The nervous wait to exchange....

[Junglist]

After a dull few months of not feeling like much has changed we're starting to get excited again. We are booked in for a 'meet the builder' slot next Monday where I think a bloke just points at stuff "that's a door, this is a window and these are walls" and shows us that they're actually building a house out of materials.

Hoping we'll be moved in in the next few weeks. Then the fun arguments start when we pick furniture and more importantly, technology.

 

[jonnylaris]

Wouldn’t fret too much about that dude. 9 days here and our lender has just got back to our Mortgage advisor saying it’ll probs be another 6 working days!? Spoke with the estate agent and they’ve said not to worry as they know things are running very slowly currently and had advised the sellers when they accepted our offer not to expect quick turnarounds.

Just heard today that the valuation has been done by Danske. They got back on Friday with a few small questions regarding statements. Hoping to hear something this week!

 

[friddela]

We've had an offer accepted on a house and application has been submitted to the mortgage company. They've said there's a slightly longer lead time but we're not in a rush.

The estate agent is putting pressure on us to get a survey done as soon as possible as the sellers wants a quick sale. We're going to get a building survey due to an extension having been built. I want to wait until the mortgage is accepted just in case there's any issues. I dont think there will be but if our application gets rejected we would be out of pocket for the survey. Is this unreasonable?

Hopefully their urgency isn't related to a building problem. Believe its to do with the sellers personal circumstances.

 

[HungryHippos]

We've had an offer accepted on a house and application has been submitted to the mortgage company. They've said there's a slightly longer lead time but we're not in a rush.

The estate agent is putting pressure on us to get a survey done as soon as possible as the sellers wants a quick sale. We're going to get a building survey due to an extension having been built. I want to wait until the mortgage is accepted just in case there's any issues. I dont think there will be but if our application gets rejected we would be out of pocket for the survey. Is this unreasonable?

Hopefully their urgency isn't related to a building problem. Believe its to do with the sellers personal circumstances.

Isn't the survey carried out on behalf of the mortgage company for the application? Mine was as I recall. Could be well off the mark though, but fairly sure I paid for it with the mortgage application, had the level 2 survey done on mine as the house is reasonably new.

 

[friddela]

Isn't the survey carried out on behalf of the mortgage company for the application? Mine was as I recall. Could be well off the mark though, but fairly sure I paid for it with the mortgage application, had the level 2 survey done on mine as the house is reasonably new.

I know they do a valuation. Think when I bought my last house I paid separately for a survey but things could have changed. I'll wait for the mortgage company.

 

[HungryHippos]

I know they do a valuation. Think when I bought my last house I paid separately for a survey but things could have changed. I'll wait for the mortgage company.

The valuation is the min level survey they do, it's basically "yep this looks like it's worth the price being paid".

Almost positive you can up the survey level with the bank though and they will both charge you more, but also provide a better survey along with it.

Bank will always need a valuation though regardless, even if you get your own survey.

If you are getting your own survey done then you can always pencil one in for after the mortgage application has come back, but I agree I'd not want to pay for one until the mortgage application came back.

Edit - Oh before I forget, the banks just use a panel of qualified surveyors, as you're paying for valuation anyway you may find it cheaper to up the survey level directly with the bank, because you've got to pay them anyway.

 

[jonnylaris]

Yea, always do your own survey. Either home buyers survey if the house is relatively new (up to 15-20 years old or so), and full building survey if the house is older.

Prices are around £450 for a home buyers survey and around £700 for a full builders survey for a 4 bed detached.

 

[Dan_P]

Put an offer in on our first house (new build) after renting for 10 year last week. Offer has been accepted and mortgage agreement in principle has been approved too. Formal mortgage application has been submited so waiting for that to be approved i'm finding quite nerve-racking.

Solicitors appointed (paperwork to sign this week)
Help to buy application to do this weekend

Anything i should be aware of / forgotten etc?

Survey completed yesterday and mortgage approved today so i feel like a big weight of our shoulders. Solicitor is in hospital right now, but should be back at work Thursday where we need to negotiate changing our 5% exchange deposit to 2-3% and the remaining amount not to be paid until completion because it is tied up in a LISA which doesnt hit its 12 month release until completion.

 

[jonnylaris]

Survey completed yesterday and mortgage approved today so i feel like a big weight of our shoulders. Solicitor is in hospital right now, but should be back at work Thursday where we need to negotiate changing our 5% exchange deposit to 2-3% and the remaining amount not to be paid until completion because it is tied up in a LISA which doesnt hit its 12 month release until completion.

That's fast for mortgage approval, is this the norm? We just heard today that the bank has competed and is happy with their valuation.

 

[Dan_P]

That's fast for mortgage approval, is this the norm? We just heard today that the bank has competed and is happy with their valuation.

We applied on the 3rd and the valuation was requested on the 4th AM and completed 4th PM (desktop valuation as new build). Further information was requested on the 6th and approval was received today (12th). Don't know if thats normal or not though as this is our first mortgage.

 

[fastwunz]

Survey completed yesterday and mortgage approved today so i feel like a big weight of our shoulders. Solicitor is in hospital right now, but should be back at work Thursday where we need to negotiate changing our 5% exchange deposit to 2-3% and the remaining amount not to be paid until completion because it is tied up in a LISA which doesnt hit its 12 month release until completion.

no offence but 5% is already low. It should be 10%.

as a vendor I would be somewhat nervous to exchange on such a low amount of deposit.

unless I’ve miss understood you.

 

[Dan_P]

no offence but 5% is already low. It should be 10%.

as a vendor I would be somewhat nervous to exchange on such a low amount of deposit.

unless I’ve miss understood you.

I am using the help to buy scheme, 20% equity loan 5% us. I have proof we have the 5%, however, 2% of it is locked in an account we cant access (without paying a penalty) until December. So from the vendor's perspective, I think there is little risk. We are essentially only asking to delay the 2% payment for a 3/4 months.

 

[jonnylaris]

We applied on the 3rd and the valuation was requested on the 4th AM and completed 4th PM (desktop valuation as new build). Further information was requested on the 6th and approval was received today (12th). Don't know if thats normal or not though as this is our first mortgage.

Sorry I thought you meant the bank valuation was completed yesterday. I heard that the mortgage offer usually takes 2 days after valuation has been complete.

 

[sanaxe1]

Can somebody please let me know how long it takes for the property searches to come back? Coal , flood etc. It's been around 3 weeks and still not had them back , my solicitor seems rubbish tbh so I'm not sure if it's just them being slow or if actually does take this long.

 

[b0rn2sk8]

It shouldn’t take too much longer bud I’d expect the search companies have had a surge in demand and have a back log like the banks.

 

[Bug One]

Ours solicitors put our searches in really early - so ours came back ages ago. Our buyers solicitor waited till the very last moment until requesting them. Absolute PITA - has put a massive delay in the whole process. We're now over a month after the expected moving date still waiting for them.

 

[mid_gen]

Mine came back in two weeks. That was over six months ago now though and we're still not exchanged so don't hold your breath...

I've built my career on being someone that doesn't just go along with broken processes, I go and fix them and I don't care how many people tell me that this is the way it's always been done.

Being beholden to this objectively broken house buying process is kryptonite, it's driving me insane.

 

[Guitarcarfanatic]

Sold House 1 in April (after previous Jan sale fell through due to Covid). It's empty so looking to exchange/complete next week. House 2 went on the market a few weeks back...sold in a week for asking. We found a great house after missing out on a couple and offer accepted. Full speed ahead now...mortgage application made. Valuation Monday!

Mine went to a FTB so hoping their mortgage doesn't take ages...the people we are buying from are going into a new build (not estate - 2 house plot and already built) so nice and tidy.

 

[sanaxe1]

Thanks for the info guys. Does anyone know if there is anything I can get on to the solicitors to do while we are waiting for the searches to come back. We know they will be fine as it's only down the road from us and our friends recently moved to the same street. I just CBA with all the delays if there is another process we could be doing at the same time. Both us and the sellers are hoping to get it all completed in the next month but it's looking unlikely as everything is sooo slow.

 

[roge8014]

Can somebody please let me know how long it takes for the property searches to come back? Coal , flood etc. It's been around 3 weeks and still not had them back , my solicitor seems rubbish tbh so I'm not sure if it's just them being slow or if actually does take this long.

I paid for my searches last Tuesday evening, the Environmental search was emailed to me by around 10am the next day and the Mining search on Thursday lunchtime, still a few to go yet mind.