The NEW waiting to exchange thread...

birdmadgirl8

Londoncheesecake said:

Hi
Newbie here! 

Our solicitor says that there should be no reason why we can’t complete in time but who knows?! I’ve frightened myself with reading some horror stories!! 

Will be reading and keeping up you updated! 

Hello & good luck! Your chain/situation sounds very similar to ours, except that we ditched our cash buyer (messing us around) for FTB. We also have a vendor downsizing into vacant property. Everyone in our chain was working towards the first SD deadline, but March has come and gone—week 23 and no end in sight for us. Your solicitor is right that it should be possible, but with so many variables in the process it's impossible to predict. I really hope you have an easier journey than us - fingers crossed for you.

birdmadgirl8

Drem1992 said:

What are people's thoughts about same day exchange and completion or is it worth splitting them up a bit? We're in a rented flat and will have a few weeks cross over anyway, the vendor will be moving into rented aswell. We just want to move asap!

Hi Drem! My understanding is that in pre-covid times this was generally avoided—risky, as someone in chain could pull out on day you've planned to move. etc.—but some solicitors have started advising going with same day exchange/completion for speed. I don't think mine will consider it though, so possibly this differs from one firm to another. We can't consider this as we have a big move and need to book removals as soon as we have an exchange date (and they won't commit until we have actually exchanged). Ideally we'd have a speedy completion, but it depends on removal dates we can get. I've been trying to pre-empt all this, but nobody in our chain is willing/able to talk possible dates. I have warned them that we need removals booked, but silence on this is making me a tad nervous. Sounds like your move is a bit more straightforward.

MrJeeves1

birdmadgirl8 said:

MrJeeves1 said:

Hello everyone. I'm new to the thread and it seems like this is a good place to vent! We had an offer accepted on a maisonette flat at the start of October (!!) and there is still no sign of completion (no chain, flat is empty). The vendor is selling two flats in the same maisonette, the other one has also not completed due to similar delays. The vendors solicitor is absolutely hopeless.. we are currently awaiting for them to get back to us on enquiries because they sent planning permission and other responses for the other flat. They just seem to take a million years to do anything and I'm at the end of my tether.

The other recent delay is around a ground rent issue, as our solicitor was worried it would be seen as too much by the bank. It's now been changed to 250 p/y and increasing by 25% every 25 years (was originally doubling), which seems like a pretty normal ground rent and I don't see why there would be an issue with it (flat is in London). But we've been waiting on the all clear from the bank on this for 3 weeks ridiculously (and we lost a week because the original letter from our solicitor "didn't arrive"). 

To make matters worse we are due to collect a puppy in three weeks, so really really want to move by then. It's so tempting to just give an ultimatum of the end of the month, but ultimately we don't want to lose it.

Hi there! Ooff - that timeline is similar to mine and we share the joy of a useless (vendor) solicitor. Sooooo frustrating! Yours sounds like it should have been a more straightforward process than ours - not that ours was complicated - so you have my sympathy there. That ground rate is very similar to something we pay in greater London, so can't see the issue either. Totally see why you'd want to be in before the pup arrives - like living with a toddler! Hope you get some good news this week.

Thank you! Hope you get some good news too. Going to up the ante on how annoying and persistent I am to the estate agent and our solicitor in the hope that will finally bleed through to the seller's solicitor!

FTB_Help

MrJeeves1 said:

Hello everyone. I'm new to the thread and it seems like this is a good place to vent! We had an offer accepted on a maisonette flat at the start of October (!!) and there is still no sign of completion (no chain, flat is empty). The vendor is selling two flats in the same maisonette, the other one has also not completed due to similar delays. The vendors solicitor is absolutely hopeless.. we are currently awaiting for them to get back to us on enquiries because they sent planning permission and other responses for the other flat. They just seem to take a million years to do anything and I'm at the end of my tether.

The other recent delay is around a ground rent issue, as our solicitor was worried it would be seen as too much by the bank. It's now been changed to 250 p/y and increasing by 25% every 25 years (was originally doubling), which seems like a pretty normal ground rent and I don't see why there would be an issue with it (flat is in London). But we've been waiting on the all clear from the bank on this for 3 weeks ridiculously (and we lost a week because the original letter from our solicitor "didn't arrive"). 

To make matters worse we are due to collect a puppy in three weeks, so really really want to move by then. It's so tempting to just give an ultimatum of the end of the month, but ultimately we don't want to lose it.

Welcome mrjeeves1 🙂.

I had my offer accepted on a London property at the beginning of Oct too (chain free, although the property is tenanted and they leave in a few weeks).

So feel your pain of such a long wait, it will be 8 months by them time i complete!

Nikkihud0609

GoingOn30 said:

Drem1992 said:

What are people's thoughts about same day exchange and completion or is it worth splitting them up a bit? We're in a rented flat and will have a few weeks cross over anyway, the vendor will be moving into rented aswell. We just want to move asap!

I was wondering the same Drem. I do think having at least a few days between would be helpful in terms of having certainty of when you'll need removals done, but at the same time we are trying to make the stamp duty holiday and may not have a few days to spare come June!
I am hoping for completion some time around 22/23rd June just because I don't think my nerves could take it if we are pushed to the absolute deadline!

Welcome LondonCheesecake, you sound on a very similar timeline to me so far so we can be stressheads together for the next 12 weeks! Do you know if you solicitor has sent the contract pack to your buyers solicitor? Great that you've got a cash buyer so no worrying about their mortgage application!

We exchanged and completed same day and all was fine, had the keys by 2pm, I’m aware it’s not always the case though, it’s a bit of a leap of faith isn’t it?

Wren14

I wonder who will be lucky and exchange this week?
After conversations with the EA and solicitor on Thursday I am pretty confident it won't be me!
Good luck everyone 😁

sassypurple

Good luck everyone this week. We are coming up to 6 months next week when our offer was accepted. Our seller has a issue with a charge on the land registry which is seemingly proving impossible to fix, the loan company seem to have no interest in helping or rushing themselves as the loan was paid off last November.  Our FTBs have been very patient but their mortgage offer expires the week after next so we are going to have to complete on our sale next Friday and go into temporary accommodation if our purchase is still not able to go ahead. So stressful the whole thing from start to finish (if we ever get to the end), we were so hopeful at the start to be in by Christmas our buyers are FTB and our seller has gone into rented so could of been possible - now we joke hope to be in by this coming Christmas. 

mistrihelen

How long does exchange take? After failing to exchange every day last week, it really has to happen today or we will need to change completion date again. Was told they'd ring us for authority to begin it this morning but no call yet. It's really getting to me now. Don't most people just exchange on the day they say they're going to?

lozenlady

mistrihelen said:

How long does exchange take? After failing to exchange every day last week, it really has to happen today or we will need to change completion date again. Was told they'd ring us for authority to begin it this morning but no call yet. It's really getting to me now. Don't most people just exchange on the day they say they're going to?

We exchanged 3 working days after our original agreed date ans the vendors vendors solicitor kept taking the afternoon off! 

Natbag

Wren14 said:

I wonder who will be lucky and exchange this week?
After conversations with the EA and solicitor on Thursday I am pretty confident it won't be me!
Good luck everyone 😁

Pretty sure it won't be me either. STILL waiting on an estate management company to report to my ex's vendor's solicitors so it can be written in his deeds before he can get the title reports and sign the contracts, and no-one is even remotely fussed or in any rush to sort this - my side of the chain is ready to exchange, but this is holding it all up as I need the funds from that sale to complete on my purchase. 
Also got an update from my boyfriend's buyers on Friday, they are waiting on withdrawal of the funds from their Help To Buy ISA to put down the deposit - please someone tell me that's relatively quick? They have been so slow the whole way through, despite being first in the chain.
Just feels like getting everyone lined up and ready to exchange is an impossible task and that us completing is NEVER going to happen.