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Old 25 Sep 20, 11:03 PM  
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gemma-lou
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Help me understand the last bit of Buying our first home

So we found a shared ownership house. Submitted application and did the affordability assessment.

Got offered the house once we had a MIP and then COVID hit.

First mortgage fell through as they no longer accepted self employment so we went with Santandar. We had to go from 7% deposit to 15 % deposit To secure it and the solicitors are under instruction.

We waited 5 weeks for Santander to send us an offer where solicitor was messageing and phoning for continuous updates as he was having the housing association solicitor asking for updates.

We spoke with him yesterday to see where we are at and he said he is drawing up a 14 page document which having just completed a house the same as ours in the next street over, he can use most of the answered questions From their application.

He said something about 2 weeks (hubby didn’t understand and he was the one who phoned him) From going through the documents With us to completion. Can you sign contracts and complete on the same day? Does completion mean collect the keys? We haven’t agreed on a completion date yet and kind of feel it’s all a mess and not straight forward as it should be. His excuse is he is busy since stamp duty was axed.
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Old 25 Sep 20, 11:59 PM  
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I don’t know anything about shared ownership purchases but can give more general answers to your questions.

So yes you can exchange (sign contracts) and complete on the same day, but it is pretty unusual.

Completion doesn’t just mean that is when you collect the keys, the main thing that happens on completion is that the bulk of the funds are transferred that day. It is important that you are clear on when completion date is to be as you need to have your funds ready to go. But yes, getting the keys should occur on completion day.
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Old 26 Sep 20, 06:58 AM  
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hideinpockets
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Exchange (when the contracts are exchanged) and completion (transfer of funds, complete transaction) can happen on the same day. When we bought our first house which was a new build we exchanged and completed on the same day but the two houses after that we usually complete a week after exchange which seems more normal. (And it’s usually a Friday although not always).

Have you had things like searches / surveys etc . Done? If you haven’t received your searches back or organised a survey (if you are having one) then I would push back on the solicitor. You don’t need to rush in if there are still things you need to check out about the property.
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Old 26 Sep 20, 07:34 AM  
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Ds4ljs
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We have always exchanged and completed on the same day... we are currently selling and will do it again. Our buyers are raising a small mortgage but the companies are swamped...

Edited at 07:35 AM.
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Old 26 Sep 20, 07:37 AM  
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mandevillepete
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I suspect that the 14 page document will be your Purchase Report. The solicitor will report to you on the search results , planning documents and replies to the enquiries he/she has raised. Once you have read the report and are happy that you wish to proceed you will probably be asked to sign the Purchase Contract and return this to the solicitor in readiness for exchange of contracts. You will also be asked to send your solicitor the 10% deposit. It is important to know that just by signing the contract you are not yet committing yourself to the purchase and your solicitor should contact you before exchanging. Once contracts are exchanged all parties are committed to the transaction and the completion date. Although it is possible to exchange and complete on the same day, as you are getting a mortgage it is easier to have at least a week between. Your solicitor will have to check with your lender the minimum notice they require to release the mortgage advance to them. Between exchange and completion your solicitor will prepare a completion statement showing how much you will need to send to them to complete. This will detail all payments in from you, including the deposit you paid and also the mortgage advance from your lender and all sums paid out/to be paid out ie stamp duty and Land Registry fees. You will need to send the
Balance due from you to your solicitor at least one day before the completion date. You will also need to sign your mortgage Deed before completion as unless your solicitor is holding this on the completion date he/she will not be able to complete the purchase. Hope this helps
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Old 26 Sep 20, 07:39 AM  
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Completion and exchange are often simultaneous these covid days - its how I sold a house earlier this year during lockdown and how we are proceeding with another one at the moment. During uncertainly about lockdowns and restriction it makes the contractual side much smoother if both happen at same time but you have to have your ducks an row to get everything set (easy for me as I am a planner by nature) -
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Old 26 Sep 20, 07:46 AM  
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Completion also means the house is now yours so you are responsible for all bills from this point. Insurance, gas, elec, etc. Your first mortgage payment will go out a week or two after this too.
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Old 26 Sep 20, 10:55 AM  
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My sister is buying a shared owner ship, they have just signed the mortgage contract yesterday, however they’re house isn’t due to be finished until November so won’t complete until then.

If it sat vacant ready to move in then once your completion date is agreed then you’ll probably get a date for the keys too!
My sister used an IFA for her mortgage so everything that end has been fairly seemless, just quite a bit of solicitor chasing as they are quite busy, seems she’s had to chase to get to the top of the pile!
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Old 26 Sep 20, 03:32 PM  
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gemma-lou
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Mandevillepete you are a star and have explained it perfectly.

He has had the searches back for a few weeks now and just been sat on them waiting for our motgage offer before proceeding with reading them. He says he can use alot of the information from someone who completed yesterday as their house is up the road from ours. The house has been sat ready for us since February lol measured for curtains and carpets yesterday. Cant wait to move in
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