To those BUYING in these difficult times....

Skint_Catt

Can anyone explain to a FTB what triggers 'exchange'? We're currently waiting for confirmation that the people we are buying from have found somewhere, then we get the survey done, then what? We want to complete by 1 September but it all hinges on our vendors.

C xx

Grimbal

taken from http://www.adviceguide.org.uk/index/your_family/housing/buying_a_home.htm

"Exchange of contracts




The final contract between you and the seller is prepared when:-

• the solicitor (or licensed conveyancer) and you are satisfied with the final outcome of all the enquiries
• any surveyor’s report has been received and any necessary action taken
• the formal mortgage offer has been received
• arrangements about the payment of the 10% deposit have been made
• the date of completion has been agreed.

You and the seller each have a copy of the final contract which you must sign. These signed contracts are then exchanged. At exchange of contracts both you and the seller are legally bound by the contract and the sale of the house has to go ahead. If you drop out, you are likely to lose your deposit."

In general, most chains exchange at the same time. You can exchange at different times with the same completion date, but it's risky. So, to summarise the usual case is that contracts are exchanged when the entire chain is ready to do so

Skint_Catt

Thanks Grimbal - lets hope there's no chain to speak of!
C xx

Alybea

Argh! After 5 long months we still haven't exchanged, the chain is on the brink of collapse as the numpties higher up the chain have pulled out. Our vendor says they'll move into rented.

I'm worried that they wont be able to find anywhere to rent and will pull out too.

Any words of wisdom anyone?

Grimbal

If your vendor is saying that they'll rent, that's a good sign hopefully. At least that'll be the chain broken at that point for you. Is the rest of the chain in a position to exchange if your vendors rent? If so, you could suggest that you exchange as soon as possible, but with a longer time to completion. It'll mean that you are reassured that you've (probably) bought & will give your vendors time to find somewhere to rent in the meantime.

Mazzawa

I'm here to grumble again Found a fantastic house, put in an offer but had to be taken as a note of interest. Now have a huge long wait for a closing date to find out if we've got it or not but are probably up against people with more money than us. Have begrudgingly accepted that we wont get it - owners seem to be being greedy in a time where properties in their location aren't selling at all! So in the interest of not wasting time I've been on the hunt again for properties and cannot find a thing. It's all very depressing, seems like it's the ends of the bargain bin left, mismatched socks and the like...

westlondonbuyer

Mazzawa wrote: »

It's all very depressing, seems like it's the ends of the bargain bin left, mismatched socks and the like...

That's exactly what it's like here in Hammersmith. I've seen nothing new; anything that comes on is usually either utterly revolting, or massively overpriced. The overpriced ones will sit on the market for months before being quietly withdrawn; then the vendors will try their luck again next year at a higher price.

I've lost interest in buying. I haven't seen anything as nice as the house I'm renting; and the mortgage on a place like this would cost twice as much I'm paying in rent, so I'm staying here for as long as possible:)

ChrisEvanson

westlondonbuyer wrote: »

That's exactly what it's like here in Hammersmith. I've seen nothing new; anything that comes on is usually either utterly revolting, or massively overpriced. The overpriced ones will sit on the market for months before being quietly withdrawn; then the vendors will try their luck again next year at a higher price.

I've lost interest in buying. I haven't seen anything as nice as the house I'm renting; and the mortgage on a place like this would cost twice as much I'm paying in rent, so I'm staying here for as long as possible:)

Obviously I don't know your circumstances so you will probably have done all the pro's and con's and made your decision.

I just wanted to make the (obvious maybe) point that renting is 'dead' money - you will walk away with nothing. Buying will be more expensive as you are investing in the property and eventually owning it.

Pupnik

I feel like we are getting to the stressful point now- waiting on the solicitors, surveys and mortgage approval. Every day I have a new worry of things going wrong. It doesn't help that we are now being asked for bank statements despite them already having a copy of the P60 and 3 months of payslips, plus they want yet more proof of addresses even though we supplied several to the mortgage broker- not sure whether he just didn't pass them on or whether they just want yet more things but it's feeling like they're going to go through with a fine tooth comb! Of course, all the fees for the valuation and HBR have already left my account, they were pretty quick with that side of things...

Skint_Catt

EA's telling us there's only three of us in the chain - bloody hope they're not fibbing to us! Getting nervous now - only 14 weeks left until Giblet arrives :eek: