The NEW waiting to exchange thread...

baileykxo

ZSC said:

laura_lau said:

@baileykxo I totally understand your position, I have zero communication coming from my solicitor I have nothing pending but she still doesn’t seem to be bothered to put dates down, although I wanted to exchange this week! The lack of control you feel in this process is just horrendous. After chasing my solicitor this morning (without being able to speak with her) I called the vendor’s EA and he said he will do a few call himself too to get things moving. I hope this helps!!

We are in the same boat - hoping to complete next week but still a few outstanding enquiries! It’s certainly the lack of control that is giving me the anxiety! 

Literally!! I hate not having any control and not being told anything. My partner doesn’t care about chasing stuff up but I do, things never move otherwise! 

BountyBlink

baileykxo said:

Hello, looking for some advice. do you think it is more acceptable to email or would it be better to call the vendors EA to ask where they are in terms of applying for searches, mortgage offer etc. 

I spoke to their EA on Friday and she said about getting an exchange date sorted but haven’t heard back since and I’m not sure how far along they are rn. I don’t want to come across as rude or pushy but it seems like the only way you get answers. I would love to know an estimate exchange date too 

Great plan. Just rushing round Lidl’s picking up this weeks special buys, a wagon for the beach 🏖 and days out (so excited by it lol) and swim wear for the entire family 🤣

I would email it to everyone and everyone and someone will respond. Include also your solicitor- always remember you are the paying client, you are not being abusive of rude. It’s a professional email and you point to the fact you are not being disruptive. You will be fine 

AnnexeRegular

11 enquiries answered by the vendor. 6 to go. Sloooooooowly creeping towards exchange/completion. 

CLJ2986

Does anyone know how the proof of funds works? I have a 20k deposit from a transfer of equity following my divorce. Prior to this payment, we were generously gifted some money that I transferred into my isa as I didn't want that much in my current account. When my divorce settlement came through, I transferred most of that into my isa minus the money we had been gifted, (i hit my 20k limit) which we then left in my current account to cover fees and my maternity leave. My equity payment covers our deposit minus about £300, will we need to provide proof of the gift for solicitor of it technically wasn't needed for our deposit? I asked my solicitor but yet to get a reply. Its all legit and can be proved but we were waiting on 6 enquiries and then we should be good to go so now I'm worrying about potential delays!!

laura_lau

CLJ2986 said:

Does anyone know how the proof of funds works? I have a 20k deposit from a transfer of equity following my divorce. Prior to this payment, we were generously gifted some money that I transferred into my isa as I didn't want that much in my current account. When my divorce settlement came through, I transferred most of that into my isa minus the money we had been gifted, (i hit my 20k limit) which we then left in my current account to cover fees and my maternity leave. My equity payment covers our deposit minus about £300, will we need to provide proof of the gift for solicitor of it technically wasn't needed for our deposit? I asked my solicitor but yet to get a reply. Its all legit and can be proved but we were waiting on 6 enquiries and then we should be good to go so now I'm worrying about potential delays!!

From what I’ve been told when I had to provide my proof of funds, you have to provide proof of how the money you are using for your deposit was accumulated. If you declare deposit is from savings, you will have to provide bank statements to show regular payments to savings account, if it’s a gift you have to provide bank statements from the person who gifted it, if it comes from sale of property or goods you have to provide all the papers for that. If you are not using any money from the gift, then you don’t need to declare that, but if you are using even a very small
amount from the gift (that was my case) the giftor will have to provide proof of funds from their side. Considering you might have moved money between your accounts a couple of times, you might still need to provide proof of funds for all the money that passed through the account that might have “mixed” with the deposit money. I was advised to keep the money for the deposit well separate, as if any money you haven’t provided proof of funds for, “crosses” money that goes in your deposit, then that money will need to be investigated by the lender and by your solicitor. Sorry if it’s not very clear, I can send you some links if you need, as I had to do a bit of research and enquiries myself to understand it all! Also check with your own solicitor, explain them exactly where the money has come from and they might be able to advise. My mortgage broker was also very helpful in understanding all this.

laura_lau

Small update from my side, but it is not what I wanted to hear. This morning, after unsuccessfully trying to get in touch with my solicitor, and sending yet again another email, I called the seller’s EA, who said he’ll do some calls and find out was going on. They just called me back saying they spoke with the seller’s solicitor, who said their IT system has been down for the past three days, and have just started catching up, and they had some last enquiries from my solicitor which they will work on not earlier than next week!!!! I knew my solicitor had asked for one last written agreement that the seller would pay for the indemnity cover for the opening in the kitchen wall, because she had confirmed it verbally to the agent but not in writing, but I assumed this had been done already last week, but of course I couldn’t know as my solicitor hasn’t updated me since. So not only exchange will definitely not happen this week, but if the solicitor doesn’t hurry in replying to that then we will not be in a position to exchange next week either! I told the agent I’m really in a hurry to at least exchange because my rental contract is approaching the end and I need to give the landlord notice, as now I’m dreading he will get in touch any day now asking for us to renew another year, and she said she’ll keep chasing the solicitor to ensure this is done now without further delays. I don’t want to tell my landlord we are leaving until at least after having exchanged! Also we needed to do some renovation works before entering the flat, but now I’m almost resigned we will not have enough time to do them before entering. I’m so frustrated! 

mat1964

Am now down to one final point holding up exchange.  I am buying a new build so no fixed completion date, with the backstop date matching expiry of my mortgage offer in November.  However, my buyers won't accept that as if the house is not ready until after end September, they miss the (albeit small) SDLT saving.  So I have offered to cover that - in reality the house should be ready early September and the current expected completion date is 1 September.  

JS21

CLJ2986 said:

Does anyone know how the proof of funds works? I have a 20k deposit from a transfer of equity following my divorce. Prior to this payment, we were generously gifted some money that I transferred into my isa as I didn't want that much in my current account. When my divorce settlement came through, I transferred most of that into my isa minus the money we had been gifted, (i hit my 20k limit) which we then left in my current account to cover fees and my maternity leave. My equity payment covers our deposit minus about £300, will we need to provide proof of the gift for solicitor of it technically wasn't needed for our deposit? I asked my solicitor but yet to get a reply. Its all legit and can be proved but we were waiting on 6 enquiries and then we should be good to go so now I'm worrying about potential delays!!

I think it also depends on how long ago the gift was given though your solicitor will need to confirm this. Our solicitor said that depending on the amount, if it can be proven that you would have also accumulated the same from savings, there's no need for the donor to be involved. E.G. if we were gifted £10k 18m ago, our earnings are sufficient enough to show that we could save this amount since the then, ie. we could have spent 10k on other stuff and then re-saved 10k for ourselves, however if we couldn't show through earnings we would have saved it ourselves, then the donor will need to fill in forms, provide bank statements and declare that it was a gift. 

In our case we were gifted some money from parents and they were asked to provide 6m bank statements for every bank account the money had passed through (money had been moved over the years to various savings accounts) plus 6m statements from the account that their current salary is paid into as it's separate. It was a bit of a pain and after speaking to our solicitor they agreed they didn't need EVERY account's statements, just the most commonly used accounts and the one that salary is paid into.

Caz_Mnaz

Sigh, still no exchange. All the agents are going beserk trying to get all the solicitors to pull together 🤦‍♀️

FtbEmz

10th June is a go for completion!!!