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Waiting to exchange - Not for the impatient!
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Having recently exchanged, it is hell waiting, especially if you are in the middle of a chain.
The situation we had, was ‘cash buyer’ buying ours, us buying a property that had only just come back onto the market, and them buying the property they saw 5 months previously and offered on. The people we are buying off wanted a quick exchange as they had been given 1 month to exchange before the property they were buying was remarketed. (Previous buyer messed them around for months!)
Our ‘cash buyer’ also wanted a quick exchange, so we were all lined up ready to go, or so we thought.
We were returning all paperwork the next day to speed up the process, but our buyers decided to drag their feet and take 3 weeks to return the signed contract, then decided they wanted a mortgage, instead of cash, then when it came to transferring the deposit, kept trying to do it too late in the afternoon to make it to the solicitor on time, they did that 3 days in a row, each time we were told it will be there tomorrow, I promise.
Whilst this was going on, I was in daily contact with my agent and solicitor who was putting pressure on my buyers solicitor and also trying to smooth things out up the chain to ensure our sellers, sellers were kept up to date, so the chain didn’t collapse.
Yes it was stressful as the Thursday before Easter was the final deadline to exchange, having missed the 3 previous deadlines by our buyers messing us around, if we hadn’t of exchanged by then, the house at the top was going to go back on the market, luckily we found out at just gone midday on the Thursday we had all exchanged.
We didn’t dare start to pack during this time, as we didn’t want to jinx anything or be too premature thinking we had ‘sold’ when infact we hadn’t.
At the start of the process everyone told us trying to exchange in 6 weeks is not possible, in the end we did it in 8, but if our buyers had been as quick as everyone else, it would have been 5 – 6 weeks. For me it was the not knowing that was the biggest issue, everyone kept saying our buyers were keen, but they weren’t showing this or acting as if they were. They arranged to view our property one Saturday afternoon to measure up and double check a few things, then failed to show or call the agent, so at this point we thought it was all off.0 -
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
They said Nationwide wouldn't let them hold it until a completion date was agreed - not sure if this is true but we knew it was a risk but worth taking to try and exchange quickly0 -
We didn’t dare start to pack during this time, as we didn’t want to jinx anything or be too premature thinking we had ‘sold’ when infact we hadn’t.
My wife is eager to start packing, but as we have not yet exchanged I too do not want to 'jinx' it in anyway!
It is the 'not knowing' that really stresses me out. I keep phoning my solicitors and estate agents to chase, but at the moment the only one thing left to do is in the hands of the sellers solicitors then we are ready for completion (fingers crossed!).0 -
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
In my experience also (bought six times since early 1990s), 1-2 weeks is the norm. Last couple of times we've bought and sold (2007 & 2011) we've been moving between 150 and 200 miles - and from pretty large properties too, so with a ton of stuff including a one tonne hot tub, LOL! - yet we've never required more than a week between exchange and completion.
Last time it was just under a week as exchange was delayed after a fire in one of the solicitor's offices destroyed all the paperwork of someone lower down the chain, but the completion date couldn't be changed as the bottom of the chain had holidays booked!
We also did all our own packing (don't trust removers
) and last time actually moved ourselves - wouldn't recommend this - but despite not starting to pack seriously till we'd exchanged (except taking some of the more valuable/precious items by car to my parents' house in the weeks preceding the move and the general de-cluttering) we still accomplished it all ok.
TBH any longer than a week or two would start giving me the heebie-jeebies - but then I always did like being under pressure, so maybe it's just me
Fingers crossed you guys all get to exchange/complete soon!Mortgage-free for fourteen years!
Over £40,000 mis-sold PPI reclaimed0 -
I can sympathise. We are (so say!) exchanging between 15th & 19th april and completing a week later on Thursday 25th april.
We have not started to pack. It's driving me crazy
There's only 3 people involved in my chain.
1. Our buyer (an investor with mortgage already in place)
2. Us!
3. Our vendors (they were letting out the property we are buying. The tennants already moved out as they gave notice to leave as soon as we viewed it the 1st time!! and so its empty)
Both us and our purchaser are awaiting the local searches to be returned from the relevent councils and have been told they should all be back this week....
It is mega stressful to buy and sell but even more so for us on the purchase cause its a private sale (No EA) so we have to deal with the vendors directly. they are nice but naturally with the house being empty now they are desperate for us to exchange and complete cause currently they are outlaying 2 mortgage payments each month (one on the house we are buying and the one they have lived in while letting this one out! OUCH)
We are 6 weeks since offer acceptance so (if everyone is telling the truth!!!!! ) we do look to be on target for the 8 weeks completion that we all agreed to at the beginning.
Here's Hopeing!0 -
WHOOP WHOOP WHOOP - we've exchanged on the sale!
Completion set for 22 April.
Sorry, dj.boz - probably not what you want to hear!
Just need to play catch-up with my purchase out now...
Jx2024 wins: *must start comping again!*0 -
WHOOP WHOOP WHOOP - we've exchanged on the sale!
Completion set for 22 April.
Sorry, dj.boz - probably not what you want to hear!
Just need to play catch-up with my purchase out now...
Jx
Ah, very pleased for you. I know the relief
You've now got lots of time to sort out utilities, removers etc. Hope the actual move goes smoothly.
I was very lucky indeed and won an ipad in a competition last year. :j I downloaded an app for moving, and it has been invaluable. I have used it to manage the change of address, but also I listed what was in every box as it was packed. eg bedroom 3, box 1, bedroom 3 box 2 etc. This has been so useful, especially as we have gone into rented and not unpacked everything. And the ipad has voice recognition so I didn't even have to type it all in.It is a good idea to be alone in a garden at dawn or dark so that all its shy presences may haunt you and possess you in a reverie of suspended thought.
James Douglas0 -
Our EA was 'very confident' we would be exchanging end of March/beginning of April...yesterday he emailed my partner informing him that "they [the sellers[ are close to deciding on a date for exchange"...grrrrr.0
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Better_Days wrote: »
I was very lucky indeed and won an ipad in a competition last year. :j I downloaded an app for moving, and it has been invaluable. I have used it to manage the change of address, but also I listed what was in every box as it was packed. eg bedroom 3, box 1, bedroom 3 box 2 etc. This has been so useful, especially as we have gone into rented and not unpacked everything. And the ipad has voice recognition so I didn't even have to type it all in.
Admittance time - I bought an Ipad recently and have only just got round to starting to set it up today:o.
It's currently sitting charging itself up ready for me to finish figuring out how to use it right now.
Could I have details of this Ipad app please?:)0
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