How long does it take to complete missives on a house purchase? Ten years ago it was possible within five days, but in these risk-averse times, the reality is a minimum of six to eight weeks and sometimes as much as 10 weeks to complete missives, which basically puts the Scottish system on a par with England.
The problem stems from the mortgage process. “While buyers can get an agreement in principle from a mortgage lender, it can’t be converted to a mortgage offer until the buyer finds a house,” says conveyancing solicitor Karen Fulton, a partner with Harper Macleod’s Glasgow office. “Only then will a lender begin the process of making all the checks now legally required to comply with the new mortgage lending criteria.
“Using an intermediary such as a mortgage broker can help to push the process but basically there is nothing anyone can do until the lender is satisfied all the checks have been done.”
Source: heraldscotland