The NEW waiting to exchange thread...

naomibm

@Natbag Seems like we called his bluff without knowing he was bluffing...he has now agreed to the date again...just gave me a massively dodgy belly for a few hours. Here's hoping we exchange tomorrow. 
@BountyBlink ...I really feel for you....you've had a pants time....im sorry.

Caz_Mnaz

BountyBlink said:

BountyBlink said:

inca1000 said:

Hi everyone,
I received a phone call last week from my solicitor that buyers wanted to complete on Thurs 27th May, all good as the property is now vacant and I am living elsewhere with only a few things we've managed to move quickly this last week.
Its now Tues evening and we haven't exchanged yet, I have signed the contract, but waiting on buyers solicitor. Is this a bad sign or can exchange happen so near to completion? I need some hope. 

Absolutely can happen quickly. Your best bet it to get onto the agent ASAP (Send an email tonight) and ask them for an update by 11am tomorrow, as you are still awaiting to give your authority to exchange & need a full update as why things have gone somewhat quiet . 

Agents are better at this stage to do all the phoning and chasing, ie call your vendor, call your vendors solicitor and call your solicitor. Get your agent to earn his buck tomorrow! 

Agree, yesterday my agent chased the whole chain twice to get confirmation of where everyone was at and whether the 4th was a go-er or not

Caz_Mnaz

BountyBlink said:

alipops1986 said:

Evening All, 
So pleased that things appear to be starting to flow a bit more smoothly for most of you. 
We've hit a bit of a bump in the road. We were told categorically by the sales exec at the development the management charge was a fixed amount and that this was in the paperwork should we go ahead with a purchase. Here we are quite a bit down that road, and now we are told by our solicitor, it's not the guaranteed fixed amount that we were lead to believe. I've told our solicitor we expect what we were told to be honoured. I'm not feeling too hopeful, although we are more livid that we have been lied to as this did influence our decision to purchase the property. 
We are now pondering if it won't be honoured, do we continue with the purchase knowing the charge could increase over the coming years? 

Alipops x

No real technical advice for you, but what I would say is anything that is making you reconsider things will in turn make any future buyer also feel like you are now, if one day you decide to sell. 

For example the house we are buying has a right of way across the back of the property for our neighbours owner. It’s a very old house so in the deeds this is a covenant that is very old too. It’s basically for “tradesmans access” in reality it is so our future neighbour can take their bins across our property (outside kitchen) and round the alley to the front.

this really put us off at first but when we really thought it through we decided it wasn’t a big thing. However, I’m sure if we decide to sell in future (and can I just say I’m never moving again lol) it probably will put people off. We used it to our advantage and renegotiated as this was not pointed out when we viewed and at offer stage. 

Same with us! It didn't bother us at all but for a few viewings it was an immediate no

FtbEmz

Morning all. No news here regarding an exchange/completion date. I’ve emailed my solicitor already this morning to ask for an update and after reading what others have said I’m going to give the EA a call. I spoke to them earlier in the week to give them an update and put forward the 3rd June as completion date which the EA said should be ok with the seller (property is empty, she lives overseas), but our solicitors seem to be dawdling now. Here’s hoping for a positive update for all round. 

FtbEmz

Argh. Why can't solicitors just be honest. She told us on Monday they were waiting for enquiries to come back. This morning she's replied to say they haven't heard anything from the vendor's solicitor yet so I called the estate agent who advised they only received enquiries from our solicitor late last night!!!!!
I don't mind how long it takes, but just wish they'd be honest as we could then set a realistic completion date but with all the misinformation we were lead to believe the 3rd June for completion would be ok. Obviously not going to happen now which is a pain as I've been working from home for over a year and due back in the office Monday to Friday on the 7th June so was really hoping to complete before then. Feel like giving up and now not sure of what to do next. So frustrating as the property is advertised as immediate vacant possession, we have no chain so should be pretty straight forward. 

Natbag

@firsttimesellerldn – that sounds really positive, fingers crossed for you!

@flyingv – thank you for thinking of me 😊 Hope you get some more progress very soon too.

@inca1000 – that’s soon! Exchange and completion can even be same day as long as the background actions are complete, such as mortgage monies are drawn, which can take up to a week I think. I would give them a call and clarify!

@alipops1986 – that’s so frustrating. Management charges have been the bain of my purchase hold-up too, as they just seem to be a nightmare to deal with. I don’t think they will budge sadly, but it’s worth a try. So much dishonesty in this process, it’s ridiculous.

@naomibm – that’s brilliant news, phew! Fingers crossed you exchange today!

@FtbEmz – Oh no, sorry to hear that, that’s frustrating. This is why my solicitor would never mention dates at all, but this seems to happen a lot. Keep up the pressure and get it moved along if you can still though. Otherwise it’s a good opportunity for some annual leave maybe? 😊

 

My update: We didn’t exchange yesterday because my mortgage redemption statement on my sale didn’t arrive in time. My solicitor says it should be due today, then she can ‘start the exchange’. Start?! Start?! NO! I WANT IT FINISHED!!! ARRRRRGGGGGHHHHHH!!!!

cherrypancakes

@FtbEmz all I can say is to hang in there! I'm a ftb too, buying a chain free property, next week we enter month 6 lol still no exchange/completion date in sight. It was supposed to be straightforward but I really think some solicitors drag their feet! The searches came at the end of March - if you ask me what they spent April and May doing, I haven't a clue, the seller is heavily pregnant and due to give birth at any point so that may throw a spanner in the works. June seemed very far away a few months ago, now that stamp duty deadline is fast approaching...

laura0289

FtbEmz said:

Argh. Why can't solicitors just be honest. She told us on Monday they were waiting for enquiries to come back. This morning she's replied to say they haven't heard anything from the vendor's solicitor yet so I called the estate agent who advised they only received enquiries from our solicitor late last night!!!!!
I don't mind how long it takes, but just wish they'd be honest as we could then set a realistic completion date but with all the misinformation we were lead to believe the 3rd June for completion would be ok. Obviously not going to happen now which is a pain as I've been working from home for over a year and due back in the office Monday to Friday on the 7th June so was really hoping to complete before then. Feel like giving up and now not sure of what to do next. So frustrating as the property is advertised as immediate vacant possession, we have no chain so should be pretty straight forward. 

I feel your pain with it all being well should be straightforward. We have a FTB buying our property accepted the offer in Feb and had the offer accepted on our purchase in March. Like yours its vacant now but still waiting to sign our contact and talk completion dates , I know our solicitor has received the searches weeks ago and the enquiries about a week ago. What are we waiting for? This whole process is making me feel ill and should be excited about the new house but I just feel depressed and the solicitor and his assistant have been ignoring my e mails for over a week. Even our purchases EA is now not coming back to me and she was the one chasing everyone. Just feel like giving up 😔

Josephgousto

@laura0289 don´t give up! I was in very similar position myself at the beginning of the week, and after ringing the solicitor 3 times yesterday and having a very direct conversation, things started to get moving again. I completely understand the feeling of not being excited/looking forward to the new house, it´s like a big cloud hanging over us, with this process being so painfully slow and frustrating ... I´m sure you´ll get good news soon!

laura_lau

BountyBlink said:

laura_lau said:

firsttimesellerldn said:

I'm very much hoping my sale is close to exchange now.. the buyer's solicitor seems happy with an indemnity policy to cover what I believe was the final enquiry and has now asked about the soonest completion date I can do. I'm hoping they wouldn't have asked that if they weren't completely satisfied! 

Fingers crossed for that! It sounds like you are almost there! I'm in the position of your buyer, I have one last enquiry still unresolved, and the seller's solicitor keeps replying the same thing to my solicitor (that is, that the alterations to the wall were done before she purchased it, so she doesn't have any permissions in her hands). It doesn't sound like the seller is willing to offer me an indemnity policy for that, as my solicitor says for three times the answer to her enquiry was not satisfactory. A couple of certificates from the freeholder are also still missing. My solicitor is not doing a very good job in keeping me updated either. If my seller offered me the indemnity policy, I would be ready to exchange this Friday! So hopefully your buyer is as keen as I am! 

If I were you I would send a 3 line whip to your solicitor tonight just saying: 

I am giving you instruction to purchase the indemnity insurbace and I will pay it. Please advise the cost. 

I would like also to give my consent to exchange this week. 

The indemnity won’t be that much (in the grand scheme of things) for our last purchase we had a similar situation and we just paid it, cost around £100 

your solicitor can organise it in minutes as they just press a few buttons and it’s done. So easy! 

I'll definitely do that today! I didn't know I could just buy it myself! Why do solicitors never suggest solutions?? I'm furious  now! which is definitely better than hopeless! Thank you for your advice, I'll let you know!