The NEW waiting to exchange thread...

CLJ2986

JS21 said:

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.

Thanks for the info all, it was paid into my account in December so will just have to wait and see. My equity was 19,200 and deposit is 19495 so hopefully they won't need proof. 

bellabella

Well my buyers now have their mortgage agreed we just need the bank to send the paperwork to their solicitor so should be received by next week. I spoke to the estate agent and she thinks we should be completing in August personally i was hoping for mid July but apparently local searches are taking a month in this area they are FTB and we have an inherited property to move into so no real chain . Hubby and I are considering informing the estate agent/our solicitor that if we don't exchange by close of business 16th July we will be withdrawing from the sale am I being unreasonable ? Offer was accepted 15/04 
Thanks in advance for any advice 

BountyBlink

bellabella said:

Well my buyers now have their mortgage agreed we just need the bank to send the paperwork to their solicitor so should be received by next week. I spoke to the estate agent and she thinks we should be completing in August personally i was hoping for mid July but apparently local searches are taking a month in this area they are FTB and we have an inherited property to move into so no real chain . Hubby and I are considering informing the estate agent/our solicitor that if we don't exchange by close of business 16th July we will be withdrawing from the sale am I being unreasonable ? Offer was accepted 15/04 
Thanks in advance for any advice 

I would get facts in writing first... I would email the local authority land charges department that you are in and ask when we’re the searches applied for on your property and ask them when will they be returned. If you email them they will email you back. With that knowledge then some options here: 
1. if no request for searches have been made (go back to LA and ask the exact turnaround time) then email your agent and say your buyers have not even instructed searches and if they don’t by a certain date you want to remarket 
2. if they have been received and requested at LA then let your agent know the date they were requested and a lead time. 

3. Has your buyer started pre-enquires? 

Based on all of the above, then there is no reason why Completion cannot be mid July. Totally doable if your property is not Leasehold.  I would feel the same why, actions not words and if the actions don’t stack up to the info your agent is saying then find another buyer. 

BountyBlink

bellabella said:

Well my buyers now have their mortgage agreed we just need the bank to send the paperwork to their solicitor so should be received by next week. I spoke to the estate agent and she thinks we should be completing in August personally i was hoping for mid July but apparently local searches are taking a month in this area they are FTB and we have an inherited property to move into so no real chain . Hubby and I are considering informing the estate agent/our solicitor that if we don't exchange by close of business 16th July we will be withdrawing from the sale am I being unreasonable ? Offer was accepted 15/04 
Thanks in advance for any advice 

Check with your agent that your buyers have had an actual mortgage offer? Not just an agreement in principle. Sorry if you know all this 😉

BountyBlink

laura_lau said:

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! 

Oh no! You have had such a rough ride!!!

BountyBlink

Caz_Mnaz said:

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

Noooooooooo!!!! 😩😩😩😩

GioSan

Looks like this week is a 'Bumpy Ride' week...as we were inching towards the exchange, our Lender has thrown spanner in the works....we were waiting to hear a go ahead from them instead they came back saying that they will not honour the mortgage offer unless the Completion Certificate is present for the Underpinning works that was done 21 years ago. Now looking at the way things are going, I think it would be a joke to even think that this can be done by 30 June. Our lender is Halifax. Not sure if Someone ever been through this - Our full structural survey confirmed that house is solid now and no ongoing issues also I managed to get decent price insurance (hardly 10% higher than normal) covering subsidence etc. Is getting the completion certificate the only way out? is this doable? ANY SUGGESTIONS...been 3.5 months since our offer was accepted.

Caz_Mnaz

We've EXCHANGED!!!

10 Months after going on the market

I can't bloody believe it.

Keep hope everyone, it really will happen even when you feel totally overwhelmed, in the dark and out of f***s 😂

Xxx

Slithery

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!!

There are no hard and fast rules. It's entirely up to your solicitor what proof you will need.

badger09

Caz_Mnaz said:

We've EXCHANGED!!!

10 Months after going on the market

I can't bloody believe it.

Keep hope everyone, it really will happen even when you feel totally overwhelmed, in the dark and out of f***s 😂

Xxx

That's fantastic news. You deserve it after the torrid time you've had. Fingers crossed for a smooth as silk completion.