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  • 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 483
    • smallholdingsister
    • By smallholdingsister 9th Jul 17, 8:44 AM
    • 3,290 Posts
    • 24,266 Thanks
    smallholdingsister
    Frugal Foodie CONGRATULATIONS!

    We are moving the same day. Come back with your moving story?
    • Glbooth3
    • By Glbooth3 10th Jul 17, 7:30 AM
    • 71 Posts
    • 87 Thanks
    Glbooth3
    Fingers crossed this is the day/week for us all! We go away Friday and if we avnt exchanged by then I think my head might fall off!!
    • Slinky
    • By Slinky 10th Jul 17, 8:05 AM
    • 4,335 Posts
    • 17,834 Thanks
    Slinky
    Fingers crossed this is the day/week for us all! We go away Friday and if we avnt exchanged by then I think my head might fall off!!
    Originally posted by Glbooth3
    Have you cracked open the bottle yet out of desperation?
    • Branchini1979
    • By Branchini1979 10th Jul 17, 8:53 AM
    • 15 Posts
    • 22 Thanks
    Branchini1979
    Well after 16 weeks!! We have been told we should be exchanging either today or tomorrow!! Still will not believe it until i see it but completion date of 21st July has been agreed by all parties and just awaiting transfer of funds so fingers crossed!
    • cherryx3x3
    • By cherryx3x3 10th Jul 17, 9:05 AM
    • 36 Posts
    • 54 Thanks
    cherryx3x3
    Well we are still waiting to exchange and our proposed completion date is this Friday!


    Starting to really panic now.....
    • DumbMuscle
    • By DumbMuscle 10th Jul 17, 9:23 AM
    • 241 Posts
    • 287 Thanks
    DumbMuscle
    Haha!!!
    To do list:
    1. Buy lottery ticket
    2. Win lottery
    3. Set up conveyancing firm which offers basic service level agreements around communication
    4. Design a website which explains exactly where your clients are in the process, as well as flagging outstanding issues/queries.
    5. Sit back and watch the money roll in.


    I can't be the only one that has had this thought!
    Originally posted by Goon123
    The firm I used for a bit during my failed attempt to get a mortgage from Atom Bank had number 4 - I'm unconvinced how useful it would be unless it was used by all solicitor firms - since what you generally need to know is where the rest of the chain is in the process!

    There is definitely a need for a system which tracks all the purchases in a chain, lets everyone specify available completion dates (maybe on a 1-5 rating of how good they would be), and generally handles the "keeping each set of solicitors appraised of the progress without the need for chinese whispers" side of things. But it would only be useful if everyone used it...
    • DumbMuscle
    • By DumbMuscle 10th Jul 17, 9:24 AM
    • 241 Posts
    • 287 Thanks
    DumbMuscle
    Exchange should be sometime this week. Completion should be the 28th. Now I need to find some storage for the week between my current tenancy ending and the completion date...
    • starshapedbrick
    • By starshapedbrick 10th Jul 17, 9:47 AM
    • 31 Posts
    • 38 Thanks
    starshapedbrick
    Finally exchanged on 30th June after nearly five and a half months! We are due to complete next week so sorting out new services/installs and dealing with removals for the first time (previous moves have been ourselves with a van, on foot and even by bus, so looking forward to having someone else do the heavy lifting this time!) Good luck to everyone still waiting and hope you all have good news soon!
    • LuckyG
    • By LuckyG 10th Jul 17, 9:50 AM
    • 181 Posts
    • 184 Thanks
    LuckyG
    I hope the sellers solicitor sticks to what they've said and reply to the queries today, apparently it's only 2 remaining and 1 is to do with a policy for drainage pipes.

    I hope we do manage to exchange this week, I've had enough of chasing now
    • LuckyG
    • By LuckyG 10th Jul 17, 11:20 AM
    • 181 Posts
    • 184 Thanks
    LuckyG
    Deposit question ... overthinking?
    My solicitor has suggested I pay the full deposit (28%) on exchange plus fees, as I want to complete very soon after exchange.
    I'm not sure about this as I know how slow the sellers solicitors have been throughout this whole process.
    Also, I know that I need to send over the money before exchange in order to be able to exchange, so what happens if I pay my full 28% deposit and then exchange gets delayed?

    Does my solicitor send the full 28% to the vendors solicitor on exchange, or just 10% and hold the rest her side?

    Another big thing I'm worrying over is what if my lender suddenly decides not to give me the mortgage after I've exchanged and paid all of this money?

    As you can tell I am a worrier, this is a lot of money and I want to make sure I know what's going on and what the risks are.

    I do feel a bit silly asking my solicitor questions like this as I don't want it to appear that I don't trust what she's doing, if that makes sense.
    Last edited by LuckyG; 10-07-2017 at 11:22 AM.
    • DumbMuscle
    • By DumbMuscle 10th Jul 17, 11:33 AM
    • 241 Posts
    • 287 Thanks
    DumbMuscle
    My solicitor has suggested I pay the full deposit (28%) on exchange plus fees, as I want to complete very soon after exchange.
    I'm not sure about this as I know how slow the sellers solicitors have been throughout this whole process.
    Also, I know that I need to send over the money before exchange in order to be able to exchange, so what happens if I pay my full 28% deposit and then exchange gets delayed? Your money sits with your solicitor until exchange happens (my 10% has been there a couple weeks now...)

    Does my solicitor send the full 28% to the vendors solicitor on exchange, or just 10% and hold the rest her side? Depends what they agree with the other side

    Another big thing I'm worrying over is what if my lender suddenly decides not to give me the mortgage after I've exchanged and paid all of this money? AFAIK, this is extremely unlikely when you have a mortgage offer.

    As you can tell I am a worrier, this is a lot of money and I want to make sure I know what's going on and what the risks are.

    I do feel a bit silly asking my solicitor questions like this as I don't want it to appear that I don't trust what she's doing, if that makes sense.
    Originally posted by LuckyG
    *puts my "lawyer in a different field" hat on*

    Clients who know nothing, but don't ask questions or get advice elsewhere are considerably harder to deal with than clients who ask clarifying questions! (and both are much better than clients who *think* they know everything...) All of these seem entirely reasonable questions, and could be quickly answered (assuming your solicitor has been good at replying so far). If we say something which is different to her assumptions, then everything could get very confused.

    Send an email with the questions in a numbered list. Ask what the alternative would be if you provided only 10% at exchange.
    • LuckyG
    • By LuckyG 10th Jul 17, 11:39 AM
    • 181 Posts
    • 184 Thanks
    LuckyG
    *puts my "lawyer in a different field" hat on*

    Clients who know nothing, but don't ask questions or get advice elsewhere are considerably harder to deal with than clients who ask clarifying questions! (and both are much better than clients who *think* they know everything...) All of these seem entirely reasonable questions, and could be quickly answered (assuming your solicitor has been good at replying so far). If we say something which is different to her assumptions, then everything could get very confused.

    Send an email with the questions in a numbered list. Ask what the alternative would be if you provided only 10% at exchange.
    Originally posted by DumbMuscle
    Thank you, this has clarified things for me.
    However, as you've suggested, I will send an email to my solicitor asking the relevant questions.

    I'm currently awaiting a reply from her regarding home insurance so I'll wait until she's replied to that.

    I do worry over things but then I worry about sending my solicitor too many questions, what you've said makes sense though. I guess communication is the key.
    • Glbooth3
    • By Glbooth3 10th Jul 17, 2:21 PM
    • 71 Posts
    • 87 Thanks
    Glbooth3
    Bottles still in the fridge! Was dyin to crack it open at the weekend!! Had a crap week! I could of just replaced it but then I thought it won't feel that special when we do get to open it!
    • Slinky
    • By Slinky 10th Jul 17, 3:01 PM
    • 4,335 Posts
    • 17,834 Thanks
    Slinky
    Bottles still in the fridge! Was dyin to crack it open at the weekend!! Had a crap week! I could of just replaced it but then I thought it won't feel that special when we do get to open it!
    Originally posted by Glbooth3

    Just hope it won't have turned to vinegar by the time you exchange.

    I feel your pain, we've been waiting since the end of March with exchange currently set for 24th August. On a transaction involving one property and a vendor who obviously has too much money and not enough motivation to clear the property out.
    • karl1989
    • By karl1989 10th Jul 17, 3:41 PM
    • 38 Posts
    • 48 Thanks
    karl1989
    Finally exchanged on 30th June after nearly five and a half months! We are due to complete next week so sorting out new services/installs and dealing with removals for the first time (previous moves have been ourselves with a van, on foot and even by bus, so looking forward to having someone else do the heavy lifting this time!) Good luck to everyone still waiting and hope you all have good news soon!
    Originally posted by starshapedbrick
    congrats!

    but why so long from exchange to completion?
    i am still waiting to exchange... but i really really need to be complete no later than next Wednesday!
    my chances look near to impossible looking at everyone elses timeframes!
    When the chips are down, go for broke and put them all on Red!
    • karl1989
    • By karl1989 10th Jul 17, 3:48 PM
    • 38 Posts
    • 48 Thanks
    karl1989
    Well we are still waiting to exchange and our proposed completion date is this Friday!


    Starting to really panic now.....
    Originally posted by cherryx3x3
    this is my ideal date, but will be happy to get it through by no later than Tuesday next week.
    can you update us to let us know whether you got this friday in time or not?
    fingers crossed ours can get over the line same as yours.
    When the chips are down, go for broke and put them all on Red!
    • Surrey_EA
    • By Surrey_EA 10th Jul 17, 3:57 PM
    • 1,023 Posts
    • 1,155 Thanks
    Surrey_EA
    Just hope it won't have turned to vinegar by the time you exchange.

    I feel your pain, we've been waiting since the end of March with exchange currently set for 24th August. On a transaction involving one property and a vendor who obviously has too much money and not enough motivation to clear the property out.
    Originally posted by Slinky
    I realise you haven't requested advice on this particular point, but is there a reason exchange has been targeted for a date so far in advance?

    It would be nearly impossible to accurately guess 7 weeks in advance whether everything would be ready for exchange.
    • cherryx3x3
    • By cherryx3x3 10th Jul 17, 4:02 PM
    • 36 Posts
    • 54 Thanks
    cherryx3x3
    this is my ideal date, but will be happy to get it through by no later than Tuesday next week.
    can you update us to let us know whether you got this friday in time or not?
    fingers crossed ours can get over the line same as yours.
    Originally posted by karl1989

    I have just paid my deposit this afternoon so we are looking to exchange by close of business today or tomorrow morning.


    Everything looks good for Friday for us!


    Good luck with yours hope you get sorted !
    • smallholdingsister
    • By smallholdingsister 10th Jul 17, 4:47 PM
    • 3,290 Posts
    • 24,266 Thanks
    smallholdingsister
    Finally exchanged on 30th June after nearly five and a half months! We are due to complete next week so sorting out new services/installs and dealing with removals for the first time (previous moves have been ourselves with a van, on foot and even by bus, so looking forward to having someone else do the heavy lifting this time!) Good luck to everyone still waiting and hope you all have good news soon!
    Originally posted by starshapedbrick
    Congratulations! Moving story please.
    • Slinky
    • By Slinky 10th Jul 17, 5:05 PM
    • 4,335 Posts
    • 17,834 Thanks
    Slinky
    I realise you haven't requested advice on this particular point, but is there a reason exchange has been targeted for a date so far in advance?

    It would be nearly impossible to accurately guess 7 weeks in advance whether everything would be ready for exchange.
    Originally posted by Surrey_EA
    We wanted to exchange today complete next Monday, but the vendor is adament he cannot exchange before 24th August due to holiday/work/personal commitments. The paperwork is all but done now, we've got the draft contracts. It's a probate property that needs clearing out and he doesn't live locally to it.

    If it doesn't exchange on 24th August he has been told in no uncertain terms we will walk away.
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