The NEW waiting to exchange thread...

cjp2308

I’d like to think we are close to exchange. Our solicitor told us last week everyone is geared up for completion on 30th.

They reported to us Tuesday and sent us a completion statement yesterday which we have now paid as they requested.

I need to get building insurance as a condition of the mortgage, however when I’m looking to purchase a policy they are asking me for an exchange date which I don’t have.

are they likely to let me know they are now exchanging contracts or a date when this will take place?

thanks 

bigkenny1975

cjp2308 said:

I’d like to think we are close to exchange. Our solicitor told us last week everyone is geared up for completion on 30th.

They reported to us Tuesday and sent us a completion statement yesterday which we have now paid as they requested.

I need to get building insurance as a condition of the mortgage, however when I’m looking to purchase a policy they are asking me for an exchange date which I don’t have.

are they likely to let me know they are now exchanging contracts or a date when this will take place?

thanks 

My conveyancer asked me to set the insurance for the start of the week to allow them to exchange as quickly as possible. We now have a hiccup up the chain (chain of 3, house in the middle agreed to the date but did not speak to the end of the chain) so I am insuring a house I have nothing to do with (yet).

cjp2308

bigkenny1975 said:

cjp2308 said:

I’d like to think we are close to exchange. Our solicitor told us last week everyone is geared up for completion on 30th.

They reported to us Tuesday and sent us a completion statement yesterday which we have now paid as they requested.

I need to get building insurance as a condition of the mortgage, however when I’m looking to purchase a policy they are asking me for an exchange date which I don’t have.

are they likely to let me know they are now exchanging contracts or a date when this will take place?

thanks 

My conveyancer asked me to set the insurance for the start of the week to allow them to exchange as quickly as possible. We now have a hiccup up the chain (chain of 3, house in the middle agreed to the date but did not speak to the end of the chain) so I am insuring a house I have nothing to do with (yet).

Thanks for the reply, fortunately there is no chain either end with us, we are in regular contact with the seller and the property is empty, our HTB ISA accounts have been closed, I have asked them directly do they have an exchange date for me? 

For my peace of mind, as I know all parties plan to complete a week Friday, Is there anything stopping me taking a policy out and putting it in place from today? 

bigkenny1975

cjp2308 said:

bigkenny1975 said:

cjp2308 said:

I’d like to think we are close to exchange. Our solicitor told us last week everyone is geared up for completion on 30th.

They reported to us Tuesday and sent us a completion statement yesterday which we have now paid as they requested.

I need to get building insurance as a condition of the mortgage, however when I’m looking to purchase a policy they are asking me for an exchange date which I don’t have.

are they likely to let me know they are now exchanging contracts or a date when this will take place?

thanks 

My conveyancer asked me to set the insurance for the start of the week to allow them to exchange as quickly as possible. We now have a hiccup up the chain (chain of 3, house in the middle agreed to the date but did not speak to the end of the chain) so I am insuring a house I have nothing to do with (yet).

Thanks for the reply, fortunately there is no chain either end with us, we are in regular contact with the seller and the property is empty, our HTB ISA accounts have been closed, I have asked them directly do they have an exchange date for me? 

For my peace of mind, as I know all parties plan to complete a week Friday, Is there anything stopping me taking a policy out and putting it in place from today? 

I provided the insurance documents to my solicitor and they were happy with them so I am sure it is ok to have it early. Someone may know more and be able to clarify though. 

Eljhem

Well, our place is Sale Agreed, our future home is Under Offer, we are on the way.
For the first time we have no mortgage to arrange.  So let's see how smoothly this goes.  We have been in our present place 35 years so we are a bit out of practice with this lark, at least we have no kids or let's to move this time.

mat1964

So my girlfriend and I are selling both our houses and buying a new build.  Our purchase is not ready until September and my buyer is happy to wait, so the intention is my GF will complete first, move in with me and then we will move to the new place.

Being a new build, they want an early exchange.  The sale of my house and the purchase is going fine - all searches are in. My buyer is having a full survey in a week or so and if there are no problems we will be ready.

However, by GF's buyer - who offered after one short viewing the day it went on the market - has disappeared.  His mortgage valuation was done last week but neither him or his solicitor are responding to calls or emails from the Estate Agent and our solicitor has had nothing either.  We have no idea if he has his mortgage offer or if their solicitor has requested the searches, which are taking time where she lives.

We are now wondering how much time we should give him to reply before re-listing the property.  We don't want to lose our purchase.

AnnexeRegular

My solicitor has told me things are taking much longer than usual. Still haven't received the leasehold pack from the vendor yet. Looks like i'm in this for the long haul. No chain too so more fool me for thinking this would be a quick purchase!

mat1964

One question - is it acceptable to send a (polite) email to the buyers solicitor asking about progress or is that frowned upon?

Insomniac101

So frustrated with the situation! we were supposed to complete before the first SDLT holiday 31 March, then the buyer raised a query which delayed it all, and now we have everything back we want to complete 30 April, they said no as they want a Survey to be done! So they said complete 6th May, which we said OK.... then what happens?? they booked in survey 5th May?! i've gone back to let them know its unacceptable and they need to book it this week or early next week!

If you hear of a murder in London... it's me murdering our buyers!

Natbag

Thanks for the kind wishes everyone.
Things are still fragile, but it's looking more positive today that there may be a solution.
The issue is with some wording on the estate management company contract for my ex's purchase, the lender will not lend based on it. So we are trying three resolutions now; convince the company to sign a deed of variation, convince the current lender to accept it (with or without an indemnity policy), and/or find a lender who will lend and apply for a new mortgage.
I've put my ex in touch with my amazing mortgage advisor, who says she has seen this issue with other customers recently and has been able to match them all with a mortgage. Obviously this resolution will take longer, but sounds the most likely to succeed.
So that's where we are. My sellers have got wind of the situation and obviously aren't too happy, so I've been scrabbling round trying to provide updates and reassurances to them and both buyers that we are committed and doing everything humanly possible, and that we think the issue can be resolved with a bit more time. Just praying that everyone hangs on in there.
I really hope we do get this house, because if we don't we won't be in a position to buy another for a very long time and our current living situation is not sustainable either so I really don't know what we'll do. Either way, I am never ever doing this again, the stress has made me ill