Living in Limbo Land - waiting for Exchange of Contracts

RobertinHerts

On 16th May our Solicitor told us that all four parties should be ready to Exchange contracts the following week whilst we were on holiday. However on 25th May she said one party had a couple of questions outstanding but that the proposed Completion date of 11th June was still on.

Last Friday I visited our buyers EA to see if he knew what was going on and he was oblivious to the proposed completion date - which seemed odd as it was his client who had proposed it.

Three of the four solicitors are just saying to their clients / Estate Agents 'we are waiting for a call from the next Solicitor in the chain'. The 11th is looking less and less likely / practical so a new date will probably need to be proposed.

I wonder how many people are this Limbo Land at any given time?

Robert

brock-cruse

Hi
I know what you mean! I hate this bit.....sols wont give you a definate date...its seems like they need a date to set the exchange of contracts date never mind a completion date
We are nearly there...or is that just my assumption???who knows!! All searches, mortgages offers back just waiting the answer to a few queries (only 2 of us in chain.....offers accepted start of May). But then not been called in to sign yet, the weeks just seem to fly past with what seems like nothing being sorted:mad: We are buying a repo house and in actual fact the deadline for exchange was last week...there was just no way we were going to meet that. Fortunately the bank are ok so long as things go pretty quickly. Didnt help with the bankholiday monday did it:rolleyes:

shoeaddict

Hi Robert. I know what you're going through! We bought a flat last year - we had the offer accepted in early April and finally got the keys in late October! Through that time the vendor moved incredibly slowly on everything, and we only found out that the sale on the house she was initially buying had fallen through after we has finally exchanged. Her dragging her feet meant that we had to move rented flats (she initially said we would exchange in May, so we gave notice on our first rented plays) and was incredibly stressful. We only hung in because we love the flat so much - it was touch and go for a lot of the time though! So I guess what I'm saying is hang in there if it's a property you love - before you know it, you'll be able to enjoy your home sweet home!

RobertinHerts

At least two parties of the four have signed the Contracts which are held at the respective Sols waiting for the Exchange. Ours, of course was first, then, with a lot of work on my part the 'difficult' party, our Vendor, returned their's.

I believe our buyers Sol has responded to his buyers' who are thinking about the answers regarding the maintenance of a flat which he intends to use as a BTL.

Nobody has actually said we can't complete on the 11th but it is looking rather unlikely now

Addendum: Our Sol has just emailed, as a reply to my query about Building Regs, that 'it is not certain that completion will take place on the 11th'.

RobertinHerts

Our Sol now says that our buyer's buyer will 'sign tomorrow' but that 'Completion on the 11th is no longer on the table as it is now too late for it'. Our EA assumes that is because of the need to transfer monies. We don't know what the earliest would be assuming that our Vendor was actually ready that is. Unfortunately we have no idea when they will be ready as their EA hasn't wanted to talk to his clients:rolleyes:

Their EA now tells our EA he will only talk to his clients when he has a couple of dates to propose to them.

Robert

alfiedog_2

we are inhabiting that strange place called Limbo Land too:rolleyes: EA told us 5 weeks ago that exchange would be in about a week from then but here we are, in exactly the same position. So fed up with not knowingwhat is going on down the chain.

KMK

Just emerging from Limbo Land so I know what it feels like! We shall move/complete on Thursday after several hitches along the way, and it has been so stressful! The whole process began in February.

So hang on in there! You are not alone. It's the uncertainty which is so draining and that feeling of helplessness as the legal process grinds along so slowly.

Concentrate on the eventual positive outcome! It will come and then you don't have to move again for years.

RobertinHerts

KMK wrote: »

Just emerging from Limbo Land so I know what it feels like! We shall move/complete on Thursday after several hitches along the way, and it has been so stressful! Concentrate on the eventual positive outcome! It will come and then you don't have to move again for years.

Whew! Good luck, hope it all works out well.

Robert

Scarlet_Fever

we have been told every day for last 2 and a half weeks 'we will exchange today' - firstly our buyers needed to refill out the mortgage deed form (i asked them if they had been asked to do this and they hadn't so it wasn't needed) then they buyers had to send some paperwork to the mortgage company (i asked them if they had been asked to do this and they hadn't so it wasn't needed) then because it was delayed so long our mortgage money had to be sent back.... our buyers are first time buyers and our sellers are going to rented so no chain, i've asked our EA to put our house back on the market tomorrow for more £££ as i have had enough of the delaying as i cannot see who it is benefitting

and i am off with my 5th migraine this year *i normally only get one or two a year

funkster01_2

I am also in the stage too. my mortgage offer ends on july first, and it says they may need to change the mortgage after 16 weeks. does that mean it could go up due to raise in interest rates? stressed FTB!

miss_spendaholic

Your not alone we are suppose to be completing on the 15th but the other parties are dragging their feet and every day we are chasing solicitiors and estate agents to chase the other parties on - its so stressful limbo land!