How long does a mortgage take to complete

how long does a mortgage take to complete

Answers

Technically the purchase can be completed very very quickly,a Solicitor friend of mine bought one of his houses in two days.

But that is not the norm.I am assuming you will be obtaining a Mortgage on this purchase so some of the elapsed time will depend on the lender and to how quickly they can give you an offer of advance and issue solicitors instructions.

Presumably the lender will be in the process of obtaining the usual references which should not take long to get together,so hopefully have all they will need very shortly. In about 10 days time the valuers report should also be within their hands.

Assuming all is well the offer of advance can be issued together with solicitors instructions which will contain any specific conditions as indeed so will the offer to you.This should not take any longer

than about 14 days and if people co operate ,even quicker.

Once the paperwork is on the table it is common to have the completion date 28 days after the exchange of contracts,this can be reduced if all parties agree.So from here it looks like you should be ok.

Just make sure the solicitor is on the ball and has made the searches etc.

Apart from the "is there or not a mortgage "you do not say how long the lease will be,if the remaining lease is anywhere near 80 years, now is the time to have it extended,you say your daughter is the freeholder so she should be quite accommodating,a lease extension can increase the value of the property if not now certainly in the future on a resale.Its looking good unless you have anything else to add.

Source(s): Retired mortgage underwriter.

Source: uk.answers.yahoo.com

Category: Credit

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