The NEW waiting to exchange thread...

dungabeagle

Becksina said:

Random question and not sure if anyone will know.
We are due to move on the 1st, now my mortgage direct debit comes out on the 1st, but the mortgage will also be getting paid off on that date - so am I going to be looking at paying both the old and new mortgage in one month? I'm dreading this as we won't be able to afford 2 mortgage payments! 

Usually the redemption statement from your existing mortgage to your solicitors won’t factor in any payments due in the meantime (between requesting it and the date that they have indicated they will be redeeming the mortgage) 
the options usually given are- you make your direct debit payment as normal and the solicitors deduct that amount from
the redemption figure, or possibly
you could cancel your direct debit in advance of the last payment being taken out and your solicitors make the payment for the whole amount on their statement. 

Definitely worth checking with your current mortgage provider though just to make sure cancelling the direct debit won’t throw a spanner in the works- also probably worth checking that your solicitors would be happy to deduct the direct debit amount from the statement figure. 

Becksina

dungabeagle said:

Becksina said:

Random question and not sure if anyone will know.
We are due to move on the 1st, now my mortgage direct debit comes out on the 1st, but the mortgage will also be getting paid off on that date - so am I going to be looking at paying both the old and new mortgage in one month? I'm dreading this as we won't be able to afford 2 mortgage payments! 

Usually the redemption statement from your existing mortgage to your solicitors won’t factor in any payments due in the meantime (between requesting it and the date that they have indicated they will be redeeming the mortgage) 
the options usually given are- you make your direct debit payment as normal and the solicitors deduct that amount from
the redemption figure, or possibly
you could cancel your direct debit in advance of the last payment being taken out and your solicitors make the payment for the whole amount on their statement. 

Definitely worth checking with your current mortgage provider though just to make sure cancelling the direct debit won’t throw a spanner in the works- also probably worth checking that your solicitors would be happy to deduct the direct debit amount from the statement figure. 

Thank you, I'll send an email to the solicitor tomorrow  

MrManager

Tiglet2 said:

MrManager said:

My purchase is theoretically very simple - I'm a FTB, the house I'm buying is vacant with no chain. Mortgage and survey are sorted. Just one thing is missing now - the searches. They were started almost 2 months ago but we still haven't heard back. Every time I ask for an ETA the solicitor tells me a date two days in the future. Two days later and it's still two days in the future. Apparently they are using a 3rd party provider (Infotrack) which just says that they are "waiting on outstanding data from the Local Authority".

Does anybody have any insights into what I can do here. Is there any point in chasing my solicitor if the hold up is with the local council? Is Infotrack a particularly slow provider?

Dealing with the solicitor has been very pleasant and responsive otherwise, so I'm reluctant to annoy them too much if it's not their fault.

I haven't dealt with Infotrack, but the majority of solicitor firms do use a search agent.  The search agent will usually give an estimated date of return and it is often accurate.  The solicitor can't expedite the searches unfortunately, but you could ask them about the no search indemnity policy if they are offering that as an alternative.

Thanks - I guess what's driving me slightly crazy is that their estimated date keeps shifting back. The first date they gave was two weeks ago.

naomibm

our buyers mortgage valuation person is coming next week...how long after that should they get their mortgage offer? any ideas?!

Dadto3Boys

naomibm said:

our buyers mortgage valuation person is coming next week...how long after that should they get their mortgage offer? any ideas?!

My Signature give you a clue.
Valuation Survey 3rd March
Issue with cracking ... Structure survey 9th March
23rd March they confirmed they had mortgage offer.

crumblylancashire

Becksina said:

Random question and not sure if anyone will know.
We are due to move on the 1st, now my mortgage direct debit comes out on the 1st, but the mortgage will also be getting paid off on that date - so am I going to be looking at paying both the old and new mortgage in one month? I'm dreading this as we won't be able to afford 2 mortgage payments! 

Just had a letter from Accord and my first one is coming out on the 12th, and they're adding a bit more to cover interest on the funds from the time they were released too.  So, that would be about 2 weeks after moving in... not sure if that's any help though.   But Congratulations on getting a move date!!

MrManager

For me it took a couple of days from valuation survey to mortgage offer. If I remember correctly the survey was done on a Monday and I had the offer Wednesday night.

Natbag

@Josephgousto  congrats! Glad you found somewhere even better - maybe it was meant to be!
@dungabeagle - sounds like your Title Report and contracts are ready, how exciting! We returned ours on Monday so we are ready to exchange, can't get anyone to even discuss dates though. I need it done by April 29th latest, so here's hoping for a similar date to you!
@lozenlady - congrats, how exciting! No rush for you either, sounds perfect!
STILL no update my side. We are ready to exchange, but my solicitor is still ignoring my emails/letters/calls and I've had only one vague update from one of the EAs. I need to complete in the next 30 days, and at this rate I really don't think it's going to happen

Natbag

Ah I forgot to mention, we returned our Title Report on Monday afternoon all ready to exchange. Monday evening one of the conservatory roof glass panels shattered into millions of pieces. It's a 4-week order lead time to get a new panel. JOY! I think we will have to pay for it, and let the buyers know it's paid for but may have to be done after they've moved in

Becksina

So we are due to move tomorrow. Removals are booked, house is fully packed, we don’t have a THING to use. And my solicitor just responded to a mortgage question with ‘If we complete on the 1st’ so cue me thinking the solicitor isn’t confident the money will arrive in time tomorrow. If it all falls through tomorrow I’ll be pulling, I can’t go through the stress of these last few days again. Simultaneous exchange and completion is one of the worst decisions we’ve had to make. Preparing myself to be sat in a packed van tomorrow crying when I get told it’s not gone through