The NEW waiting to exchange thread...

AnnexeRegular

CLJ2986 said:

Another stupid question from me... when the solicitor requests the funds, is that just the deposit or is that the full amount including their fee? You'd think I'd never done this before 🤣

It's usually the deposit first which needs to be done before exchange of contracts. The solicitor then draws down the remaining funds from the mortgage provider. You should then get a completion statement which includes final amounts to pay (solicitor fees etc) on completion.

BountyBlink

11 working days to go guys! Final push for us all! 

Sorry not replied to anyone much for a week, I have literally been spending my time on calls/emails trying my hardest to get this over the line. 

We requested drawdown yesterday, paid the full balance of monies (not just deposit) in case it gets to the point that we need to exchange/complete same day, don’t want any banking hold ups or waiting for solicitor to say they have monies. We are bottom of chain so I know we are the ones that need to be completely ready in order to start early on exchange & Completion and push it. 

I have so much in my amazon basket including garden furniture lol and I need to save the SDLT 🤣

we need to make every day count now. Calling agent twice a day at least at 11am and 3pm every day until its done. 🤞🏻🤞🏻🤞🏻🤞🏻🤞🏻🤞🏻

Rincewindcl

CLJ2986 said:

Another stupid question from me... when the solicitor requests the funds, is that just the deposit or is that the full amount including their fee? You'd think I'd never done this before 🤣

Literally had this situation myself yesterday when my solicitor asked me for what seemed to be a random sum of money! It turns out you pay an 'exchange deposit' first (which for me was 10% of the value of my purchase, although in reality I am actually paying about 14% deposit), and then you pay the remainder on completion .

Rincewindcl

BountyBlink said:

11 working days to go guys! Final push for us all! 

Sorry not replied to anyone much for a week, I have literally been spending my time on calls/emails trying my hardest to get this over the line. 

We requested drawdown yesterday, paid the full balance of monies (not just deposit) in case it gets to the point that we need to exchange/complete same day, don’t want any banking hold ups or waiting for solicitor to say they have monies. We are bottom of chain so I know we are the ones that need to be completely ready in order to start early on exchange & Completion and push it. 

I have so much in my amazon basket including garden furniture lol and I need to save the SDLT 🤣

we need to make every day count now. Calling agent twice a day at least at 11am and 3pm every day until its done. 🤞🏻🤞🏻🤞🏻🤞🏻🤞🏻🤞🏻

It's crazy isn't it. The stamp duty break end date has created an enormous amount of pressure on the whole industry, from solicitors to EA's. Hopefully we are exchanging today, with a completion date agreed by the chain of the 25th of June.

On the furniture front we are trying to be good, but my Wife has bookmarked things across the breadth of the whole world wide web in readiness!

BountyBlink

Anyone asking about funds to send solicitor. Out solicitors requested the 10% on Monday, but we advised we wanted to send balance c.£400,000 so no banking issues over never week or so. Also if we were to get Covid we wouldn’t be able to get to bank (we wanted to do in branch so bank cashier could telephone solicitors to confirm banking numbers etc) 

we will then send the fees/balance when completion statement comes through between exchange & completion. 

It’s a massive weight off my mind as although our bank advises if chaps sent before 3pm it should clear same day it cannot he guaranteed so now it’s with the solicitors so we can relax and not have that stress lol 

BountyBlink

Rincewindcl said:

BountyBlink said:

11 working days to go guys! Final push for us all! 

Sorry not replied to anyone much for a week, I have literally been spending my time on calls/emails trying my hardest to get this over the line. 

We requested drawdown yesterday, paid the full balance of monies (not just deposit) in case it gets to the point that we need to exchange/complete same day, don’t want any banking hold ups or waiting for solicitor to say they have monies. We are bottom of chain so I know we are the ones that need to be completely ready in order to start early on exchange & Completion and push it. 

I have so much in my amazon basket including garden furniture lol and I need to save the SDLT 🤣

we need to make every day count now. Calling agent twice a day at least at 11am and 3pm every day until its done. 🤞🏻🤞🏻🤞🏻🤞🏻🤞🏻🤞🏻

It's crazy isn't it. The stamp duty break end date has created an enormous amount of pressure on the whole industry, from solicitors to EA's. Hopefully we are exchanging today, with a completion date agreed by the chain of the 25th of June.

On the furniture front we are trying to be good, but my Wife has bookmarked things across the breadth of the whole world wide web in readiness!

Hahahahaha!!! Good for her! I have a long list too! My husband just wants his shed and 50inch tv. So hopefully with getting this done we can both go shopping! 

BountyBlink

catey92 said:

’We’re selling our property, no chain.  

Offer accepted - 28th March, 
Survey - 9th April (homebuyer survey we thought) .  We have since been told survey fine, enquiries received/sent back.  Yesterday,  was  told by EA/solicitor waiting only for searches/ exchange any time.  I got a call this morning from a survey company, they want to book in the home buyer’s survey for 28th June.  The house is 1930s terrace and totally appropriate that a home buyer survey is done.  I have emails from the EA stating the home buyer survey waa booked in for 9th April, now know that this was the valuation.  I feel totally fed up , not sure who with, but surely someone EA / solicitor should have notified  me that the buyer hasn’t had Homebuyer survey yet ? Should  the buyer have been told to have this done earlier?  So whilst I thought we were waiting to exchange , we really are not 🥲

I would be furious if a buyer of mine waited this long into a transaction to organise a survey and if it were me I would push back on this and say no, they can find someone to do in next 5 days... your agent should be pushing back on this request. Feel for you! Not fair 

BountyBlink

Lorann_86 said:

Update from me. All our searches are back, just 19! outstanding enquiries now. Our solicitor and the sellers EA have chased for a response from the sellers solicitor but nothing so far. Hopefully they will come back in soon. Any ideas how else we can chase this? Our solicitor is putting a call and email in twice a week since they raised the enquiries. EA is going to chase with the vendor aswell. 

For our sale they have just booked the homebuyers survey, so both ours and theirs are happening on the same day next week(22nd). All enquiries seem settled from our buyer so if we can get ours back it's looking good for mid July. I think we have missed the SD deadline now unless we exchange and complete same day. It's not an issue for us but it would have been nice.

Are you using an online solicitor? If so, they can be overly detailed and over the top on enquiries. I would if you haven’t already ask fo see what the enquiries are and go through them and cross off any ones you don’t think are really that important, and take a view on it. 

Then go back to your solicitor and when you have the list of enquiries send them over to your agent and get them to call your vendor and chase this down. 

We have two enquiries not answered and they won’t be, but I also know I can ask our solicitor to sort indemnity Insurance for, which they will upon completion. 

You best bet is to call the agent you are buying through to sort this out. 

NotHydra

Hi everyone, could do with some advice. Searches etc are all done, enquiries are sorted.
1 June - Solicitors asked us for proof of funds for the money laundering. Everything sent back within 2 hours and said to expect a report back the following week (no explanation on what report that was)
8 June - EA phones to let us know that sellers have signed and returned contracts and want a completion date of the 25th June.

Our solicitor is now radio silent. No phone calls or emails answered. We have 0 indication of when to expect contracts, exchange or completion.

Do I work towards this date as a completion date? What would delay it except terrible solicitor? (We are 100% happy with this date) Notice needs to be given by the 20th for the month to month rental

I am so stressed, I am not sleeping and I cannot concentrate on work.

Rincewindcl

NotHydra said:

Hi everyone, could do with some advice. Searches etc are all done, enquiries are sorted.
1 June - Solicitors asked us for proof of funds for the money laundering. Everything sent back within 2 hours and said to expect a report back the following week (no explanation on what report that was)
8 June - EA phones to let us know that sellers have signed and returned contracts and want a completion date of the 25th June.

Our solicitor is now radio silent. No phone calls or emails answered. We have 0 indication of when to expect contracts, exchange or completion.

Do I work towards this date as a completion date? What would delay it except terrible solicitor? (We are 100% happy with this date) Notice needs to be given by the 20th for the month to month rental

I am so stressed, I am not sleeping and I cannot concentrate on work.

Have you tried contacting the EA again to ask what the rest of the chain looks like and what progress has been made? It could just be that your solicitor is waiting for instructions from the rest of the chain before contacting you to exchange, rather than updating you with no news?