The mortgage offer arrives, and it feels like the finish line. It is not quite. Here is what happens next, who does what, and where the delays usually come from.
The offer
The lender has valued the property, checked your paperwork and is prepared to lend. Offers are typically valid for three to six months. Read it, and if anything on it looks wrong, tell us the same day.
The solicitor's work
Searches, enquiries to the seller's solicitor, the lease if it is a flat, and the report on title. This is the longest stretch and the one most out of your hands. Answering your solicitor's questions the day they arrive is the single biggest thing you can do to keep it moving.
Exchange
Contracts are swapped, the deposit is paid, and the completion date is fixed. From this point neither side can walk away without penalty. Buildings insurance needs to be in place from exchange, not completion; we arrange that alongside the mortgage.
Completion
The lender sends the money to your solicitor, who sends it to the seller's. Once it lands, the estate agent releases the keys. We ring you that morning, and again the week after, to make sure the first payment date and amount match what you expected.
