Contracts to be signed - whats next?

[ajk24]

Myself and my wife are signing contracts for purchase of our new home today - what are the next steps and how long should they take.

We have lodged the 10% deposit with our solicitor already and everything is in place with bank so is it just a matter of vendor signing and mortgage being drawn down?

 

[Bronte]

everything is in place with bank so is it just a matter of vendor signing and mortgage being drawn down?

If only life were that simple. Have you actually received a letter of offer from the bank? Or have your been told by the bank that they will lend to you?

 

[ajk24]

If only life were that simple. Have you actually received a letter of offer from the bank? Or have your been told by the bank that they will lend to you?

we have an offer letter - originally had one for up to our max borrowing limit and a subsequent one for the amount required. insurance/life cover and direct debit in place.

 

[Bronte]

You mentioned 'new' home, is if a brand new house? If yes, have you completed a snag list? I presume the banks valuer has looked at it? Has you solicitors queries to the vendor all been answered?