Waiting To Exchange Contracts. Can anyone help??

Steph1993

Can anyone help me with some advise.

We had an offer accepted on a property Monday 8th August.
Mortgage offer came through and has been sent to the solicitor which she has received.
Tuesday 30th August my solicitor received the draft contracts and everything she required from the sellers solicitors.
On the same day she requested the searches to be done and I have been waiting since.
I checked with my solicitor today to see where we are up to and she has said searches have come back today so she will have a look at everything and raise enquires with the sellers solicitor.
Once she has full replies from the sellers solicitor she will prepare the report and get me and my partner to come in and sign.
She has also said as we are still in early stages it could be a few weeks yet.
Does that mean 2 weeks till completion? Or 2 weeks till exchange?

We really want to complete on Thursday 6th or Friday 7th October.

Any Advice would be much appreciated

jojo9239

Your in very early days id give it 8 weeks is it a chain? if its a chain longer its took us 13 weeks

Steph1993

No chain we are first time buyers and the seller is a landlord so has never lived at the property.
What's left to do now?
So would you say there is no chance of us completing by 7th October?

jojo9239

Depends on the searches etc we started on 22nd June just in a place now to exchange

david1951

It depends what the enquiries are and how forthcoming the seller is in answering them. If the solicitor can't give you a date then there is no way anyone on here can.

It might be that the searches uncovered that there is a risk of flooding in the area and your solicitor has asked whether the property has ever been flooded.

It could be one of a million other things.

The seller might randomly pull out for no reason at all.

I would certainly prepare for the very likely event that you don't complete by 7th October

Steph1993

Thank you for all your advice.
I don't know what comes next you see as its never been explained so don't know what to expect next.

AnnieO1234

Please remember too that your solicitor will also be acting for the mortgage company so just because you may be satisfied and try to push it forward, does not mean they will be able to. FWIW I think you're being possibly a little optimistic.

Is the property leasehold? If so there may be further questions of the management company/freeholder which could delay further. The searches may highlight something that needs confirmation the mortgage company will proceed. Your seller could be stalling. There's a multitude of reasons why things won't be ready till they are.

I hope you haven't given notice on a rental already. =/

Steph1993

Thanks AnnieO1234
As you can tell we have never done this before so don't know what to expect.
Yes it is leasehold.
No not in rental living with my parents at the moment so no rush to move out we have just got roofing work to get done before winter kicks in so wanted to her that sorted asap.

KiKi

It sounds like the solicitor has everything she needs right now, but what she'll do is read through all the information, and then go back to the seller with any questions. For example one of the forms the seller has to complete is a 'fixtures and fittings' form, which will say things like what they intend to leave (eg carpet) and what they'll take (eg, curtains, washing machine). She might have some questions about that, or about the set up of the leasehold, the current leasehold costs etc.

Once she has the questions answered that she thinks need to be answered, she'll send all the information to you - this will include the contract, the lease for the property, all the forms the seller completed, a plan of the property, all the results of the searches etc. YOU then need to read through it. (As you're the ones signing the contract, ultimately it's up to you to check all the documents, although of course you do rely on your solicitor for the legal stuff). You need to take time to read it really carefully, and ask any questions that you have which she may not have asked, and she'll also ask you to confirm things like "is the property outlined in red on the plan the one that you're buying". DO take time to read it carefully and raise any questions you have at all - you're making the most expensive purchase of your life! Especially the lease, that's really important, as it tells you the terms under which you're leasing your flat, and what your responsibilities are vs the freeholder.

How long this takes really depends on how quickly the seller responds. Some of the questions the seller might not be able to answer, and it might need the freeholder to answer, so again, that could take time. It really could be anything from days to months.

Once you exchange, you are committed - you can't go back (well, not without incurring very significant fees and expenses). Most people have at least a week between exchange of contracts and completion to allow the funds to transfer.

Obviously this isn't a comprehensive view of everything that happens, but as you've not done this before thought it would be helpful to outline what you might expect. I'm sure others have had different experiences so may have different advice.

KiKi

Steph1993

Thanks KiKi.
So when would you say I should catch up with my solicitor for an update as I obviously don't want to appear to be nagging but then again I am paying them for the services.

Arlo

I accepted an offer on my house 8th August, we exchanged & completed on Friday 9th September! No chain & had cash buyers tho, the longest bit was waiting for the searches to come back, 2 weeks.
My buyer was constantly on to his solicitor & the EA, the EA was on the phone to both solicitors a lot.