The NEW waiting to exchange thread...

GarretC

Justonemorecupoftea said:

We (re)accepted an offer from our buyer two weeks ago. They've not done id checks or provided funds for searches for their solicitors yet. Local searches are taking 16 working days at the moment.

What's a reasonable timeframe for this to happen before I start threatening to go with another buyer (this buyer screwed us around before but was still the highest offer and had a couple of other advantages).

We did it over a weekend (pack arrived Friday, we popped their the solicitor's door on Sunday and transferred the cash).

So I'm on the opposite side. We've had our offer accepted a couple of weeks ago. Got a DIP from our existing mortgage provider, and an appointment with them to go through our application on Friday morning (we booked it last Tuesday and this was the earliest available date). Searches are currently taking less than two weeks according to Search Flow (link at the bottom). My preference would be to have the structural survey and mortgage valuation done prior to doing searches (ideally with the same surveyor to avoid paying two firms). Is this being unreasonable? The EA told us that the vendors did not want buyers who were going to be overly pushy about kicking them out.

http://www.searchflow.co.uk/news-and-events/personal-searches-turnaround-times/

Justonemorecupoftea

BountyBlink said:

Justonemorecupoftea said:

We (re)accepted an offer from our buyer two weeks ago. They've not done id checks or provided funds for searches for their solicitors yet. Local searches are taking 16 working days at the moment.

What's a reasonable timeframe for this to happen before I start threatening to go with another buyer (this buyer screwed us around before but was still the highest offer and had a couple of other advantages).

We did it over a weekend (pack arrived Friday, we popped their the solicitor's door on Sunday and transferred the cash).

If it were me, I would give them til Friday COP to confirm that searches have been ordered, but then again I’m a complete control freak and need things done quick, without dilly dallying. 

To give some perspective, our chain fell apart twice before it reformed on 27 May (above vendor) both my vendor and i stipulated that we needed to get things done quickly without delay. That vendor at the top, from offer to now, instructed searches 2 days after having her offer accepted and managed to find a book a surveyor for 4 days after offer. It’s not been 2 weeks since they offered, and yet we are already discussing exchange for next week. 

Your chain will go as quick as the slowest link so if after 2 weeks they haven’t even put monies on account or done ID checks this would say to me they have not instructed that solicitor with fear of any cost. Alarm bells would strike for me and I would be feeling that they are still viewing other properties. Set the tone, give a deadline, if they love and want your house they will be motivated to get things done, any excuses or actions don’t stack up to words put it back on market. 

They have instructed a solicitor who says they are proceeding with the sale, but they "are still dealing with I'd checks" (I'm assuming this means they haven't provided this info yet, but it could be there are issue with it?) And they've not received funds for searches. My solicitor chased theirs to find out this information.

I think a deadline will have to happen - I'm thinking cop Friday for their solicitor to confirm they have received funds for searches.

BountyBlink

Justonemorecupoftea said:

BountyBlink said:

Justonemorecupoftea said:

We (re)accepted an offer from our buyer two weeks ago. They've not done id checks or provided funds for searches for their solicitors yet. Local searches are taking 16 working days at the moment.

What's a reasonable timeframe for this to happen before I start threatening to go with another buyer (this buyer screwed us around before but was still the highest offer and had a couple of other advantages).

We did it over a weekend (pack arrived Friday, we popped their the solicitor's door on Sunday and transferred the cash).

If it were me, I would give them til Friday COP to confirm that searches have been ordered, but then again I’m a complete control freak and need things done quick, without dilly dallying. 

To give some perspective, our chain fell apart twice before it reformed on 27 May (above vendor) both my vendor and i stipulated that we needed to get things done quickly without delay. That vendor at the top, from offer to now, instructed searches 2 days after having her offer accepted and managed to find a book a surveyor for 4 days after offer. It’s not been 2 weeks since they offered, and yet we are already discussing exchange for next week. 

Your chain will go as quick as the slowest link so if after 2 weeks they haven’t even put monies on account or done ID checks this would say to me they have not instructed that solicitor with fear of any cost. Alarm bells would strike for me and I would be feeling that they are still viewing other properties. Set the tone, give a deadline, if they love and want your house they will be motivated to get things done, any excuses or actions don’t stack up to words put it back on market. 

They have instructed a solicitor who says they are proceeding with the sale, but they "are still dealing with I'd checks" (I'm assuming this means they haven't provided this info yet, but it could be there are issue with it?) And they've not received funds for searches. My solicitor chased theirs to find out this information.

I think a deadline will have to happen - I'm thinking cop Friday for their solicitor to confirm they have received funds for searches.

Yep, agree with you. You can select a solicitor but until ID checks and monies on account sent that solicitor is affectively not acting for them and doing “nada” 
many many years ago I had this happen to me, turned outta buyers were doing 3 tandem purchases, and mulling things over for a month before deciding which one to buy. It left me so worried, so yes, I insist any buyer of mine has handed monies over on account and done ID checks and that solicitor is able to at least communicate with mine... you might just find they are highly disorganised people and need hand holding, which is fine, but setting deadlines is the only way you will push this without a truly painful selling experience 

Caz_Mnaz

It really annoys me when people do that, really not fair on all the sellers! I'm trying to pack... Did 10mins then ate a magnum so it's going well 🤦‍♀️

BountyBlink

Caz_Mnaz said:

It really annoys me when people do that, really not fair on all the sellers! I'm trying to pack... Did 10mins then ate a magnum so it's going well 🤦‍♀️

Still finding more magnums? Hahahahaha!!!! 

Rachel-nrbr

Just looking for a bit of guidance please  
we are in a small chain consisting of our buyer who is a FTB, us and then the seller we are purchasing from who is going into rented accommodation. We were told last week by our solicitor that nearly everything is complete on our purchase- despite us only signing the mortgage deed so far. Should we not have recieved the contract to sign by now and TR1 etc or can they not send us this until they have received confirmation from our buyers sols that the contract has been signed and returned? 

On the property we are selling all enquiries are now complete and the solicitors are supposed to have sent our buyer the contract to sign etc but they have not yet received this despite it supposedly have been sent last Wednesday! We are wanting to complete by the end of June like most of the population!! But the length of time this is taking is making me see the stamp duty bill appear before my eyes! 

Justonemorecupoftea

Well looks like they've pulled out. We're going to have to agree on a lower price and we've wasted weeks and I'm not sure our onward purchase is going to hold on for us and we've spent over £1000 on fees.

The idea of remarketing again when I'm heavily pregnant is also not ideal.

I hate this system and I'm going to have a little cry.

BountyBlink

Justonemorecupoftea said:

Well looks like they've pulled out. We're going to have to agree on a lower price and we've wasted weeks and I'm not sure our onward purchase is going to hold on for us and we've spent over £1000 on fees.

The idea of remarketing again when I'm heavily pregnant is also not ideal.

I hate this system and I'm going to have a little cry.

Cry it out! Oh not nice. Have a cup of tea and then when you feel ready formulate a plan. You might not lose your onward purchase, you just need a good plan ahead. 

BountyBlink

Rachel-nrbr said:

Just looking for a bit of guidance please  
we are in a small chain consisting of our buyer who is a FTB, us and then the seller we are purchasing from who is going into rented accommodation. We were told last week by our solicitor that nearly everything is complete on our purchase- despite us only signing the mortgage deed so far. Should we not have recieved the contract to sign by now and TR1 etc or can they not send us this until they have received confirmation from our buyers sols that the contract has been signed and returned? 

On the property we are selling all enquiries are now complete and the solicitors are supposed to have sent our buyer the contract to sign etc but they have not yet received this despite it supposedly have been sent last Wednesday! We are wanting to complete by the end of June like most of the population!! But the length of time this is taking is making me see the stamp duty bill appear before my eyes! 

Send an email to the agent you are selling with and copy in agent you are buying with - one of them will chase this today... you can use what you have out here - put in subject header “contract issues” (that will get their attention lol) 

Dear 

Please can an agent call our solicitor, today and give us an update by COP today. 

We were told last week by our solicitor that nearly everything is complete on our purchase- despite us only signing the mortgage deed so far. Should we not have recieved the contract to sign by now and TR1 etc?

look forward to the update 

many thanks 

Justonemorecupoftea

BountyBlink said:

Justonemorecupoftea said:

Well looks like they've pulled out. We're going to have to agree on a lower price and we've wasted weeks and I'm not sure our onward purchase is going to hold on for us and we've spent over £1000 on fees.

The idea of remarketing again when I'm heavily pregnant is also not ideal.

I hate this system and I'm going to have a little cry.

Cry it out! Oh not nice. Have a cup of tea and then when you feel ready formulate a plan. You might not lose your onward purchase, you just need a good plan ahead. 

Unfortunately this is the second time our sale has fallen through (we foolishly went back to the same buyer who came with their tail between their legs) so we've wasted more than 6 weeks.

I'm so angry.