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  • FIRST POST
    • happytails
    • By happytails 27th Jul 17, 5:20 PM
    • 1,506Posts
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    happytails
    The NEW waiting to exchange thread...
    • #1
    • 27th Jul 17, 5:20 PM
    The NEW waiting to exchange thread... 27th Jul 17 at 5:20 PM
    So the other thread has gone awol so thought i'd start a new one! It was keeping me sort of sane during the house buying/selling process!

    A place to document your timelines and discuss the triumphs and woes of moving house!




    My timeline -
    Offer received and accepted on our house 17/07
    Offer made and accepted on the house we want 17/07
    Solicitors Instructed 17/07
    Meeting with mortgage advisor, all docs given 18/07
    Mortgage application submitted to Nationwide 19/07
    Documents picked up and filled in from Solicitor 19/07
    Documents and ID returned to Solcitor 20/07
    Valuation booked 20/07
    Solicitor composes draft contract & starts local searches 25/07
    Valuation carried out 26/07
    Solicitor gave us our fixtures and fittings form for purchase and requested marriage certificate 26/07
    My buyers valuation carried out 27/07
    Mortgage offer given 27/07

    Sarah

    Official MoneySavingExpert.com Insert:

    Hi all! For more help with your move read our guide:

    50+ House Buying Tips
    Last edited by MSE Andrea; 06-10-2017 at 11:50 AM.
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
Page 2
    • Lurkingtoposting17
    • By Lurkingtoposting17 28th Jul 17, 9:34 PM
    • 79 Posts
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    Lurkingtoposting17
    I offered mid May, waiting to exchange ATM but had problems with forms and documents so waiting for new ones and enquiries from vendor solicitor at the moment. No chain so it's quite slow I suppose for what should be a simple purchase but the longer I'm a home the more I save...

    However I find the more I wait and the more queries I ask the more I wonder if I'm doing the right thing ... worries about property market, is the property right for me (single woman, ftb, buying a house... wondering if I'll regret the decision if I meet someone or what if I struggle to pay my bills or lose my job as it's just me doing it...)

    Does anyone else feel anxious constantly about their purchase or are you all excited and don't feel nervous at all? I really like the property and there's nothing similar within my budget... but I feel like I'm a crazy person at the moment and swing from this is the best idea ever to what the hell am I doing this for depending on the hour of the day ...
    • houndour
    • By houndour 29th Jul 17, 5:45 AM
    • 99 Posts
    • 97 Thanks
    houndour
    Lurking, yes! Although we haven't got ftb worries with the market, we have substantially increased our mortgage with this move, and I had the same this time with the process being dragged out more than deemed necessary and giving me too much time to think! Right up until the point the delivery men left I still felt anxious.

    But now I'm left here with a mountain of work to do, it's a step up, I've potentially sorted out driveway issues out (one of my worries). And all the worries have gone

    I think it's all perfectly normal.

    That's not to say financially things can go tits up in the future. You just don't know, do you? We've gone 5 years fixed, so hoping that will give us enough time to sort the house out, with no surprises on the mortgage. We fixed last time and got it wrong. It was a few months before the rates started going down!
    • betsycat
    • By betsycat 29th Jul 17, 10:11 AM
    • 96 Posts
    • 187 Thanks
    betsycat
    Does anybody know why the old thread disappeared?! What a shame!

    We're nine and a bit weeks in, searches back, mortgage offer sorted, survey done, FTB at the bottom of a small chain which has (apparently) been ready to go for a while.

    Our solicitor – who unfortunately left the firm yesterday, and was doing a great job! – has been tying up the list of queries, and yesterday our seller's EA told us a couple of potential completion dates towards the middle/end of August. Should be getting the contracts this week to sign.

    We're currently renting with 2 months notice to give (from a period beginning the 5th) so looks likely that we might complete before we can give notice, and will have to double up on rent/mortgage and bills for two months. Not feeling confident enough in those dates currently to give notice on 5th August – plus we want to be able to get out at least one of us out ASAP once we've handed in notice as we have fugitive cats (letting agent knows, but is turning a blind eye – we think because the previous tenant was a massive nuisance and absolutely trashed the place, and we've been here 4+ years, made the place/garden much nicer and caused no trouble. We know it's bad, but we had to move to London in a bit of a hurry due to jobs and places were getting snapped up without viewings! Getting carpets cleaned/fumigated when we leave, only damage is to our own furniture, etc etc)

    I expect this is the part where it all drags out a bit! But hopefully not, as most of our queries have been answered, and the chain almost broke before we offered as our vendor's previous buyer pulled out, so by this point everyone's pretty desperate to complete.
    • happytails
    • By happytails 29th Jul 17, 2:43 PM
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    happytails
    Well I've had a total poo 24 hours. Got a text yesterday from my purchaser saying her dad has looked at the survey and now she wants to knock £7000 off. I said no, said we could knock £1000 off and shes said she will think about it. The surveyor valued it at the same price as the offer she made/we accepted so I didnt want to knock any off but dont want to lose the sale. Also I cannot knock any more off as otherwise we cant move. So a bit stuck now. Hoping she carries on as we were due to exchange in a few weeks.

    My agent got us another viewer though for tomorrow who has an offer on her house so maybe a good back up.

    Very worried though, she knew it needed rendering and a new roof within 5-10 years. Survey said needs new electrics and new boiler despite them both being in good working order, new roof, render, guttering etc. Yes it is in need of updating exterior wise hence why we reduced it to a very good price to reflect this. Not what i was expecting to be thinking about this weekend. Its certainly put me off packing or planning now

    Sarah
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
    • LadyL2013
    • By LadyL2013 29th Jul 17, 3:26 PM
    • 147 Posts
    • 96 Thanks
    LadyL2013
    Still waiting in the searches. It's been a month now. Everything else has been done.
    • pollyannaL
    • By pollyannaL 29th Jul 17, 4:05 PM
    • 121 Posts
    • 77 Thanks
    pollyannaL
    @ Lurking - yes - this is exactly how I feel (also a FTB, single purchaser!). The first few days after offer/ accepted offer I was happy and excited. As time has passed, I worry that i have overpaid, that there is going to be something drastically wrong with the survey (arranged for next week). Also worried if i lose my job or become ill. I think all we can do is read a lot and get as much information as we can about planning for emergencies etc. I have spoken to friends and they all say they felt like this, and worried they had picked the wrong house! I had my perfect house in my head, and the house i am buying isn't it. I think i am reluctant to get too excited incase something goes wrong.
    Good luck!
    • sukavi2011
    • By sukavi2011 29th Jul 17, 4:40 PM
    • 47 Posts
    • 66 Thanks
    sukavi2011
    Lurking , I feel same, also a single buyer 2nd time in 30yrs so this may as well be first time as things have changed so much. I do worry about is it the right move etc but once in Im sure it will be fine fingers crossed. I will be paying a bit more on mortgage and worry about job etc, but I tell myself I would have same worry if stayed where I am paying mortgage. I am just waiting to exchange now so hoping for 4-6 weeks maybe. My buyers are ready & eager to get in and I know my vendor has no chain but solicitor told me they are just waiting to tie a couple things up, not sure what as all paperwork is done I believe, then we can exchange. Good luck all x x
    • hashtagyolo
    • By hashtagyolo 29th Jul 17, 5:00 PM
    • 18 Posts
    • 10 Thanks
    hashtagyolo
    Weird they removed the exchange thread but left the mortgage offer thread? o-o

    30/6/17: DIP given from Aldermore
    30/6/17: Offer accepted on property
    03/7/17: Mortgage Application accepted and survey paid for..
    11/7/17: Valuation Completed
    12/7/17: Call from Aldermore to confirm details..
    13/7/17: Mortgage offer issued!!
    13/7/17: Searches Paid
    27/7/17: Environmental search returned, No issues.
    • amateur house
    • By amateur house 29th Jul 17, 6:43 PM
    • 230 Posts
    • 201 Thanks
    amateur house
    Lurking & others, I am another one buying on my own and wondering if I am making a big mistake.

    The survey found a few things I had to get investigated, but the vendor isn't going to reduce the price. A house in the next street has just come on, and I'm wishing I'd waited instead of making an offer on the one I am buying

    I am worrying about a tree in the front garden of all things, even though I obviously knew it was there, it was only when the survey pointed out that it had the potential to affect the house that I started thinking worst case scenarios - what if it falls on to the house when it's windy
    • sukavi2011
    • By sukavi2011 29th Jul 17, 7:28 PM
    • 47 Posts
    • 66 Thanks
    sukavi2011
    amateur, you may possibly thinking too much into it. I think surveys show up every single potential threat that can cause probs. Its up to you if you want to let it worry you. My buyers queried fact I could be in flood risk area but in my 30yrs here there's been no flooding. They dont say it is affecting the house only the fact it could do, so could a tree in neighbouring properties or so many other things. You can drive yourself mad thinking worse of everything. Good luck xx
    • Lurkingtoposting17
    • By Lurkingtoposting17 29th Jul 17, 9:12 PM
    • 79 Posts
    • 88 Thanks
    Lurkingtoposting17
    Sukavi this is why my dad inspected the house and then told me he was happy with it (works in building trade) and said not to worry about getting a survey.

    Amateur I'm like you, worrying about everything! I wasn't worried at all. It's not my dream house but it's my first house and a good size and location and has potential.

    However the vendor filled in some forms wrong which meant I thought there were major issues with the house (cesspit) that apparently there isn't. Dealing with that has really knocked my confidence and makes me wonder if they are lying or if it was a genuine mistake.

    Makes me wonder if I should get a survey but at this stage I feel like it would make the vendor go ape!

    Then there's a right of way because it's an end of terrace that we are currently trying to get more details on, and the neighbours are selling so I have no clue who will be using that RoW when I move... in principle I have no issue with it but eurgh. What if I end up next door to horrible people!

    Basically if I can over think it, I am.

    And if one more so called friend sends me a daily mail article on property crashes I'm going to scream! ��
    • michael1234
    • By michael1234 29th Jul 17, 10:59 PM
    • 125 Posts
    • 50 Thanks
    michael1234
    We're also waiting to exchange......

    We're in a chain of three - ourselves, our vendor and our buyer. There are no mortgages involved and there will be no surveys of either our place or where we want to buy. I know its not the standard advice, but I've always thought surveys are a waste of money.
    However (!), both our vendor and buyer want to get to exchange within 21-28 days!!

    Our timeline so far is this:

    17 July: Instructed local solicitor, filled in forms and did the ID checks the same day
    26 July: Draft contract send to our buyer's solicitor. Why did they sit on it for so bloody long?
    27 July: Found out that the vendor's solicitor had sent the draft contract on the 17 July. "Most" searches are apparently back but not all. Draft contract send to buyer's solicitor. Questions to vendor's solicitor to be forwarded to us "tomorrow".
    28 July: Info around vendor's draft contract and questions supposed to be send to us. Nothing received.
    • goodwithsaving
    • By goodwithsaving 30th Jul 17, 1:15 AM
    • 646 Posts
    • 987 Thanks
    goodwithsaving
    I offered at the end of last month and am ready to exchange. I've had my mortgage offer, searches, survey etc. My buyer is almost ready to go as well.
    However.....my vendors haven't even applied for their mortgage despite telling me I needed to 'catchup' the chain (their previous buyer fell through). There is an issue with their online purchase which may well take 6 months to resolve (god bless the land registry).
    They could have had the decency to let me know before I spent any money. I am terrified that it'll take months and my buyer will pull out. For logistical reasons I need to be sold and moved ASAP (hence why I went for an already formed chain in the first place).

    I'm infuriated by the whole thing and finding it all so stressful :-(
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • Ronaldo Mconaldo
    • By Ronaldo Mconaldo 30th Jul 17, 6:32 AM
    • 4,951 Posts
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    Ronaldo Mconaldo
    Lurking & others, I am another one buying on my own and wondering if I am making a big mistake.

    The survey found a few things I had to get investigated, but the vendor isn't going to reduce the price. A house in the next street has just come on, and I'm wishing I'd waited instead of making an offer on the one I am buying

    I am worrying about a tree in the front garden of all things, even though I obviously knew it was there, it was only when the survey pointed out that it had the potential to affect the house that I started thinking worst case scenarios - what if it falls on to the house when it's windy
    Originally posted by amateur house
    Just get it cut down then. What's wrong with first time buyers? We have a couple, FTB, buying our house, hopefully, who seem to need their hand holding at every minor thing. Stick to renting if you're all so scared then you can have a landlord come running whenever the slightest problem arises. Maybe buying isn't for you.
    • Lauralou79
    • By Lauralou79 30th Jul 17, 7:14 AM
    • 105 Posts
    • 69 Thanks
    Lauralou79
    Not all first time buyers need hand holding. But at the same time it's a lot of money, time and stress especially when doing it for the first time.
    We didn't use a broker I researched everything beforehand and was confident we could do it ourselves. When the survey came back with some issues we didn't ask for reductions as it's an older house and needs maintaining. And we got the house for being FTB and in no chain, against higher offers.
    • goodwithsaving
    • By goodwithsaving 30th Jul 17, 10:25 AM
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    • 987 Thanks
    goodwithsaving
    Well I've had a total poo 24 hours. Got a text yesterday from my purchaser saying her dad has looked at the survey ............... Hoping she carries on as we were due to exchange in a few weeks.

    My agent got us another viewer though for tomorrow who has an offer on her house so maybe a good back up.

    Sarah
    Originally posted by happytails
    Why are you still accepting viewings when your buyer has had a survey and your house is sold STC?

    All; not all first time buyers scare easily but I do think experience of buying/selling a few places has taught me what to look for and I can now wander around a house knowing what things will cost to put right and how achievable they are. I'd hate to be a FTB again! I'm probably over-paying for the one I'm buying (if it all goes through) but I like the house and the area so for the sake of the £5k I'm possibly overpaying by, it really doesn't bother me.
    Last edited by goodwithsaving; 30-07-2017 at 10:30 AM.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
  • Land Registry
    I offered at the end of last month and am ready to exchange. I've had my mortgage offer, searches, survey etc. My buyer is almost ready to go as well.
    However.....my vendors haven't even applied for their mortgage despite telling me I needed to 'catchup' the chain (their previous buyer fell through). There is an issue with their online purchase which may well take 6 months to resolve (god bless the land registry).
    They could have had the decency to let me know before I spent any money. I am terrified that it'll take months and my buyer will pull out. For logistical reasons I need to be sold and moved ASAP (hence why I went for an already formed chain in the first place).

    I'm infuriated by the whole thing and finding it all so stressful :-(
    Originally posted by goodwithsaving
    Appreciate this is a waiting to exchange thread but as you blessed us I felt we should post

    We are not currently as fast as we or others woukd like and we can take several weeks and months in some cases to complete a registration.

    However where there is a linked transaction such as onward sale/purchase then the applicant can provide those details and ask us to expedite.

    If we do then the wait time for considering/processing the application is shortened dramatically to around 10 working days in most cases.

    That expedition essentially mean the 'online purchase' will be looked at much sooner than the 6 months you have quoted. Everything then depends on it being in order and if it can be completed at that point it will be.

    Two things to add though are what is an 'online purchase'? And 6 months is not the norm although it is a figure people do quote. I think it's what some conveyancers refer to but the current longest average timescale is 67 working days for a first registration. That is though an average so some will take longer but 6 months remains a rarity. And that is especially true where expedition is applied for and given.

    Just wanted to share to explain there are ways of shortening the process although you are reliant on others to achieve that for you
    Official Company Representative
    I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
    • goodwithsaving
    • By goodwithsaving 30th Jul 17, 11:32 AM
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    • 987 Thanks
    goodwithsaving

    Just wanted to share to explain there are ways of shortening the process although you are reliant on others to achieve that for you
    Originally posted by Land Registry
    THANK YOU! I'm very grateful to you for replying to my post and giving me more insight. I'm sincerely hoping it can be fast-tracked in that case. My mortgage offer isn't valid very long and due to health, it hasn't been an easy time. Does it matter that the property with the problem is at the top of the chain (holding up those below)?

    I appreciate you replying, thank you.

    ps. onward purchase not online. I made a sloppy typo......
    Last edited by goodwithsaving; 30-07-2017 at 11:36 AM.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
  • Land Registry
    THANK YOU! I'm very grateful to you for replying to my post and giving me more insight. I'm sincerely hoping it can be fast-tracked in that case. My mortgage offer isn't valid very long and due to health, it hasn't been an easy time. Does it matter that the property with the problem is at the top of the chain (holding up those below)?

    I appreciate you replying, thank you.

    ps. onward purchase not online. I made a sloppy typo......
    Originally posted by goodwithsaving
    The fact there is a chain should be sufficient so it's important to pass the message re expedition up or down that chain as appropriate.
    I should stress that there are lots of things to be put in place when buying/selling/mortgaging - you already appreciate this of course
    And that means that in some cases in a chain there are reasons why some may be quicker than others and for some expedition may not be something they are ready for or want e.g they are waiting for some additional item/details so know the registration can't be completed anyway

    If they've quoted 6 months I'm guessing either the property to be registered is a first registration or a new build. But the key here is if you don't ask you don't get as for the vast majority of buyer's the registration aspect comes at the very end and after they have moved in so time taken is not an issue.

    With a chain the emphasis is very different and the dependencies are much more intricate - if you can take some of the stress out if it by picking off some ofthe intricacies then I'm sure it will help
    Official Company Representative
    I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
    • happytails
    • By happytails 30th Jul 17, 5:04 PM
    • 1,506 Posts
    • 9,213 Thanks
    happytails
    Why are you still accepting viewings when your buyer has had a survey and your house is sold STC?
    Originally posted by goodwithsaving
    I, personally, wasn't. The EA haven't been accepting viewings bar this one that called after my buyer wobbled over the survey (The house isn't listed as under offer or sold STC on Rightmove or the board yet - not sure why). They advised me to take it. The viewers didn't show anyway (was supposed to be 4.30 today) and my potential buyer still hasn't made her mind up.

    I will be calling my solicitors in the morning to ask them to halt things (searches are being carried out atm) until we have an agreement. She wanted £7000 off, we said we would knock £1000 off. The survey valued the house at exactly what she is paying and we have no room to negotiate down further. It's been a very worrysome weekend.
    Sarah,

    Trying to move up the house ladder in 2017, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
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