The NEW waiting to exchange thread...

AnnexeRegular

The searches are finally back. My solicitor is raising enquiries now so i'm hoping the responses come back quickly. The vendors solicitor does seem pretty quick at responding, so i'm hoping the end is getting closer.

caz_cardiff87

AnnexeRegular said:

The searches are finally back. My solicitor is raising enquiries now so i'm hoping the responses come back quickly. The vendors solicitor does seem pretty quick at responding, so i'm hoping the end is getting closer.

Fingers crossed for you! 

im hoping this is the same for me once searches are back!

caz_cardiff87

GoingOn30 said:

Can anyone fill me in on the pros and cons of exchange and completion on the same day vs separate days?
Personally would love a bit of a gap so we have certainty of the day we need removals etc and I am a person that likes to know the plan! Grateful for any thoughts on the matter 

From what I’ve read it’s only usually doable if you are a cash buyer as banks need a few days to wire the money to a solicitor. A solicitor won’t request mortgage funds until the contracts have been exchanged so if you are mortgaging it’s unlikely to happen same day

Slithery

caz_cardiff87 said:

GoingOn30 said:

Can anyone fill me in on the pros and cons of exchange and completion on the same day vs separate days?
Personally would love a bit of a gap so we have certainty of the day we need removals etc and I am a person that likes to know the plan! Grateful for any thoughts on the matter 

From what I’ve read it’s only usually doable if you are a cash buyer as banks need a few days to wire the money to a solicitor. A solicitor won’t request mortgage funds until the contracts have been exchanged so if you are mortgaging it’s unlikely to happen same day

Nope. There's nothing to stop your solicitor requesting funds before exchange in preparation for same-day completion. The vast majority of transactions over the last year have been same-day.
If the transaction doesn't go ahead then you're just liable for a few days of interest.

JW17

Hi all, 
Been reading this for a long while but thought I'd add my story.
Put house on market Sept 2020
Accepted offer early December, cash buyers, who asked us for a quick move (Mid Feb)
Offered on a house we loved late December, only one extra link to the chain above.
The cash buyers only arranged a homebuyers report at the start of March, carried out 5th March but took until 7th April for the report to be sent to the buyers.
The buyers then arranged a further survey (asbestos) which was nothing big, 1950's house. Flue and meter cupboard.
Been contacting past couple of weeks to agree dates, and complete silence. Provisional dates agreed with chain above for Friday 14th May.
Vendors getting itchy due to lack of movement from buyers then had the dreaded phone call today to say the buyers have pulled out due to ill health.
House back on market, 18 viewings organised for the next 3 days already, in 4 hours!
Hopefully we can secure an offer this weekend to save the property we love (area, house, everything perfect).

Very very disappointing and frustrating day.

birdmadgirl8

@gemgem85 Hello & welcome to the madness. Searches are taking a long time in some areas, but they do tend to come back when predicted. What happens after that will depend on efficiency of solicitors/agents involved. Timeliness are totally unpredictable...but you never know. Good luck!

FtbEmz

gemgem85 said:

Hi everyone! Good luck with all your purchases and sales. I hope you don't mind me joining in

I'm in the process of buying my first house. I'm super excited because for years we've been cooped up, renting a little flat, and now we're buying a big beautiful family home twice the size of our current place! Also super anxious! It all seems too good to be true!

Our searches are out at the moment, due back on 19th May. This is longer than any estimate I could find online but I'm guessing covid + stamp duty holiday means there's a bit of a queue! I know we've been lucky so far with the rest of the process, I'm not sure if we'll hit our 1 June completion date though!

Here's my timeline:

March 25: Started looking for properties
March 26: Applied for mortgage through broker
March 28: Mortgage in principle!
March 29: Made offer
March 30: Offer accepted!
April 6th: Valuation
April 9th: Mortgage offer!
April 12th: Survey complete - no reds
April 13th: Draft contracts
April 14th: Searches requested and enquiries raised
.......LONG WAIT......
May 19th: Searches due back??
June 1: Completion date??

Your timeline is so like mine! We’re hoping to exchange 1st June too! Searches submitted last Friday and expedited so hoping end of next week we’ll have those back. Our solicitor has draft contract from the seller and the other paperwork they need so she’s going through it all this week and preparing a report on title. Our survey is next week and will be back within 2/3 days but we don’t envisage any problems. It’s all I think about! Sleep has become an issue as I can’t switch off! Fingers crossed for you!

birdmadgirl8

@JW17 What a horrible day! Such a nightmare process at times. 18 viewings is impressive though. Really hope you get buyers in who can move quickly. Fingers crossed for you.

birdmadgirl8

@FtbEmz No sleep here either. I'm like the walking dead after 6 months of this 🥱

FtbEmz

birdmadgirl8 said:

@FtbEmz No sleep here either. I'm like the walking dead after 6 months of this 🥱

Oo wow, 6 months. Where are you at now?