MIP/DIP, Offered, Survey Done, Exchange Next?

anotheruser

Cutting a fairly short story even shorter, we offered on a house, it was accepted, we've had a survey done.

This was all since the beginning of June.

We have a couple more documents to send to the mortgage company but the date the estate agents have put on exchange is late August.

Should we expect the date to be brought forward? Although I don't think our seller is going to pull out, we'd rather exchange sooner than later.
Do we speak to the solicitor about this?

Thanetia

Do you know if you are in a chain or not? You need to speak to your solicitor / whoever is doing your conveyancing work - likely to be some local searches, plus other bits and pieces to confirm are completed. Don't get boxed into potential exchange dates by the EA - this will need to be agreed up and down the chain (if there is one) and your solicitor should only allow this to happen once everything is in order for your element of the chain.

eddddy

Exchange date and completion date are agreed between buyer(s) and seller(s) - subject to the solicitors and mortgage lenders having done what they need to. They're not set by the EA.

So I guess the EA is passing on the message that the seller wants to exchange in late August.

You can pass back the message that you want to exchange earlier. It may then become a negotiation.

But is there a chain above you? You may have done all your pre-exchange work, but others higher up the chain may not have.


As a starting point, discuss with the EA to see if the seller is proposing end of August for their convenience (e.g. It fits in with their social plans), or whether it's because legal stuff wont be finished until then.

Hoploz

There's a lot of legal work your solicitor needs to do in terms of contract, checking details and ensuring all paperwork is in order, such as planning permission, the sellers have the right to sell etc. These things are to protect both you and your lender's interests. They will have legal queries they pass back to the sellers solicitor for the seller to respond to ... There's still a lot to do.

But the biggest question is whether there is a chain and whether it is complete, as if someone higher up the chain has not found a house to move to, for example, or someone pulls out, there can be long delays.

The EA will have put down August as a couple of months is the approximate target for a straightforward transaction. It won't be particular to you as they won't know the ins and outs of the legal details.

Just hang in there, answer all you have to do, and wait. Your solicitor will give a more accurate timescale when they know one.

G_M

https://www.amazon.co.uk/How-Buy-House-Phil-Spencer/dp/0718147340

free at your local library.

arbrighton

Searches, enquiries, report on title. LOts still to do

anotheruser

We're not in a chain... I don't think.

The seller says they were looking at a house, which wasn't in a chain; so we have a chain of two (seller and buyer).

Heard from them yesterday that they've found somewhere to live, whether it's the same place or not, I don't know.

However, I might contact the solicitor as we'd be keen to exchange as soon as possible really. Plus, it would be good to see how far along he is with all the details he needs to check.

Although still waiting for some documents for the mortgage.
If we negotiate any discount on the house, do the mortgage company just offer us less money, and slightly less per month, or would it be another month of stress testing?

Thanetia

Speak to your Solicitor to see how much work they have still to do.

Speak to the other party to see what their state of play is.

On what basis would you be looking to negotiate a further discount on the purchase price given you already offered and that has been accepted? Your survey is done, is it OK?

arbrighton

anotheruser wrote: »

We're not in a chain... I don't think.

The seller says they were looking at a house, which wasn't in a chain; so we have a chain of two (seller and buyer).

Heard from them yesterday that they've found somewhere to live, whether it's the same place or not, I don't know.

However, I might contact the solicitor as we'd be keen to exchange as soon as possible really. Plus, it would be good to see how far along he is with all the details he needs to check.

Although still waiting for some documents for the mortgage.
If we negotiate any discount on the house, do the mortgage company just offer us less money, and slightly less per month, or would it be another month of stress testing?

You need to know what the situation is for your seller and above- they are unlikely to be able to exchange and therefore commit to a completion date if their onward purchase will not be ready to go.

Why are you trying to negotiate a discount?

Thrugelmir

anotheruser wrote: »

Heard from them yesterday that they've found somewhere to live, whether it's the same place or not, I don't know.

Then your vendors have just started the process themselves. Mortgage application, survey, searches, enquiries etc.

Until they are certain of moving they won't be in a position to exchange.

hazyjo

Personally, wouldn't have spent a penny before having a complete chain.


Average time from offer to completion is 12 weeks. If they've just offered, you'll be lucky to be in late Aug, let alone sooner.


Jx