The NEW waiting to exchange thread...

Toastie2018

The house buying process is stressful. We were set to exchange and complete yesterday. My efficient solicitor had already received the funds from the bank when the sellers "just" realised they would have to pay an early repayment charge. So they now want us to exchange and complete end of this month (or early May according to the estate agents). 

I can't get my head around how they could possibly have not known they would have early repayment charges. 

birdmadgirl8

Toastie2018 said:

I can't get my head around how they could possibly have not known they would have early repayment charges. 

That's terrible. Sounds like they were hoping process would drag on long enough that they wouldn't have to reveal this. They 100% knew - we're porting our mortgage to avoid those charges, but they're all spelt out anyway (if we don't complete quickly enough after exchange). Not something you can miss...unless they didn't bother reading details - but that's just as bad. Feeling your frustration.

NikkiW872

Hi everyone, I have been studying everyone’s timelines for info but as our process has been a little out of sync, I’d be grateful if anyone could help estimate some timeframes for me...
mortgage offer received and searches done and returned. Waiting for draft contract pack ( with vendor’s solicitor since last Wednesday) and then our solicitor needs to draw down the land title. He has made us aware of 8 basic enquiries (house is a new build). Then contract, exchange, complete... (I think that’s correct from reading other posts). Roughly, how long should I be expecting this to take? 🤷‍♀️ Currently living with parents and a 3 yr old and have been here 9 weeks while the house has been completed. The stress has been real!

Caz_Mnaz

Unfortunately it's really impossible to say....it sounds like you're nearly there... But it might also take another 6 months depending on speed of conveyancers 😂🤦‍♀️

birdmadgirl8

NikkiW872 said:

Roughly, how long should I be expecting this to take? 🤷‍♀️

All depends on weakest link in chain. We signed our contract a month ago today. Daughter sent her page to us from uni by signed for delivery - how deluded & hopeful we were😭 Everything has stalled since then and no news of when this will change (vendors' solicitor not responding to anyone). Hope it's quicker than this for you. 

GoingOn30

You sound like you are a good way through the process Nikki, I thought the solicitors usually waiting to receive the draft contract pack from the vendors solicitors before applying for the searches (but am a newbie at this so maybe not), so it's good that yours are done. 
Here's a weekly update on our timeline (progress in bold), not awful for a 4 working day week. I think local authority searches are the next obstacle for us now. 
For those who saw my last post, we have opted so far not to pay our solicitors an "urgency premium" so we'll see if that gamble pays off for us!

Selling
12th March - offer accepted 
18th - Buyers mortgage app submitted
22nd March - memorandum of sale issued
31st March - Buyers survey took place,
31st March - ID check at solicitors, conveyancing questionnaires completed 
9th April - Draft contract pack sent to buyers solicitor....at 5.15pm on a Friday but at least it's done!
Buying
29th March - offer accepted
31st March - Memorandum of sale issued
1st April - Full mortgage application submitted
8th April - Desktop valuation complete at agreed sale price - mortgage now at underwriting stage
19th April - Full build survey to take place 

Sam2030

ohdarn said:

I think today marks seven months since we accepted the offer on our house.
We were pleased when two weeks ago, our buyer started suggesting completion dates.

Since then, we've heard nothing from them and apparently the estate agent can't get ahold of them or their conveyancer, although I dont trust anything our estate agents says anymore (fun sidenote: we asked our estate agent who the branch manager was so we could make a complaint about them. Our estate is the branch manager).

So we've asked the EA that if they do manage to contact the buyer, to pass on that if an exchange date isn't agreed by the end of this week, we're putting our house back on the market.

It's been such a trudging s**tfest of ineptitude, complacency, lies, anxiety and worry that I'm not sure I'll ever be able to experience the emotion of happiness ever again.

Oh know did you get a response from your buyer we are 5 months in on the house buying saga and worry our buyer will pull out most of the time 

Tiglet2

NikkiW872 said:

Hi everyone, I have been studying everyone’s timelines for info but as our process has been a little out of sync, I’d be grateful if anyone could help estimate some timeframes for me...
mortgage offer received and searches done and returned. Waiting for draft contract pack ( with vendor’s solicitor since last Wednesday) and then our solicitor needs to draw down the land title. He has made us aware of 8 basic enquiries (house is a new build). Then contract, exchange, complete... (I think that’s correct from reading other posts). Roughly, how long should I be expecting this to take? 🤷‍♀️ Currently living with parents and a 3 yr old and have been here 9 weeks while the house has been completed. The stress has been real!

As your solicitor has not received the draft contract pack, you are at the very beginning of the transaction, i.e. your solicitor has not started any of the legal work.  It is therefore impossible to offer a timeline. 

Are you sure that your solicitor has got all the searches, rather than you've just paid money over to them in readiness for ordering, as it is unusual to order searches before receipt of the title and associated papers?  

NikkiW872

There is no chain thankfully as the house is a new build and we are living with parents so not waiting on anyone other than builder and solicitors 👍🏻

 I also thought getting the searches before the draft contract was unusual but the solicitor sent for them based on the architect plans he received from the builder’s solicitor. The builder didn’t want to send much else as he didn’t want to be tied to a completion date he couldn’t meet whilst the utilities were fitted (solicitor said he didn’t need a completion date to do the contract but builder was adamant). My solicitor emailed me the search report so I know they are back and all ok 🤷‍♀️

birdmadgirl8

GoingOn30 said:

You sound like you are a good way through the process Nikki, I thought the solicitors usually waiting to receive the draft contract pack from the vendors solicitors before applying for the searches...
For those who saw my last post, we have opted so far not to pay our solicitors an "urgency premium" so we'll see if that gamble pays off for us!

I saw that - can't believe they wanted extra to actually do their job! Think you made the right decision not to be ripped off.

As for contracts, it seems different conveyancers use different terms. As you say, the 'draft contract pack' is usually the first thing you get - with TA6 & fixtures, etc - and our solicitor wanted equivalent from vendors too before applying for searches. Once searches are in, you may find that your solicitor sends out the contract with title deed, etc. (undated at this point) in order to move quickly once enquiries have been satisfied.This is what my solicitor did, but it doesn't necessarily mean much - just that she's well prepared. Some wait until just before exchange to do this though.