does anyone know the process of buying a house?

Question

hi,iv just put an offer in on a house to buy,does anyone no what happens next? how long does it take to go through and when will i be able to have acess of the remaining money from the mortgage,(the house is cheaper then my full mortgage so i have 20,000 left to spend on the house)there is no upward chain,so how soon will i be able to live there.my mortgage people are not telling me much. id be greatful of any help.

Answer 1

it normally takes around 4 to 6 weeks.. part of that is to allow loal authority searches to be done (things like planning permissions, proposed development in the area,mining subsidence, brine searches and the like).. that can take 2 weeks or more depenidng on how inept your local authority is. Yous used to have to wait for the deeds to be retrieved from land registry and then make what ever changes are required, these days its electronic so it takes slightly less time. gettign a survey doen could be a slight delay. in any event its important that you respond to any correspondance from any party promptly.. you cant make them woirk faster.. but you can avoid them using you as an excuse for delays

you then have to allow some time for the mortgage arranger to pull their finger out

strictly speaking it could be less than that... if you are happy with the boundaries (ie they are well established over a long period of time), your solicitor is quick off the mark on the searches then the deal can quickly proceed. Im not surprised that your mortgage company is in the dark... if they have processed all they need to , and are ready to act when required (in this case it sounds like a letter authorising the removal of the charge on your current property and transferring it to the new property. So it could be done pretty quickly

Once
...the searches are in,
...the deeds have been examined / title proved,
...mortgage lender is happy with the survey,
.......they deal can proceed virtually immediately. Once its done then the contract can be completed... Lawyers normally try to push for this on a Friday whihc can be an issue (especailly if they are waiting for cash to be TT'd to them fridays arent good days for TT'ing money large amiounts get prioritised.

you will get access to the proceeds from the house when the sale completes and all disbursements have been paid (eg lawyers fees), and that should be released to you imeediately by the lawyer acting on your behalf.. you could have it sent by cheque, or if the amoun is large enough consider having TT's / transfered electronically.

Answer 2

Ok. The estate agents will ask you the name and address of the solicitors acting on your behalf. They will then send a Memorandum of Sale to them confirming the price and the purchaser's name etc. Your solicitors should write to you with a quotation of their fees for acting on your behalf and a client care letter. At this stage, they may ask you for a cheque to cover the Local and Water Search fees which have to be carried out as a condition of your mortgage. Meanwhile, your lender will be carrying out a survey on the property and it won't be until they have done this, and they are satisfied with the property and you have provided them with all the information they require, that they will issue the mortgage offer. One copy of this will go to your solicitor. It is then that your solicitor can start discussing exchange of Contracts and completion dates. Exchange of Contracts means that when you have exchanged contracts with your seller's solicitors, you are legally bound to purchase the property as well as the seller being legally bound to sell the property to you. A completion date will also have been agreed when you do this. Your solicitor will then request your mortgage monies from your lender in readiness for your completion day. On the day in question, as soon as your seller's solicitors have received the purchase monies, they will call the estate agents who will release the keys to the property to you and then you can move in. Your solicitor will send to you by cheque or telegraphic transfer (upon request) the remaining net balance due to you on completion. I hope this answers your question and good luck!

Answer 3

It depend in what country you are.
Where I live it is standard to wait three months before the property registeres onto your name. If the bond people don't give you updates ask the attorneys handeling the paperwork or the estate agent - I know I can't help you very much but as an state agent inf South Africa we keep the client updated every step off the way - it is your right to know the process of the transfer - your paying for it!

Answer 4

Assuming you are in the US...

Next, you will need to run naked on the street where the property is located, singing your favorite Madonna song at the top of your lungs. After that, it is customary to give the first ten people you see keys to a brand new car. Sound crazy? To avoid following advice like this, your next step should be to go to the HUD website, www.hud.gov, and read everything there about purchasing a home. The information is easy to read, complete, and correct. Even if it doesn't pinpoint everything you need to know for your specific transaction, it will give you the foundation necessary to know what questions to ask.

Best of luck!

Answer 5

Your Buyer Agent should be helping you with this. This really isn't the place for advise that is so dependant upon circumstances. I really hope you are not using the seller's agent. A Buyer Agent costs you nothing and gets you the advice and protection you need. Go to REBAC.com for an agent near you.

Answer 6

I'm interested in this one as my husband and I have just had an offer accepted so are in the process now also with no chain at all! Good luck!

Answer 7

4 to 12 weeks.

Answer 8

IT ALL DEPENDS ON HOW QUICK YOUR APPLICATION IS PROCESSED. IT COULD BE DONE IN A MONTH .KEEP ON AT THE SOLICITORS AND MORTGAGE BROKER,THEN THEY WILL DO THINGS A BIT FASTER.