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The NEW waiting to exchange thread...

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  • laura0289
    laura0289 Posts: 31 Forumite
    10 Posts Name Dropper
    FtbEmz said:
    Hi everyone. Quick question. We’re due to pick keys up on Thursday. Should I have had something from solicitor regarding land registry so we know the property is going to be transferred into my husband and I’s name? 

    Also should they have asked if we wanted it tenants in common or joint as we haven’t been asked this or will they just assume joint tenants as we’re married? Thanks 

    I'm not sure about the land registry question as I haven't got quite as far as you yet, hoping to exchange in the next day or so though. Have you signed your TR1 form? 
    Regarding the ownership question, that was one of the first bits of paperwork I filled out when I instructed our solicitor on the purchase. I actually asked him of I was being asked because we are not married and he said no we would still be asked even if we were married. Do you know if you want common tennants or joint? As from what I've been told you should definitely have been asked. 
  • Tiamatriax
    Tiamatriax Posts: 11 Forumite
    10 Posts
    Hello!

    I've been following this thread for a while as a first time buyer! We are far in the buying process now and wanted to share our timeline and experience:
    20/03/21 - offer submitted
    22/03/21 - offer accepted
    23/03/21 - solicitors instructed
    26/03/21 - mortgage offer recieved
    09/04/21 - survey completed on our property
    22/04/21 - all contract papers recieved and other relevant documents
    29/04/21 - enquires sent
    05/05/21 - searches recieved
    12/05/21 - all contracts and relevant paperwork signed and recieved by our solicitors
    28/05/21 - we discover we need to sign and pay for a pet license to keep our budgies (we need this as its a leasehold apartment)
    03/06/21 - pet license signed and recieved by our solicitors
    04/06/21 - Only 1 more enquiry outstanding!! An updated NHBC certificate
    04/06/21 - Request for our deposit, all legal fees and additional evidence requested
    05/06/21 - Additional evidence sent and recieved by our solicitors
    07/06/21 - Our deposit and legal fees paid

    We are first time buyers and the sellers are buying a property with no chain. Hoping we can exchange and complete before July!
    Just hoping this outstanding enquiry doesn't take too much longer 🙏
  • FtbEmz
    FtbEmz Posts: 124 Forumite
    100 Posts Name Dropper
    Morning everyone. Just had an email from my solicitor and not sure what it means:

    I am just waiting for statement from the seller’s solicitors showing apportionments to enable me to prepare your completion statement.  I have chased this morning.

    We’re due to complete this Thursday and are waiting for the completion statement so we can send the deposit. 

    What does apportionments mean?
  • laura0289
    laura0289 Posts: 31 Forumite
    10 Posts Name Dropper
    This may sound like a silly question but is our first time selling and buying at the same time. We are close to exchange (i hope) ive been asked to send 10%deposit which is fine as I have inheritance money which is included with the equity. I just wandered if this was normal and what if I only had the equity ?thanks 
  • Tiamatriax
    Tiamatriax Posts: 11 Forumite
    10 Posts
    FtbEmz said:
    Morning everyone. Just had an email from my solicitor and not sure what it means:

    I am just waiting for statement from the seller’s solicitors showing apportionments to enable me to prepare your completion statement.  I have chased this morning.

    We’re due to complete this Thursday and are waiting for the completion statement so we can send the deposit. 

    What does apportionments mean?
    The best description of this (if you are buying a leasehold property or one where ground rent/service charges are due to be paid) is as follows:

    Apportionments means when you are buying a flat, the seller will often have paid for Ground Rent and Service Charge up-front.

    If that is the case, you are likely to be asked to pay the seller a sum of money to cover your share of the Ground Rent and/or the Service Charge which the seller has paid for up-front - should this be required.

  • sw7
    sw7 Posts: 35 Forumite
    10 Posts Name Dropper
    laura0289 said:
    This may sound like a silly question but is our first time selling and buying at the same time. We are close to exchange (i hope) ive been asked to send 10%deposit which is fine as I have inheritance money which is included with the equity. I just wandered if this was normal and what if I only had the equity ?thanks 
    No first hand experience, but my understanding is that your solicitor would use the deposit from your buyer towards the deposit needed for your seller. If that doesn't cover the 10%, they negotiate a reduced amount or make up the shortfall with non-equity funds.

    So in theory the sole buyer's deposit could serve as the deposit for the whole chain, but often people in your position will cover it on their own at different parts of the chain.
  • laura_lau
    laura_lau Posts: 682 Forumite
    Seventh Anniversary 500 Posts Photogenic Name Dropper
    Good morning everyone, and good luck for this week! 
    At the end of last week my solicitor (finally) replied to me and confirmed she received my deposit (pheww) and said she had sent emails to the seller's solicitor asking them for agreement on dates. In the meantime I had reached out the ES, who called me back and said the seller's solicitor had an IT systems issue and everything was down for most of the week and was just starting catching up with things, and they could see there was an enquiry from my solicitor but couldn't get to it until at least the beginning of this week (.... I know, I know, don't even get me started on this!!).
    So, my solicitor thinks we might still be able to speed things up this week and she said she would start requesting the funds from the lender. My suggested completion date was Wednesday 9th, but considering we haven't even had reply about exchanging, I am not holding my breath for this week. I'll start with my usual round of emails and phone calls around lunch time,
    I chuckled when I saw people mentioning the compulsive email refresh! It's basically the bone structure of my day now! And pretty much 100% of the times is very disappointing! Sometimes I end up in a loop of refreshments and counting how many days have passed since last time I heard from my solicitor, that I waste most of my lunch break!! 
    Debt free journey started 30/08/2023:

    CC1 - 5,151.92 now 5,335.15
    CC3 - 4,166.15 now 5,345.28
    CC4 - 4,625.87 (balance transfer from CC2) now 5,717.24
    Current outstanding: 16,397.67
    Debt free by Jul 2027.

    Challenges:
    NSD Apr 2025 - 7/20
    NST Apr 2025 - 
    #31 1p savings 2025 £32.40/£667.95
    2025 Fashion on the ration - Coupons remaining 43.5/66
  • BountyBlink
    BountyBlink Posts: 319 Forumite
    100 Posts Name Dropper
    laura_lau said:
    Good morning everyone, and good luck for this week! 
    At the end of last week my solicitor (finally) replied to me and confirmed she received my deposit (pheww) and said she had sent emails to the seller's solicitor asking them for agreement on dates. In the meantime I had reached out the ES, who called me back and said the seller's solicitor had an IT systems issue and everything was down for most of the week and was just starting catching up with things, and they could see there was an enquiry from my solicitor but couldn't get to it until at least the beginning of this week (.... I know, I know, don't even get me started on this!!).
    So, my solicitor thinks we might still be able to speed things up this week and she said she would start requesting the funds from the lender. My suggested completion date was Wednesday 9th, but considering we haven't even had reply about exchanging, I am not holding my breath for this week. I'll start with my usual round of emails and phone calls around lunch time,
    I chuckled when I saw people mentioning the compulsive email refresh! It's basically the bone structure of my day now! And pretty much 100% of the times is very disappointing! Sometimes I end up in a loop of refreshments and counting how many days have passed since last time I heard from my solicitor, that I waste most of my lunch break!! 
    Gahhhh so frustrating for you!!! Home stretch for you now, days rather than weeks and you will be done. 
    I know the email refresh is real!!!! 
    Cheering you on!!! 
  • we got given Wednesday for exchange - Friday for completion now.... I´m not holding my breath, after all the back and forth over the past weeks!
  • BountyBlink
    BountyBlink Posts: 319 Forumite
    100 Posts Name Dropper
    we got given Wednesday for exchange - Friday for completion now.... I´m not holding my breath, after all the back and forth over the past weeks!
    I’m sure you will be able to breathe on Wednesday! Keeping positive for you!!! 🙌🏻🙌🏻
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