The NEW waiting to exchange thread...

phoebass

Long time lurker- first time poster here. Looking for some advice... 
We are in the middle of a chain of three- buying just outside of Manchester if this is relevant. Our buyer is divorcing (didn't disclose this at time of offer) and being bought out of her marital home. We are buying a new build house on a small development.
Here is our timeline: 
Mid November 2020- Offer on house we are selling- accepted
Late November-Draft contracts sent to our buyer
Early December- we find our dream home and offer is accepted. 
Mid December- We receive draft contracts from our seller and raise enquiries 2 days later
Mid December- Our buyer gets mortgage offer approved. 
Late December- We receive our mortgage offer.
Early January- Our buyer says she is changing mortgage providers and reapplying for mortgage.
Early February - We receive enquiries from our buyer- after lots of chasing- some are ridiculous and don't even apply to our house- clear copy and paste job.
Early March- We receive the report for our onward purchase and sale and sign all contracts etc in preparation for exchange. 
Early March- Buyer raises more enquires and a further highways search. We are told they need their name removed from several things with the ex- marital home- management company, TR1 form etc. 
Late March- absolutely no progress made by our buyer and nobody can get in touch with buyer solicitor- including client. Our developer says they will put house we are buying back on the market on Tuesday if they don't hear of any progress by Thursday (before Easter bank holiday). Our seller confirms at 6pm on Thursday night they are putting the house of our dreams back on the market on Tuesday. 

Do we put our house back on the market as well? Will this scare our developer? We could be days/weeks away from exchanging but I just don't trust our buyer/her solicitor any more.  How likely are we to lose the house we are buying? Is there anything we can do to incentivise our developer to continue with us as buyers. They have already said they have no concerns about our incentive to buy the house they are just concerned about or buyer and want to cover their back. To add I have been chasing all parties as much as I possibly can. I am so drained and so over this move now- I just want to wake up and it all be a bad dream. 

naomibm

phoebass said:

Long time lurker- first time poster here. Looking for some advice... 
We are in the middle of a chain of three- buying just outside of Manchester if this is relevant. Our buyer is divorcing (didn't disclose this at time of offer) and being bought out of her marital home. We are buying a new build house on a small development.
Here is our timeline: 
Mid November 2020- Offer on house we are selling- accepted
Late November-Draft contracts sent to our buyer
Early December- we find our dream home and offer is accepted. 
Mid December- We receive draft contracts from our seller and raise enquiries 2 days later
Mid December- Our buyer gets mortgage offer approved. 
Late December- We receive our mortgage offer.
Early January- Our buyer says she is changing mortgage providers and reapplying for mortgage.
Early February - We receive enquiries from our buyer- after lots of chasing- some are ridiculous and don't even apply to our house- clear copy and paste job.
Early March- We receive the report for our onward purchase and sale and sign all contracts etc in preparation for exchange. 
Early March- Buyer raises more enquires and a further highways search. We are told they need their name removed from several things with the ex- marital home- management company, TR1 form etc. 
Late March- absolutely no progress made by our buyer and nobody can get in touch with buyer solicitor- including client. Our developer says they will put house we are buying back on the market on Tuesday if they don't hear of any progress by Thursday (before Easter bank holiday). Our seller confirms at 6pm on Thursday night they are putting the house of our dreams back on the market on Tuesday. 

Do we put our house back on the market as well? Will this scare our developer? We could be days/weeks away from exchanging but I just don't trust our buyer/her solicitor any more.  How likely are we to lose the house we are buying? Is there anything we can do to incentivise our developer to continue with us as buyers. They have already said they have no concerns about our incentive to buy the house they are just concerned about or buyer and want to cover their back. To add I have been chasing all parties as much as I possibly can. I am so drained and so over this move now- I just want to wake up and it all be a bad dream. 

im so sorry. this sounds horrid. we previously had horrid buyers for our place who did eventually pull out. we were lucky as our dream house we were buying from waited for us to get a new buyer, which we did pretty quickly. they had not found a place which made it easier for us. now we're just praying this goes through ok. is it the buyer do you think or their solicitor? had the agent chased both? 

amyr

Due to exchange this month, we hope, after having an offer accepted in early March. We're a little nervous that our buyer has had to travel to Pakistan for a family emergency, with Pakistan due to be added to the 'Red list' for travel from 9 April, so an anxious wait next week for how this might all impact our timeline...

phoebass

naomibm said:

im so sorry. this sounds horrid. we previously had horrid buyers for our place who did eventually pull out. we were lucky as our dream house we were buying from waited for us to get a new buyer, which we did pretty quickly. they had not found a place which made it easier for us. now we're just praying this goes through ok. is it the buyer do you think or their solicitor? had the agent chased both? 

I'm glad that your seller was happy to wait. I've got my fingers crossed for you! I think it's the solicitor. Agent is on the phone to our buyer most days trying to push, it's the solicitor not responding to anyone. Fingers crossed after the bank holiday we get some good news!

jenni_fer

It still feels a little early to be sneaking into 'waiting to exchange' but even so, that's essentially what we are doing!

Timeline for us so far:
13th Jan - Current house on the market
30th Jan - Viewing morning, 8 viewers
2nd Feb - Offer accepted (cash buyer, currently renting), Solicitors engaged
23rd Feb - 1st (only) viewing on new house (sellers claim to be going into rented....we'll see!)
23rd Feb - 1st offer made
24th Feb - Offer rejected, 2nd offer made, accepted verbally
5th Mar - Memorandum of Sale
9th Mar - Survey completed on current property
10th Mar - Mortgage Application submitted
19th Mar - Mortgage Application approved
30th Mar - Buyers requested reduction due to under-valuation, declined
1st Apr - Buyers requested £5k reduction due to 'works' required, declined, offered £2k GOGW

Survey on property we are buying due to be carried out tomorrow and awaiting a response from our buyers regarding our counter-offer, the work they wanted money off for amounts to doors and windows not being up to modern standards (because they are 20 years old) but there is nothing actually wrong with anything as far as we can see from the information they've given us. I feel like everyone thinks they 'have' to bargain as a result of a survey these days though.

We're aiming for end of June completion (as is half the world I imagine) but it won't be the end of the world if it trips over into July as the LTT saving is mostly cancelled out by an ERC on the mortgage.

Have spent most of the Easter weekend either packing or filling pinterest with interior design ideas...going to be a long few months!

Caz_Mnaz

I was hoping I'd be spending the easter weekend packing but no exchange imminent so I just didn't dare!! A few boxes are done and out if sight in the loft so even if we have short notice it shouldn't be too big of a job for the rest. Here's hoping to some good news and progress this week everyone! 

Wren14

And so begins another week of waiting and checking emails every half hour!
Our buyer STILL doesn't have their mortgage even though (apparently) their mortgage company did the survey and valuation. Due to this we took a £16,000 reduction to sale price as we had already found our new forever home. Now 8 weeks later the application is still with the mortgage company! I'm starting to think they won't get the mortgage and we have wasted 9 weeks 😭

bigkenny1975

My conveyancer has been totally unresponsive throughout my buying experience, having never responded to an email or returned a message on the phone. Over the last 8 weeks I have sent 7 emails (it would have been less but half were chasing the originals), each has been followed up a couple of days later with a phone call. I have only been put through to the conveyancer about 4 times, the receptionist seems somewhat embrassed when she asks to take a message and I explain that I have already left two. Bear in mind, I have only once emailed/called for an update the others have been around specific questions on things I have been asked for.
Anyway, the other day the EA told me that the seller has all their searches back and their queries answered. They said that the seller's solicitors had not had any queries from mine. This contradicted what my conveyancer told me two days earlier (on the rare occasion she took a call). I tried calling to find out why there was a miscommunication and again no response.
So, I have sent an email to her outlining my concerns. I have quoted the communication policy they sent me (emails and calls should be replied to on the same day unless received after 3pm) and detailed the date and time of the emails I have sent. I have asked if she knows why the seller's solicitors are saying they have not had queries and for her to tell me what she submitted to them and when. I have been careful to not accuse her of anything but suggested I am concerned and if I do not get a satisfactory answer I will need to email the partner who deals with complaints.

I am now very nervous it may make them go slower but a friend who works in a solictors office while she is studying for a law degree suggested it won't. It is mainly the fact that someone is not being truthful about the queries that has made me do it, given the lack of communication from my conveyancer I would suggest it is more likely to be her.

Natbag

Congrats @Blue_bell_20 and @Becksina ! Hope you are enjoying your new homes
Yep, same here, another week of waiting and another week of nothing I'm sure. My solicitor also never responds to my emails.
So our current situation is that we are signed and ready. My buyer is signed and ready, and putting pressure on to exchange and complete. My boyfriend's buyer, we think, is pretty much there. The chain is being held up by my ex, who has one outstanding enquiry on his purchase, and no-one can complete until he does. Sigh. Three of us have the same solicitor, so I'm hoping pressure from 3 sides and not just me will incentivise her to get this moving now (as well as getting paid for 3 sales & purchases!).
Hope everyone gets some good news and progress this week, fingers crossed!

hippocrates1

Sent strongly worded emails today as nothing has happened for a month. Let’s pray there is an update soon.