what happens now?

lindseyh2

hi

FTB in process of purchasing (arrgh!) put offer in on 10 February, vendors want to exchange on 16 March we didnt know this until two week ago, so all a bit of a rush, searches all paid and done, but mortgage offer still waiting from C&G who are behind apparently and we have been told today valuation all fine, and offer should be received (wait for it!) next week! because they are still behind,

What happens if we dont receive it in time, can anything be done and also when do you give the money to your solicitor i.e deposit, we are putting down 20%, so do we give it all to him first or in bits!, am confused still!

thank you

silvercar

we exchanged on the day the mortgage offer came through once. Its always a rush, if your not waiting for the mortgage your waiting for local authority searches.

Your solicitor won't let you exchange before you have the offer. You will need to pass a deposit (usually 10% though it can be negotiated down) to your sellers on exchange. The remainder of your money needs to be with the solcitor prior to completion. Your solicitor should draw up a memo for you showing the final amount payable, including his fees and stamp duty if applicable.

Mrs_Optimist

We have the same problem! Our buyer is STILL waiting for his mortgage offer, everything else is ready to go. Survey on our current house was fine (I asked the Surveyor myself!) we are still hoping to complete on 16th March but are having a tense time of it at the moment. The only good thing is EVERYONE is chasing the mortgage co, (our sol, our buyer, his sol, our EA and also our Vendors EA). As soon as the offer is received we can exchange. The survey was done two weeks ago on Thursday. I am keeping my fingers crossed.

lindseyh2

well we are just hoping that the paperwork turns up in time, i have chased and chased but short of writing it myself, dont know what else to do fingers crossed and good luck to you mrs optimist im sure it will be fine!

Thank you

Mrs_Optimist

You too Lindseyh2, its so frustarting having to rely on so many different people to do something you know you could do more quickly yourself isn't it? Postive thinking, I am sure it will be fine for you.

Tiger_greeneyes

Your solicitor should be telling you to not crack under pressure and exchange if you're not ready to do so. It seems to be the case in every chain where there's someone who's piling on the pressure - but if it comes to it, they'll not think twice of holding everyone up at the last minute.

Is there any particular reason why they have to exchange so quickly? It might just be the case that they don't have a specific reason, they're just keeping you on your toes. If you find out the reason, then there may be a bit of negotiating to be done if the survey comes back with problems.

Above all, don't bow under pressure, if your survey comes back stating you need reports done, it's not the best idea to exchange prior to knowing where you stand.

If there is a problem with the property - and the vendors know it - they may well be putting you under pressure to forego having that Damp and Timber report done...

Buyer beware, and all that

lindseyh2

Hi again

Thanks for all your replies, mrs optimist I hope if you are on here again that you are going through all ok now

Received mortgage offer yesterday (finally) and took it to the solicitors today so all ok, I happened to ask the EA when they rang up for something when their vendor wants to complete (roughly) ie between exchange and completion, solicitor just advised they had said asap (very helpful) and she said they had not even given a rough date yet??, I am in rented property and I am not giving notice until im sure all is ok, because I dont want to be homeless should it all fall through, however, I dont also want to be paying 4 weeks rent and mortgage, council tax etc on two properties.

The vendor and EA pushed for a quick exchange date and the are ready to go from what I can work out, so I suspect they will try to complete one week after exchange, which means I will stuck in the flat for 3 weeks, im happy to do 2 weeks for completion, but can I push this, I just think that vendor believes it is all about her timescales, Ive tried to be reasonable but they are beginning to annoy me

Thanks again

Doozergirl

When you give notice on a rented flat it normally needs to be from a rent day so that you give a full rental month's notice. eg. my rent day is the 7th, if I wanted to move out in April I would have had to have given notice by yesterday. If I hand in my notice today, it wouldn't actually terminate the rent agreement until 7th May. You should check your tenancy agreement if you haven't already

Also, if you agree to exchange quickly, just put your foot down and ask for as much time as you need to complete. A lot of people are less anxious after exchange and might be more happy to wait for a more distant completion date as long as they have the security of having exchanged.

They won't find anyone else to buy their place as quickly as you, especially if you're nearly ready to exchange. Use that to your advantage.

Tiger_greeneyes

I can't really add much more to Doozergirl's post.

Why don't you look into your dates and go back to your solicitor the earliest date you want completion to take place (ie the date your tenancy agreement expires). The fact you've given a date for completion might settle the vendors as they know it's still what you want and that it's going to happen.

I'd be tempted to get my preferred completion date in first if the vendor thinks the completion date is purely down to what she wants. Setting boundaries could well help you.