WhoooHooo!! Contracts have exchanged!!!

charliee_3

Well finally after all that nonsense and upset the contracts exchanged today so James and I are (touch wood) going to be homeowners very very soon!! :beer:

completion is next friday 3rd so time to start making all the arrangements.. eeek!!

Thanks for all your help so far from the scary survey on our first aborted attempt at buying, to the fun we have had with this one.. i feel like we are on the home stretch now...

I hope all goes to plan from now!!! :T

sandraslice

Congratulations,, going to read through a few of your old threads now,,, :T

Soot2006

Congrats!!!!
So exciting Hope I will be following your footsteps very shortly! (we're still in the terror, panic and confusion state of it all!!)

Cissi

Congratulations, that's great news! I too hope to be following in your footsteps soon - we're at the "scary survey" stage right now, it's all so nerve-wracking!

jaqui59

Well congratulations, and I hope I am in your shoes very soon, because as at this very moment I have a very keen Surveyor checking out our property doing a Homebuyers Survey .. its really nerve wracking!!!

johnson293

Congrats... we are hoping to exchange today - I signed the sale and purchase contracts and mortgage deeds yesterday, and my buyer was doing the same - so hopefully everything in place to do the exchange.

Quick question - are deposits paid (just) after exchange of contracts, or is that part of the exchange?

Our buyer is a FTB and (presumably) paying his deposit by cash, whereas we will then be using his deposit to pay ours.

LandyAndy

Congratulations:beer:.

You've now completed the easiest bit of owning a property.;)

See you on the DiY board soon:D.

johnson293

Aaarrghhh!!

This waiting is doing my head in!!

I suppose the cut off will probably be 5pm for exchanging today?

Apparently my buyers have signed all their paperwork (Contract, Mortgage Deed), but their solicitor was waiting for one or two local searches coming back - that was just after lunchtime, as their lender wouldn't allow them to use the ones in the HIP pack.

What is actually involved in exchanging contracts? is it just a series of calls between each of the parties, or does faxed/emailed paperwork have to go back and forth?

Everything crossed for the next 35 minutes then.

charliee_3

thanks for all the congrats!:D

as far as I could tell the exchange happens from the bottom upwards, but there has to be a release first (i think they called it PPL), then its a series of phonecalls (i think) up the chain.. it took a whole day to exchange ours from first thing to 3.30pm and it was a fairly short chain...

ours nearly fell down because of missing searches so i hope yours is ok..

good luck to all you FTB's!!

and BTW.. i cant WAIT to get onto the DIY thread... see you there!! :rotfl:

johnson293

Just had my solicitor on - we won't be exchanging today, and its down to the local searches for my buyers.

Their lender (HSBC) wont accept the 'personal' local searches that are generally carried out (by a 3rd party search company) for inclusion within a HIP pack, and have asked that all the local searches were done again, even though it'll probably mean exactly the same results coming back.

All the paperwork is signed off, but obviously we can't exchange without these searches.

Apparently the solicitor acting for my seller (repo company) are happy that everything is proceeding, and that the company are unlikely to withdraw the property from my sale - but obviously its still more time for someone else to put a higher offer in.

So looking like it'll be Monday/Tuesday next week now....... hopefully!

loki13

Congratulations. we are meant to exchange and complete on Tuesday, but the house we are buying is part of a divorce, and the husband is refusing to answer any phone calls from solicitors or estate agents. We go away in 3 weeks, and are not back until after our mortgage offer expires. I have explained our position to the estate agent, and said we may be prepared to buy at a much lower price in September if it doesn't go through. Arrrgh, the stress.