Timeline from offer to drawing down

Miss Informed

Hi folks,

Can someone offer me some guidance on the approximate timeline between making an offer on a house and the day that the mortgage is actually drawn down? Second hand property, seller is keen to move as fast as possible and we are first time buyers. We are hoping it takes a few months, but I have no idea of the timelines. Backstory below if anyone is interested in why I'm asking!

My partner and I finally received our mortgage approval in principle in March.... and a week later I was made an offer for a new job that I couldn't refuse, so now I'm on probation again! Fortunately it's just a 6 month probationary period, and I'm a month in already, so just 5 months left as of this week.

We have been looking at daft every day for the last 6 months and haven't seen anything we love until now - a property was put up on Thursday and they offered us a viewing today, our first ever! Fell in love with the property, and the estate agent urged us to make an offer today if we are interested because it will sell fast but we obviously didn't want to make an offer not knowing if qe'll be able to deliver within the required time frame, so we didn't. I have no idea if it's realistic for us to be able to buy, considering that it'll be a few months before we can draw down. I suppose there's a possibility that my probation might get signed off early but it's a bit too early to be asking!

Any and all input appreciated!

dev_ire

Offer means nothing I assume you mean sale agreed? Houses go up sometimes with sellers that never really wanted to sell or take them off the market for no reason etc so can't really say anything definitive on timeline from offer to keys.

14 weeks for me, should have been 10 weeks (original closing date) and really should have been 7 weeks really but a bit of messing back and forth with solicitors.

I have heard on average 4-10 weeks but depends on if there is chains etc and you are at the mercy of 2 sets of solicitors at least so depends. Two good solicitors both in same area as you and you line up survey, insurances and no issues with deeds/house/etc and everything the bank needs it should go smoothly and quickly.

Your problem may be 5 months probation left as AIP usually only last 6-12 months so you really would want to ring the bank to see when you would need to be sale agreed by / issue letter of offer on a property before it runs out / extends on a specific property for another x months.

Offers don't mean anything until sale agreed / actually sending booking deposit and even then refundable so feel free to put an offer if you have AIP. Don't fall in love with a house, it may set you up for heartache / bidding too much.

Spooch

Does your bank know you've changed jobs? Your might need to reapply if your circumstances have changed, your AIP might be no good?

Miss Informed

Spooch wrote: »

Does your bank know you've changed jobs? Your might need to reapply if your circumstances have changed, your AIP might be no good?

Oh, yeah absolutely - sorry, should have mentioned that. I told our mortgage consultant right away, she said it's no problem and not to worry about it. She just said that we won't be able to draw down until the probation period is done.

Thanks for your input!

Miss Informed

dev_ire wrote: »

Offer means nothing I assume you mean sale agreed? Houses go up sometimes with sellers that never really wanted to sell or take them off the market for no reason etc so can't really say anything definitive on timeline from offer to keys.

14 weeks for me, should have been 10 weeks (original closing date) and really should have been 7 weeks really but a bit of messing back and forth with solicitors.

I have heard on average 4-10 weeks but depends on if there is chains etc and you are at the mercy of 2 sets of solicitors at least so depends. Two good solicitors both in same area as you and you line up survey, insurances and no issues with deeds/house/etc and everything the bank needs it should go smoothly and quickly.

Your problem may be 5 months probation left as AIP usually only last 6-12 months so you really would want to ring the bank to see when you would need to be sale agreed by / issue letter of offer on a property before it runs out / extends on a specific property for another x months.

Offers don't mean anything until sale agreed / actually sending booking deposit and even then refundable so feel free to put an offer if you have AIP. Don't fall in love with a house, it may set you up for heartache / bidding too much.

Thanks for this, and good tip to keep on top of thr AIP expiration date. And yes you're right, I meant sale agreed, not offer. Newbie here getting basic terminology wrong!!!

Emma2019

The average time from sale agreed to keys is 5 months at the moment according to a recent irish times article

Geuze

Sale Agreed to Closing could be done in six weeks, in theory, if nothing goes wrong, and all parties are engaged 100%.

But six weeks is very unlikely in reality.

It's more likely to be 12 weeks.

Something always goes wrong / delays, etc.

The time can be divided into:

(1) Sale Agreed to Signing Contracts

(2) Signing Contract to Closing

I'm told by a sol that the time period (2) can, in theory, be reduced to the same day, as in closing occurs the same day as signing.

However, in my case, period (2) was one week.

Emma2019

In my case signing contracts to closing is expected to be about 4-6 weeks, but who knows!

Bervbers

If they want you to sign quick there's something wrong with house
Get it inspected

liam7831

In middle of house purchase at the moment mortgage took a month to draw down so will be 8 weeks in total from sale agreed to getting keys.
No one in their senses would wait five months for a buyer, after the 5 months probation it will be approx another 4 weeks so be approx 6 months.
Bank was very sticky with us double checking everything which slows the process considerably