To those BUYING in these difficult times....

Pupnik

This is such a stressful process, our offer was accepted at the start of June and I really thought we would be moving in this month as there is no chain on either end. It's a leasehold so that slows things down I guess, but waiting for the damp report took several weeks, and as for the plumbing most of the plumbers we have spoken to have either not wanted/ needed it or are taking long holidays this summer! We finally found one who said he would do it and although he told us he would get in touch with the EA to arrange access according to the EAs he hasn't yet. I really hate waiting on other people, it is bad enough waiting on myself. I was so excited when this process began and planning all the things I wanted to do- decorating, getting a dog, planting vegetables- but now I just don't want to even think about the fun stuff until the keys are in my hands!

madhouseof4

We are currently on day 20 of our 28 day deadline to exchange contracts on a repo. All is going well with our purchase and our sale, mortgage paperwork and building completion certificate arrived last week, survey report arrived on Tuesday with no category 3's - phew! I was told by the EA representing our purchase that we would need to complete within 1 week. Hubby & I decided that we would prefer to exchange & complete simultaneously (12th Aug) as there is only our buyer (in rented) and us in our chain. We have a lot of stuff in storage and the contract for that is up on the 14th. However I had a call from our EA yesterday afternoon to inform me that our buyer wishes to complete on 26th. We realise that this is probably due to their rental agreement but we do not have the luxury of time (and I would like to get my kids settled and chose a school ASAP), the latest we can complete is 19th. The buyers are coming around for another viewing on Saturday so we can discuss completion dates in person and hopefully come to an agreement. Wish us luck and hopefully will be able to update with news of exchange next week!!

Skint_Catt

I just didn't want to complete & exhange on the same day - you hear of so many problems and for a start we wanted to alert phone & broadband in advance as our last move they took 12 weeks to connect us! :mad: Hubby still pushing for exchange next week & completion the week after - he's only here for two days next week to sign the contracts & then on completion day as he works 300 miles away.
C xx

iheartbristol

Everything's gone quiet here. Mortgage/Valuation eg sorted. Paid the Solicitor the initial £300 on Monday and took in all the info they need. Short chain (2 houses). EA thinks we should be exchanging mid August and completing early september..... here goes nothing

missjy

Can someone please tell me the difference between exchange and completion - and also the pros and cons of having them simulatenously?

Survey completed, conveyancing done, just made some tweaks to mortgage offer that solicitor needs to check through - and then I can go in and sign paperwork!

Skint_Catt

missjy wrote: »

Can someone please tell me the difference between exchange and completion - and also the pros and cons of having them simulatenously?

Survey completed, conveyancing done, just made some tweaks to mortgage offer that solicitor needs to check through - and then I can go in and sign paperwork!

Signing the contact/paperwork is exchange. Completion is when you pick up the keys and the money gets transferred etc (in very simple terms!)

C xx

madhouseof4

Exchange of contracts is when you legally commit to purchasing the property and completion is when the property legal becomes yours. I am not sure of the pros/cons of simultaneous exchange & complete as the house I am currently in is the 1st home I've bought and it was a repo too and we had nothing to sell, so I we did both on the same day. This time around, we just want to get in and get our kids settled but I can see how completing even a few days later would give time to pack and arrange a man with a van etc.

PJD

Had an offer accepted on a lovely place, - just right for me, and so much better than anything i've previously viewed in the price range.

Surveyor's report down-valued the property at 7% less than agreed price!

After a lot of waiting, messing about and a bit of negotiation, the seller has accepted the full reduction!

Just got to hope now for no more surprises until Exchange....

missjy

Thank you!!

ChrisEvanson

Skint_Catt wrote: »

I just didn't want to complete & exhange on the same day - you hear of so many problems and for a start we wanted to alert phone & broadband in advance as our last move they took 12 weeks to connect us! :mad: Hubby still pushing for exchange next week & completion the week after - he's only here for two days next week to sign the contracts & then on completion day as he works 300 miles away.
C xx

We didn't either, but to be honest it didn't really matter. If it was to take 12 weeks (that sounds like a very unusual one, not the norm, ours was 2 weeks and my boss moved a week earlier and hers was the same) then a week or so difference doesn't really matter anyway! And in any case although we all use broadband a lot, we never used to have it and survived!! Its surprising what seems so important and we get stressed by (we did too!) really arent important in the big scheme of things.

You don't have to sign anything on exchange day. We signed all ours a week beforehand then buyer was behind so we didn't exchange and complete till a week later. We simply had a few phone calls and then picked up the keys. Simples.