Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Mrs Z
    • By Mrs Z 31st Mar 14, 2:28 PM
    • 866Posts
    • 844Thanks
    Mrs Z
    Waiting to exchange - anyone want to join me?
    • #1
    • 31st Mar 14, 2:28 PM
    Waiting to exchange - anyone want to join me? 31st Mar 14 at 2:28 PM
    Well, we have now passed the 'mortgage application' and survey hurdle and searches are all done. As far as I know, our buyers should also have everything in order. We are now waiting for our seller to get to the same point as they found their house a fortnight after accepting the offer from us. It is nerve wrecking... anyone want to join me????!!!
Page 464
    • Jb_1982
    • By Jb_1982 14th Jun 17, 3:32 PM
    • 23 Posts
    • 4 Thanks
    Jb_1982
    Before I get to the mortgage check is there anything I should or shouldn't be doing before that goes ahead? To improve my application? I've tried to keep a clean bank statement for about 6 weeks now, ie no wasteful spending etc.
    • bounderboy
    • By bounderboy 14th Jun 17, 3:41 PM
    • 61 Posts
    • 121 Thanks
    bounderboy
    Before I get to the mortgage check is there anything I should or shouldn't be doing before that goes ahead? To improve my application? I've tried to keep a clean bank statement for about 6 weeks now, ie no wasteful spending etc.
    Originally posted by Jb_1982
    The whole idea is to make sure you afford it and your outgoings don't outstrip your incomings. Can be worth checking your credit records which is free now with services like Noddle and MSE.. If there is any defaults on credit etc.

    They will want to see a P60 and at least 3mths Wage Slips and bank statements..
    • Twisted Animator
    • By Twisted Animator 14th Jun 17, 4:13 PM
    • 51 Posts
    • 31 Thanks
    Twisted Animator
    Not long now... hopefully?!
    We have our mortgage offer in place and all searches etc done. Our solicitor has contacted us saying she requires a FENSA Certificate (if held by the sellers), installation certificate for the boiler and service record for the boiler and gas fire. Apparently there are services being carried out this month, but it would be possible to proceed without these if we instructed her to do so.

    Has anyone been in a similar position? Should we be waiting for the services to take place or just proceed anyway? What are the consequences of either route?

    Good luck everyone.
    • DumbMuscle
    • By DumbMuscle 14th Jun 17, 4:17 PM
    • 137 Posts
    • 148 Thanks
    DumbMuscle
    We have our mortgage offer in place and all searches etc done. Our solicitor has contacted us saying she requires a FENSA Certificate (if held by the sellers), installation certificate for the boiler and service record for the boiler and gas fire. Apparently there are services being carried out this month, but it would be possible to proceed without these if we instructed her to do so.

    Has anyone been in a similar position? Should we be waiting for the services to take place or just proceed anyway? What are the consequences of either route?

    Good luck everyone.
    Originally posted by Twisted Animator
    At the very least, if you exchange before the service is carried out, and then a problem comes up, you can't renegotiate based on that problem (and the seller might quite reasonably not bother to fix it before completion, since it's not their problem any more). The service and associated reports at least gives you a small reassurance that the boiler and fire are working properly.
    • bounderboy
    • By bounderboy 14th Jun 17, 4:44 PM
    • 61 Posts
    • 121 Thanks
    bounderboy
    We have our mortgage offer in place and all searches etc done. Our solicitor has contacted us saying she requires a FENSA Certificate (if held by the sellers), installation certificate for the boiler and service record for the boiler and gas fire. Apparently there are services being carried out this month, but it would be possible to proceed without these if we instructed her to do so.

    Has anyone been in a similar position? Should we be waiting for the services to take place or just proceed anyway? What are the consequences of either route?

    Good luck everyone.
    Originally posted by Twisted Animator
    FENSA isn't a guarantee a boiler is working - it is just a guarantee that it was installed correctly and to installation regulations - if installed incorrectly you could be held liable for this once you buy the property. A service would not provide this anyway.

    If there isn't a FENSA for installation then the solicitor normally insists on an indemnity policy being taken out. The vendor should pay this but you can pay it if they won't - I just had one for the house i am buying and it was only £50 for a £275,000 house.. (vendor paying) It is based on house price..
    • Surrey_EA
    • By Surrey_EA 14th Jun 17, 4:46 PM
    • 961 Posts
    • 1,052 Thanks
    Surrey_EA
    FENSA isn't a guarantee a boiler is working - it is just a guarantee that it was installed correctly and to installation regulations - if installed incorrectly you could be held liable for this once you buy the property. A service would not provide this anyway.

    If there isn't a FENSA for installation then the solicitor normally insists on an indemnity policy being taken out. The vendor should pay this but you can pay it if they won't - I just had one for the house i am buying and it was only £50 for a £275,000 house.. (vendor paying) It is based on house price..
    Originally posted by bounderboy
    FENSA is nothing whatsoever to do with boilers, it covers the replacement of doors and windows.
    • bounderboy
    • By bounderboy 14th Jun 17, 4:56 PM
    • 61 Posts
    • 121 Thanks
    bounderboy
    FENSA is nothing whatsoever to do with boilers, it covers the replacement of doors and windows.
    Originally posted by Surrey_EA
    You are exactly right.. I meant the FENSA equivalent of the boiler installation.. Thanks for correcting me Surrey - hate giving bad information.
    • Surrey_EA
    • By Surrey_EA 14th Jun 17, 5:06 PM
    • 961 Posts
    • 1,052 Thanks
    Surrey_EA
    You are exactly right.. I meant the FENSA equivalent of the boiler installation.. Thanks for correcting me Surrey - hate giving bad information.
    Originally posted by bounderboy
    No worries.

    You are thinking of Gas Safety Register, which replaced CORGI a few years ago.
    • smallholdingsister
    • By smallholdingsister 14th Jun 17, 5:46 PM
    • 3,212 Posts
    • 23,871 Thanks
    smallholdingsister
    Fingers crossed everyone gets moving soon and COME BACK with your completion day stories - or does it need a new thread?

    Mortgage offer sent. Woohoo!
    • Mr da
    • By Mr da 14th Jun 17, 6:56 PM
    • 73 Posts
    • 108 Thanks
    Mr da
    After going to solicitors Monday to pre sign my contracts ahead of hopefully exchange on Friday , do you hear anything in the meantime, or is no news good news?
    • houndour
    • By houndour 14th Jun 17, 7:23 PM
    • 100 Posts
    • 59 Thanks
    houndour
    Our update...

    We are still waiting on our mortgage...13 days nows. Valuation was done 9 days ago.

    Got the survey back for the house we're buying. There's one thing we want checked out.

    We're missing a load of paperwork. Seems like we've hired a bunch of cowboys in the past. So may need to provide indemnity insurance. One is an internal wall that was knocked through before we bought the house. It's frustrating to get caught out on paperwork for stuff we didn't even do. And I don't understand why it wasn't a problem when we bought the house.

    Valuation was done on our house today.

    What I'm also confused about is we're being asked for building regs on this internal wall that was done years before we moved in. But for some reason the fact that our sellers have an extension (done before they moved in) and have no paperwork for doesn't seem to be an issue. Anyone know the rules behind this?
    • x_raphael_xx
    • By x_raphael_xx 14th Jun 17, 7:35 PM
    • 3,323 Posts
    • 16,199 Thanks
    x_raphael_xx
    Handed over a scary amount of money today for the final fee statement and deposit.
    Looking like a completion date of 10th July
    Debt Free as of 17/01/2009 Turtle Power!!
    June NSD's 13/20
    EF Challenger #36 £1300/£4000
    / Lose weight 16.2 / 20lbs
    • smallholdingsister
    • By smallholdingsister 14th Jun 17, 9:27 PM
    • 3,212 Posts
    • 23,871 Thanks
    smallholdingsister
    Houndour - sorry don't know.

    Raphael have you exchanged then?
    • smallholdingsister
    • By smallholdingsister 14th Jun 17, 9:28 PM
    • 3,212 Posts
    • 23,871 Thanks
    smallholdingsister
    After going to solicitors Monday to pre sign my contracts ahead of hopefully exchange on Friday , do you hear anything in the meantime, or is no news good news?
    Originally posted by Mr da
    No news is good news.
    • x_raphael_xx
    • By x_raphael_xx 14th Jun 17, 10:09 PM
    • 3,323 Posts
    • 16,199 Thanks
    x_raphael_xx
    Raphael have you exchanged then?
    Originally posted by smallholdingsister
    Possibly!?
    Conveyancers just keep talking about completion, they haven't once discussed exchange.
    I have paid the fees and deposit, Mortgage funds are ready to be released so I guess so!

    Conveyancers did offer me a completion date of this Friday! But sellers cannot budge from 10th July as they are still looking for a flat to rent.

    Debt Free as of 17/01/2009 Turtle Power!!
    June NSD's 13/20
    EF Challenger #36 £1300/£4000
    / Lose weight 16.2 / 20lbs
    • smallholdingsister
    • By smallholdingsister 15th Jun 17, 7:06 AM
    • 3,212 Posts
    • 23,871 Thanks
    smallholdingsister
    I think you need an agreed completion date for exchange to happen.
    • cherryx3x3
    • By cherryx3x3 15th Jun 17, 8:55 AM
    • 23 Posts
    • 25 Thanks
    cherryx3x3
    Well we finally have an appointment to go to solicitors to sign documents.


    Feel like we have waited a lifetime for this moment to come, hopefully we aren't far away from exchange/completion!


    Hope everyone else is getting to where they want to be!
    • Olive3
    • By Olive3 15th Jun 17, 10:09 AM
    • 11 Posts
    • 26 Thanks
    Olive3
    Trying not to lose hope
    Hi,

    Good luck to everyone waiting to exchange, it's really good to see those who have got to the other side.

    I am trying to be positive, but we have had a bumpy ride and I think we are in danger of falling at the last hurdle. We originally sold our place at the start of Feb, long story short, we lost 2 houses (offers had been accepted but sellers took houses off the market), and lost our buyers - who luckily were quickly replaced.

    We found house number 3 at the beginning of April, sellers going into a new build, we have cash buyers for ours. Builder of the sellers new build imposed an exchange deadline of 4 weeks, our buyer said she would meet this.

    9 weeks later still not exchanged. We are ready, the sellers are ready - the buyer not. The builder put in a hard deadline of 14:00 on Monday or they would remarket the house our sellers are buying. Our buyer got answers to her final questions on Monday, we have heard nothing since. Our solicitor is chasing, but has had no response.

    All week has been quiet, we don't know if we have lost our buyer, or if our sellers new build has gone back on the market. The not knowing is the hardest part!

    Sorry for a tale of woe, which in light of recent events seems pretty insignificant. But this house buying stuff is hard!

    Ox
    • toc25
    • By toc25 15th Jun 17, 10:17 AM
    • 141 Posts
    • 151 Thanks
    toc25
    Surveyor has just been, I have been worried sick about it. He was only here 5 minutes and didn't even look at the boiler or anything. Just a quick look in the rooms and outside. So I'm guessing it's a valuation my buyer has had and not a survey.

    Nervously waiting now to see if he will reduce the valuation etc. Anyone know how long it takes for the buyer to get their valuation? I know I got mine the same day but I'm guessing that's not the norm.
    • bounderboy
    • By bounderboy 15th Jun 17, 10:44 AM
    • 61 Posts
    • 121 Thanks
    bounderboy
    Surveyor has just been, I have been worried sick about it. He was only here 5 minutes and didn't even look at the boiler or anything. Just a quick look in the rooms and outside. So I'm guessing it's a valuation my buyer has had and not a survey.

    Nervously waiting now to see if he will reduce the valuation etc. Anyone know how long it takes for the buyer to get their valuation? I know I got mine the same day but I'm guessing that's not the norm.
    Originally posted by toc25
    Valuation is normally a bit of a formality if you had an offer and the price seems reasonable to you. From what I have seen anyway..
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

190Posts Today

1,599Users online

Martin's Twitter