setTimeOut AFTER jQuery form submit

Here is the deal: I have a form, that takes quite some time to submit, because I'm waiting for some third party web services. So what I'm trying to achieve is, that after the submit button is clicked, it gets disabled, is assigned a special class and if it takes more than 5 seconds to submit the form, a notice is displayed.

I've came up with this:

$('#register_index_button').click(function(){
$(this).addClass('bt_button_loader');
$(this).val('Please wait');
$(this).attr('disabled', 'disabled');
$('#register_index_form').submit();

//it takes more than 5 seconds, display notice
setTimeout(function() {
    $('#notice').html('Still waiting ...');
}, 5000);
});

Everything works fine, except the timeout function. I guess after I submit the form with jQuery, everything else after that is ignored?

Thank you for your help!