Waiting to exchange - Not for the impatient!

kingstreet

dj.boz wrote: »

just awaiting one single enquiry (about a second charge) on the property we are buying

A second charge has to be repaid, along with the mortgage, to give you unencumbered title to the property on completion.

Your solicitor will be ensuring the vendor's solicitor undertakes to repay it, otherwise completion can't take place.

Have you agreed a completion date with the other parties yet? If not, that's the last step before you can exchange...

hazyjo

Four weeks used to be the norm between exchange and completion. As blark says, it's generally more like 1-2 weeks.

I'm in the same boat and waiting to exchange on my sale It's hell! I'm going crazy here, and our buyer's pushing... waiting on one document which has been a constant headache!

Jx

Blue22

moneyistooshorttomention wrote: »

I can see that a lot of FTB's seem to want/downright expect a 3 bedroom house with recent kitchen and bathroom - even though they cant afford it and my own generation didn't expect that at the outset and have to keep reminding myself "That may be what they want, but in such an expensive area as this, they will have to settle for a 2 bedroom house needing a new kitchen in the event".

Hi MTSTM

I have to disagree that FTB expect too much, it was our generation that expected too much and got it!

I understand that the price you are asking for your house is around £170K. In order for a young couple to afford that they would both need to have salaries of over £25K plus a decent sized deposit. You bought that same house as a single person with a relatively low income (I believe you have previously said that you did not have a particularly high paid job) As todays FTB are likely to be in their late 20s/early 30s and maybe hoping to start a family, isn't a small 3 bedroom house with decent kitchen and bathroom a 'need' rather than some greedy 'want'?

I'm not trying to have a go at you, I'm just trying to explain the probable position of the buyers you find for your house so that maybe you will have some empathy for them?

moneyistooshorttomention

I do have some empathy for younger FTB's - I know its hard...though probably no harder for many of them than it was for a low-paid single person in my time and I only managed to buy in the first place because I was given my deposit in the end (as I'd tried and tried to save it, but couldnt on what I was paid). So I definitely didnt have it easy personally - I wish...

I can understand the wish for a 3rd bedroom and new kitchen and bathroom. I just feel that they can't afford a house like that somewhere where houses cost as much as they do here - and nor could I back then...

Just made a note to myself that my EA has to be told to point out to buyers that they are buying from someone a generation older (ie normal expectations of that 4 week period) and who needs that standard length of time specifically because they are moving across country (ie needs time for their farewells etc - as well as the work involved in the move).

dj.boz

kingstreet wrote: »

A second charge has to be repaid, along with the mortgage, to give you unencumbered title to the property on completion.

Your solicitor will be ensuring the vendor's solicitor undertakes to repay it, otherwise completion can't take place.

Have you agreed a completion date with the other parties yet? If not, that's the last step before you can exchange...

Yes this is just what we are waiting for, the vendors solicitor to confirm that this will be repaid / removed.

A completion date had been agreed, for Monday 8th April, but that is now too close for comfort so another one will need to be sorted. Everyone in the chain (three of us) do seem very flexible on dates so far.

Thanks for all the replies so far. Trying to just busy myself at work, but doesnt help with work colluegues keep askinig me every five minutes ('Hows the house thingy going?' :rotfl:)

Boz

Ne5555

hi, maybe out of topic but we have made an offer back in january ,our mortgage was all sorted on 2nd February.There is no chain and after 2nd February we have been waiting from the solicitors. Its just paperwork and I am really fed up with my solicitor. All my solicitor needs to do is call the sellers solicitor and get an exchange date but for the last 4 weeks I cant get in touch with my solicitor despite calling him 10-15 times a day.(he starts work after 10,finishes before 4, at lunch between 12-2, rest of time either with client,on the phone or in meeting,away from desk)
Whenever I find him he says he left a voicemail to sellers solicitor and waiting for call back.
I cant go to his office as it is 2 hours away(It has been reccomended by EA).
Can I change my solicitor at this stage?
How much would it cost me?
I have sent the deposit and all fees to this solicitor more than 4 weeks ago.
I have been told that average it takes 8-12 weeks and most time spent is mortgage.but in my case 12 week ended and we didnt even get an exchange date.
no chain on either side,mortgage is done, deposit send.
I am at my end and I dont know what to do.



just got in touch with my solicitor and he told me that if next friday is fine for exchange.(he is going to request mortgage)

How long would it take after exchange date? anyone give any idea please.
we are FT buyer and in rental property so I dont know whether I should give notice now or wait until next month which will cost me another rent.

artbaron

It took months in our case and after I while I avoided stress by assuming it would never happen. Delays, then the chain broke, then it was back on again, then the people at the bottom pulled out and at the last minute (literally) another buyer stepped in but of course this introduced more delays and finally we were told that instead of having two weeks before completion, we'd have two days. Six months later I'm still astonished on a daily basis that the process actually happened.

Smiley1987

Blue22 wrote: »

Hi MTSTM

I have to disagree that FTB expect too much, it was our generation that expected too much and got it!

I understand that the price you are asking for your house is around £170K. In order for a young couple to afford that they would both need to have salaries of over £25K plus a decent sized deposit. You bought that same house as a single person with a relatively low income (I believe you have previously said that you did not have a particularly high paid job) As todays FTB are likely to be in their late 20s/early 30s and maybe hoping to start a family, isn't a small 3 bedroom house with decent kitchen and bathroom a 'need' rather than some greedy 'want'?

I'm not trying to have a go at you, I'm just trying to explain the probable position of the buyers you find for your house so that maybe you will have some empathy for them?

Me and my missus are FTBs and have bought a 3 bed house for £170k with a 20% deposit - we saved for years to be able to afford what we want.

I don't understand how a lot of other people our age group (mid 20's) cant afford to save a fair chunk of money every month - especially if you live at home

Smiley1987

Ne5555 wrote: »

just got in touch with my solicitor and he told me that if next friday is fine for exchange.(he is going to request mortgage)

i'd question the costs of this - our solicitor requested the money via CHAPS with the intetion of exchanging the next day. it never happened (exchanged a week later) and they had to send the money back again via CHAPS only to request it again the next day via BACS

cost us £61 pounds just for the transfers

hazyjo

Smiley1987 wrote: »

i'd question the costs of this - our solicitor requested the money via CHAPS with the intetion of exchanging the next day. it never happened (exchanged a week later) and they had to send the money back again via CHAPS only to request it again the next day via BACS

cost us £61 pounds just for the transfers

Just out of interest, why did they transfer the money back and not just hold it in their client account (which I understand pays interest anyway). All that for the sake of a day?

Jx