The NEW waiting to exchange thread...

amyr

trance_abbey said:

amyr said:

Zero chill. Spoke to the Estate Agent.
The positive news is that as soon as they can provide the evidence we're good to go. But goodness, the phrase 'money laundering checks not yet satisfied' does make me feel horribly anxious. 

My dad is gifting me some money for my purchase and it's a really simple process which took us 3 days to sort including figuring out time zones for him to meet virtually with one of the solicitors to do identity verification. Then all he needed to do was send 3 months bank statements and it was all green lights.

I'm surprised that the buyer got to this point without it being dealt with. It was the first thing my solicitors wanted to know about, do I have the money and can I prove where it came from?

I am frustrated they haven't been asked for the documents before now! 

We know their situation is complex and suspect some funds are coming from family who may be based abroad, which complicates matters and needs additional proof. It's a stage of the process I know very little about, including how rare / common it is for things to go wrong...

ohdarn

Hi again. We were nearly close to exchanging contracts according to our conveyancer.
Then our buyer decided to let us know that our conveyancer has been putting the wrong limited company name on the documents and that might delay exchange.

Because our buyer put an offer on our house in September and then changed his company name in October and didn't think to tell anyone about it.

I don't think there are sufficient words in any human language that can accurately convey what I'm feeling right now. It's like a weary resignation combined with a howling rage.
Very odd.

Livingincolour

ohdarn said:

I don't think there are sufficient words in any human language that can accurately convey what I'm feeling right now. It's like a weary resignation combined with a howling rage.
Very odd.

Exact same feeling here, perfectly articulated. 

We had a moment of euphoria last week when out of the blue after many months of waiting the management company finally answered the outstanding enquiries blocking our exchange.

Thought we'd finally cracked it and the end was days away, now it transpires that our mortgage lender has taken issue with the terms of our lease & so far as we know could pull the plug on the whole thing. 

We are almost beyond caring at this point and just have to laugh about it, solidarity with everyone going through a similar experience!

BountyBlink

mat1964 said:

My GF's buyer's broker resurfaced today (not the buyer) and said they had now applied for another mortgage as 'HSBC had not responded to the first one'.  This is obviously a load of rubbish as we know the valuation was done a month ago.

Having wasted nearly 2 months of our time, they are now trying to waste more.   Anyway, house is back on the market.

Well done to sticking yo your guns! It will sell in no time and you will have a motivated buyer that will do things much quicker than this last one! 

BountyBlink

Sam2030 said:

We exchanged today after 3 attempts this week and we complete tomorrow we had lots of ups and many many downs and it took just over six months I gave up hope many times. Good luck to everyone I Hope this gives you Hope xx

Congratulations!!! 🌈🌈🌈 what a lovely feeling!!!! It will all be worth it when you have the keys and turn that lock for the first time!! 

FtbEmz

Sam2030 said:

We exchanged today after 3 attempts this week and we complete tomorrow we had lots of ups and many many downs and it took just over six months I gave up hope many times. Good luck to everyone I Hope this gives you Hope xx

That’s amazing news!! All the best today!

Scottish_Dorset

firsttimesellerldn said:

Scottish_Dorset said:

Morning everyone, just an update on our situation.  We are almost like FTB, nothing to sell, no chain.  Offer accepted 23 November 2020 on an empty 2016 built property.  Mortgage approved, solicitor engaged by December 2020.  According to our property portal, we are still only 15% along, our mortgage offer runs out mid June 2021.  I've increased my pestering with my solicitor.  We were told local searches were taking 12 weeks, due back in June!  I spoke to the solicitor last week and paid an extra £50 for a speedier premium search, she said the results of which would be due yesterday.  Nothing.  Today I have had an email from the solicitors saying:

"The search company has requested for a different title plane of the property.  All of the available title plans has now been sent to the search provider."

Can anyone tell me what this means?  We are getting very stressed now.  No contracts exchanged, nothing signed......

Did they explain why they didn’t request searches in December? Unless there’s some complication you don’t mention that timeframe sounds ridiculous. I’d be chasing them on a near daily basis for clear updates and progress. If you’d aren’t satisfied then complain. 

I spoke to our solicitor yesterday, or at least the administrator!  They said that the title plan should have been back on Tuesday but will now be back next week.  I've told them that our mortgage offer expires in June and if we can't complete before then we will lose the house.  I paid extra last week for a 'premium search' to speed matters up, then got told yesterday that both the original search and this new one would be getting their information from the same place, so no quicker!?  

We are now a priority according to the solicitor, everything is crossed.  Good luck to everyone just starting, part way through or seeing the light at the end of the tunnel!!

Poppyka

Good luck to everyone - looking forward to hearing about your journey to complete 

here’s our timeline:
22.04 Offer made and accepted 
29.04 mortgage application submitted 
07.05 mortgage offer approved 
07.05 structural survey completed 
10.05 solicitors started searches after receiving draft contracts from the vendors 
12.05 survey report received with a couple of request to Vendors on a couple of things

We are hoping it’ll be straightforward now as our vendors are keep to complete before the end of June as they’ve brought elsewhere. But we’re in no rush I know everyone is keen to meet the stamp duty holiday deadline but we don’t want to unnecessarily rush through things and have accounted for the tax just in case. 

Natbag

@Sam2030 - congrats! And happy new home day! Hope all goes well.
@Livingincolour - sorry to hear that, it sounds exactly like what has been holding my lower chain up for months - the lender refused to lend based on the current estate management company contract wording, and it took weeks to convince them to sign a deed of variation, then the developer had to sign, then it had to go to the Land Registry for amendment (although that can be expedited to speed things up). But yeah, it's a difficult and long process I'm afraid. The alternative might be that you find a lender who is willing to take the current wording on, with or without an indemnity policy. You'd need a good broker to help with that one though. Hope you can get it sorted and proceed,.

laura0289

Hi heard from our solicitor today after the EA has put a complaint in due to lack of contact and not doing what they tell her they will do ie send me documents like the search and mortgage reports. Anyway in his e mail he has included the mortgage report but has said he will send the full search report when he gets the answers to his enquiries, is that normal procedure? Thanks  good luck to anyone due to complete or exchange today