thinking but then on the other hand I need my completion date to book them.

This weekend I’ll go around some places though.

 

[Itchytrigg]

And we’re finally completed! Just waiting on the call to say we can get the keys. Knackered already just with dismantling the kids beds and furniture!!

 

[jonneymendoza]

And we’re finally completed! Just waiting on the call to say we can get the keys. Knackered already just with dismantling the kids beds and furniture!!

GET IN!!!

 

[grudas]

And we’re finally completed! Just waiting on the call to say we can get the keys. Knackered already just with dismantling the kids beds and furniture!!

gratz man! I remember we both started at similar times..

 

[Itchytrigg]

gratz man! I remember we both started at similar times..

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.

 

[tamzzy]

Just got off the blower...completion date agreed pending money transfer from my LISA provider
Omg so close yet so far...