The NEW waiting to exchange thread...

BountyBlink

FtbEmz said:

10th June is a go for completion!!! 

Yay!!!!!! 

catclaires

bellabella said:

catclaires said:

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 

As bountyblink says, I guess you'd want to know that your buyers are serious and are genuinely progressing and instructing the searches (etc.) - and definitely do let the buyers know that you are very keen to exchange by 16 July and also let them know if you have a particular reason for that date. However, assuming that the buyers are not messing you around (which presumably there's no evidence of so far?), if I were your buyers, I would personally find it a bit unreasonable and also stressful if my seller gave me an ultimatum like that, as so much of this pesky timescale is out of people's hands and reliant on searches/enquiries/solicitors and so on, and this thread contains ample evidence of people repeatedly chasing and doing everything they can to speed things up with only limited success! I think also, if I were your buyer, I would wonder about the motivation to pull out, as surely that would just delay things much further if you were to start again and find another buyer? 

We are buying and selling at the moment (we accepted an offer in the last week of April and had our own offer for our purchase accepted a week later) - both our buyers' and our own mortgages are taking a good while to come through despite both of us applying as soon as we could, which has been due to valuation delays at the lenders' ends in both cases, so the process is slow right from the beginning. Neither our buyers nor our sellers have a chain below/above them, so I'm very conscious that we're potentially the slowest link and am doing my best to chase things up, provide all info/paperwork as soon as it's requested and also keep everyone informed, but there's a limit to what can be done in the end...

Unfortunately we are paying for the upkeep of  2 properties and it’s killing us financially and I also feel as if I have no home as we are going between the 2 it was my family home (I lost my mum in December to Covid) in a nice quiet area with some of our original neighbours still there I don’t want to leave when we stay over there . The date of the 16 th is just for  exchange  not completion the young couple buying said they were in a hurry as well as they are in rented I don’t want to put them off but I can only support this financially for so long before we look at other options 

That is difficult, and I'm very sorry for your loss. I'm just not sure that threatening to pull out is the right approach, as it is not going to have an effect on the things out of your and your buyers' control such as delays in searches coming back, solicitors faffing around with enquiries/not passing things on immediately and so on. Given what you've said about your finances, having to start again with the sale to a new buyer and delay things even more sounds like a complete nightmare, unless you had something else in mind other than selling. At least it sounds as if the buyers also want to proceed as quickly as they can - if it were me, I'd just keep as much pressure as possible on the solicitors/EA and keep mentioning the date you want but without using the pulling out card at this point! 

caz_cardiff87

Sorry to hear of everyone's continued stress while clambering for exchange. It seems being in a chain is very undesirable what with having to rely on multiple people to get their butts in gear!

I completed yesterday but won't be fullymoved in till next week. Couldn't get the time off work but i did ferry some boxes over there and started the application to get the grant to replace the boiler!
Measuring up for the new sofa and wardrobes over the weekend. Removals are coming on tuesday!

hippocrates1

Reddington85 said:

It’s really interesting how many of you are talking to your Estate Agents.
We’ve not spoke to ours (either side) since the sale/purchase was accepted and I’m  now wondering if I’m doing it wrong haha. Our solicitor is very responsive but can’t give even a hint of a timescale at the moment due to how long searches are taking (6 weeks in this area)

I find my solicitor only tells me things after their done whereas the estate agent can ask the vendor step by step how they’re working to solve the problem and nudge them for me.

CLJ2986

Reddington85 said:

It’s really interesting how many of you are talking to your Estate Agents.
We’ve not spoke to ours (either side) since the sale/purchase was accepted and I’m  now wondering if I’m doing it wrong haha. Our solicitor is very responsive but can’t give even a hint of a timescale at the moment due to how long searches are taking (6 weeks in this area)

I only talk to mine to get this moving, we have 7 working days to hand in our rental notice or it'll be another month 😳 contracts arrived today, will get them witnessed and sent back tomorrow. 6 enquiries outstanding and proof of funds to review and I think we are good to go! 

Caz_Mnaz

@Reddington85 the agents were instrumental in actually getting my fiasco over the line, especially my vendors agent who was not afraid to chase the entire chain, repeatedly!!! Agent at the bottom was the one telling a few fibs but otherwise we'd still be faffing around I think! 

Caz_Mnaz

hippocrates1 said:

Vendor promised last enquiry would be finalised on the 1st. It is now the 3rd with no end in sight. Honestly I’m so done with this whole experience. It took three emails to the estate agent just to get an update. Anyone know how long after last enquiry it takes to exchange if all searches etc are back?

It varies massively. Mine was honestly weeks...... Because the solicitors in the middle were slooooooow! 

Kaysee24

@Caz_Mnaz yay! So happy to see you get over the line at last. 

baileykxo

Looking for more advice 😣 we’ve had our homebuyers report back and it looks as if it’s going to be a couple of thousands to fix the Issues which as first timer buyer is going to eat away at our savings for emergencies etc. 

 I am not sure how to go about it in the current housing market with It being so competitive, I don’t want to lose the property. 

I’m not sure whether  I should ask for them to lower the price or ask for them to go halves on fixing the issues before we move in? I also don’t know whether to see what my solicitor thinks about this? Any help appreciated 😬 

Caz_Mnaz

What were the issues @baileykxo? Homebuyer reports tend to be over cautious and at first look can seem like the end of the world!! Have you got quotes for work? If it essential works then you're well within your rights to renegotiate price