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  • FIRST POST
    • happytails
    • By happytails 27th Jul 17, 5:20 PM
    • 1,506Posts
    • 9,216Thanks
    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 88
    • Pulpstar
    • By Pulpstar 7th Dec 17, 11:37 AM
    • 13 Posts
    • 3 Thanks
    Pulpstar
    Doing a sale and purchase

    Sale
    31/07/17 Sale verbally agreed
    09/08/17 Memo of Sale arrived (Sale formalised)
    11/08/17 SOLD Board up
    24/11/17 Enquiry regarding property claim for previous storm damage answered
    23/11/17 Enquiry regarding drainage around sale answered

    Purchase

    2/8/17 Purchase of property 1 agreed

    09/08/17 AIP submitted to YBS
    10/08/17 AIP approved by YBS

    10/8/17 Awaiting full decision & valuation by YBS

    5/9/17 Looked up planning on Bolsover council website, noted potential very large development (Pulled out)
    11/9/17 Purchased 2nd property
    [Wait here was because seller 2 took a while to find a suitable property]
    7/11/17 Received buildings survey on property 2. Subsidence revealed, pulled out.
    14/11/17 Purchased property 3.
    14/11/17 Instructed searches to be started on property 3

    28/11/17 Property 3 valuation received, downvalued & additional retention.
    29/11/17 Price of property 3 renegotiated to downvalued sum
    6/12/17 Reports satisfactory from vendor to drop remaining retention.
    7/12/17 Property 3 vendors doing a private purchase, asked EA how far along this is, and my solicitors how close we are to exchange today
    7/12/17 Buildings survey of property 3 will be instructed.

    Should I be close to exchange now. Touches wood my buyers have been very patient !
    • Aliliva
    • By Aliliva 7th Dec 17, 11:38 AM
    • 86 Posts
    • 238 Thanks
    Aliliva
    forgot to update on my purchase: so far broker, solicitor and surveyor seems suspiciously competent! I instructed my survey two days ago and it'll be carried out today (EA and surveyor dealt with arrangements and everything), my solicitor is chasing all my paperwork and has got in touch with the vendor's one (which apparently is good too and has already answered, hurrah), and the broker has filed everything to the lender. I guess the fact that december is traditionally a period of slow marker helped me getting more attention and speed than usual.

    Now I *just* have to wait for the lender to come back to the broker with a YES or a NO...and saying I'm anxious it's an understatement.
    • Firsttimebuyers
    • By Firsttimebuyers 7th Dec 17, 11:56 AM
    • 83 Posts
    • 30 Thanks
    Firsttimebuyers
    Moving quickly then Aliliva - it definitely seems to be a quiet period as we had our mortgage offer quite quickly.


    We're still waiting on solicitors coming back with any search results, 2 weeks so far - will give them another week then chase.
    • Pulpstar
    • By Pulpstar 7th Dec 17, 12:00 PM
    • 13 Posts
    • 3 Thanks
    Pulpstar
    Doing a sale and purchase

    Sale
    31/07/17 Sale verbally agreed
    09/08/17 Memo of Sale arrived (Sale formalised)
    11/08/17 SOLD Board up
    24/11/17 Enquiry regarding property claim for previous storm damage answered
    23/11/17 Enquiry regarding drainage around sale answered

    Purchase

    2/8/17 Purchase of property 1 agreed

    09/08/17 AIP submitted to YBS
    10/08/17 AIP approved by YBS

    10/8/17 Awaiting full decision & valuation by YBS

    5/9/17 Looked up planning on Bolsover council website, noted potential very large development (Pulled out)
    11/9/17 Purchased 2nd property
    [Wait here was because seller 2 took a while to find a suitable property]
    7/11/17 Received buildings survey on property 2. Subsidence revealed, pulled out.
    14/11/17 Purchased property 3.
    14/11/17 Instructed searches to be started on property 3

    28/11/17 Property 3 valuation received, downvalued & additional retention.
    29/11/17 Price of property 3 renegotiated to downvalued sum
    6/12/17 Reports satisfactory from vendor to drop remaining retention. (Currently in the post)
    7/12/17 Property 3 vendors doing a private purchase, asked EA how far along this is, and my solicitors how close we are to exchange today
    7/12/17 Buildings survey of property 3 will be instructed.

    Should I be close to exchange now. Touches wood my buyers have been very patient !
    Originally posted by Pulpstar
    Update from Sol - currently:

    Awaiting docs from lender to remove retention (I KNOW those are on their way)
    Raised enquiries to vendor
    Awaiting search results back.

    &

    Building survey now instructed.
    Last edited by Pulpstar; 07-12-2017 at 12:19 PM.
    • middy991
    • By middy991 7th Dec 17, 12:31 PM
    • 51 Posts
    • 31 Thanks
    middy991
    so after taking the lender weeks to decide weather to lend with an absent leaseholder they have decided they will as long as the seller puts indemnity insurance down for 110% of the price then we can exchange,but as were in a rental property and have to give 1 months notice anyone any idea when to exchange and complete as i think the notice has to go in at the start of the month and dont really want to pay rent and mortgage
    • clairesilverspar
    • By clairesilverspar 7th Dec 17, 12:38 PM
    • 72 Posts
    • 87 Thanks
    clairesilverspar
    Rental notice usually runs from payment date to payment date, unless your contract says otherwise.


    Most advice says don't give notice until after you've exchanged, depending on the time difference between exchange and completion as nothing is "locked in" until after exchange. I would agree with this, except we only have a week between exchange and completion and I put my notice in more than a week before exchange as I was sure it was coming and we have no chain to hold it up. We've yet to see how that turns out... It's risky though, and you definitely need a backup plan in case it all goes pear shaped, and it can go very pear shaped.


    You can negotiate a few weeks between exchange and completion so that you have time to give notice and move towards the end of your notice period to avoid having to pay both rent and mortgage. When to set those dates depend where in the process you are up to.
    • mailmannz
    • By mailmannz 7th Dec 17, 12:45 PM
    • 257 Posts
    • 127 Thanks
    mailmannz
    so after taking the lender weeks to decide weather to lend with an absent leaseholder they have decided they will as long as the seller puts indemnity insurance down for 110% of the price then we can exchange,but as were in a rental property and have to give 1 months notice anyone any idea when to exchange and complete as i think the notice has to go in at the start of the month and dont really want to pay rent and mortgage
    Originally posted by middy991
    Im in the same boat as you as I don't want to pay rent and mortgage at the same time.

    So my solution was to complete with as little overlap as possible, our preferred exchange date is a week before I have to give notice and the completion date would be a week before we would have to move out...which also gives a little time to ensure mail is redirected too

    Hope that makes sense?

    Regards

    Mailman
    • middy991
    • By middy991 7th Dec 17, 1:01 PM
    • 51 Posts
    • 31 Thanks
    middy991
    so after speaking to the solicitors there saying exchange before xmas then complete either the 5th or 12 of jan as mortgage offer runs out on the 16th jan,also gotta find a new school for the lad no idea how to do this
    • sugar_candy_123
    • By sugar_candy_123 7th Dec 17, 1:12 PM
    • 18 Posts
    • 31 Thanks
    sugar_candy_123
    Well we have just sent a formal letter of complaint to the directors of the developers over how slow their solicitors have been at sorting the paperwork, and have given them until next fri to complete as our mortgage runs out this month. We have Requested detailed daily updates, I’m hoping this puts a rocket up their bum and gets things moving. Either that or they will just think we are crazy and ignore it!
    • Gawatate
    • By Gawatate 7th Dec 17, 1:40 PM
    • 10 Posts
    • 11 Thanks
    Gawatate
    Well our searches are back and we have an overall Floodrisk of Passed Moderate. This is due to a moderate risk of surface water flooding depths between 0.1-0.3 metres. Im struggling understanding this as the house is on an incline and the map shows a very very small part of our garden and back neighbour and continues to the 3 other houses on that straight path so a mall boundary if anyone can picture it. it has never flooded since the house was bult so that should reasure me, just looking to moan i guess.

    We now have a completion date of 12th of January that is very rigid otherwise its March :-0 so the chain is going all guns blazing. im hopeful for once that once i get my head aroung the flooding risk that is not a risk i might be a home owner in 4 weeks!
    • Firsttimebuyers
    • By Firsttimebuyers 7th Dec 17, 2:30 PM
    • 83 Posts
    • 30 Thanks
    Firsttimebuyers
    so after taking the lender weeks to decide weather to lend with an absent leaseholder they have decided they will as long as the seller puts indemnity insurance down for 110% of the price then we can exchange,but as were in a rental property and have to give 1 months notice anyone any idea when to exchange and complete as i think the notice has to go in at the start of the month and dont really want to pay rent and mortgage
    Originally posted by middy991

    We're in the same boat - don't mind an overlap of a week or two, but not an entire month


    Our exchange looks like it could be second week in January at the earliest, so we couldn't give notice until 1st Feb for month of February - so we're going to be quite up front with the solicitors and say we'd like 4 weeks between exchange and completion if this happens, so that we're not paying both rent and mortgage for an entire month.


    We're not in a chain luckily so I think we'll be ok with it, I imagine if there's a chain then they might pressure for a quicker completion - but as a FTB you're likely to be the first link in the chain so no one will want to upset you either otherwise the entire chain could fall apart.
    • clairesilverspar
    • By clairesilverspar 7th Dec 17, 2:37 PM
    • 72 Posts
    • 87 Thanks
    clairesilverspar
    No phone call as yet. Feeling a bit miffed.
    • Aliliva
    • By Aliliva 7th Dec 17, 2:38 PM
    • 86 Posts
    • 238 Thanks
    Aliliva
    oh dear, I totally forgot about the little thing of giving notice for my tenancy! And to inform my landlords informally, as they've been quite nice with us so far
    • Cheery Daff
    • By Cheery Daff 7th Dec 17, 2:41 PM
    • 7,847 Posts
    • 37,937 Thanks
    Cheery Daff
    The first time buyers at the bottom of our chain thought nobody would want to upset them when they demanded £11k off right at the last minute before exchange... sadly for them they were wrong - they got booted out, had to pay solicitor fees, search and survey costs anyway, our buyers found a new buyer and the whole chain is carrying on merrily without them...

    I think your request for 4 weeks between exchange and completion is much more reasonable though
    Saved for house move: £16,000
    • JoJo1978
    • By JoJo1978 7th Dec 17, 2:44 PM
    • 181 Posts
    • 178 Thanks
    JoJo1978
    Claire, we rang towards mid afternoon when didn't hear. She said "sorry yes we exchanged at lunchtime, did no one call you?!"
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • clairesilverspar
    • By clairesilverspar 7th Dec 17, 3:24 PM
    • 72 Posts
    • 87 Thanks
    clairesilverspar
    Seriously? I kinda hope that's the case lol.
    When we went in she was very clear that she needs to get authorisation to exchange from us over the phone.
    I've set the hubby the task of calling to check if it's happening and if not that we're good to go tomorrow. If needed I'll try calling when I finish work.
    • Littlebobo1981
    • By Littlebobo1981 7th Dec 17, 3:42 PM
    • 96 Posts
    • 61 Thanks
    Littlebobo1981
    Seeing all you lot progressing is making me feel a bit miffed LOL ..STILL waiting for the valuation to come back with the correct details on from mortgage people ..they had said 48 hours ..it's now almost 2 weeks ...!

    At what point to people start to arrange a survey ? We are wanting to arrange but not sure when we should do this ?
    • middy991
    • By middy991 7th Dec 17, 3:46 PM
    • 51 Posts
    • 31 Thanks
    middy991
    just had the sellers estate agent on the phone wanting us to push it through before xmas fuming iam,this is the only time since havin our offer accepted we have heard from em and their been rather snotty bout it
    • Firsttimebuyers
    • By Firsttimebuyers 7th Dec 17, 3:46 PM
    • 83 Posts
    • 30 Thanks
    Firsttimebuyers
    The first time buyers at the bottom of our chain thought nobody would want to upset them when they demanded £11k off right at the last minute before exchange... sadly for them they were wrong - they got booted out, had to pay solicitor fees, search and survey costs anyway, our buyers found a new buyer and the whole chain is carrying on merrily without them...

    I think your request for 4 weeks between exchange and completion is much more reasonable though
    Originally posted by Cheery Daff

    Wow - and we were worried we'd upset the vendor asking for 4 weeks between exchange and completion! :rofl:
    • middy991
    • By middy991 7th Dec 17, 3:48 PM
    • 51 Posts
    • 31 Thanks
    middy991
    Seeing all you lot progressing is making me feel a bit miffed LOL ..STILL waiting for the valuation to come back with the correct details on from mortgage people ..they had said 48 hours ..it's now almost 2 weeks ...!

    At what point to people start to arrange a survey ? We are wanting to arrange but not sure when we should do this ?
    Originally posted by Littlebobo1981
    we had homebuyers report done same time as valuation
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