The NEW waiting to exchange thread...

NotHydra

BountyBlink said:

NotHydra said:

BountyBlink said:

Slithery said:

BountyBlink said:

You can order funds and drawdown without exchanging. You will need to pay the chaps cost to your solicitors and back if you don’t complete on the date you give on the COT

As well as the interest for the few days it's sat in your solicitors client account doing nothing.

I checked on this last week, and our lender (as most lenders) send funds to solicitor 24 hours before completion. Date of completion has to be noted on the CoT 

Completion date is 25th June on our CoT. If we dont complete i assume the money sits there until we do complete? Im asking as we still have not signed any contracts,
I am very lost in this process and ofc my solicitor is terrible

Probably best to check with your solicitor but also, you can call your lender for what the process is. We found out a lot about drawdown direct from our lender and then felt well equipped (in knowledge) to push our solicitor on... 

My solicitors don't communicate and don't answers phones, I dont know if we will get contracts nevermind if we are completing and exchanging tomorrow. If they blunder this up badly enough that we will miss the tax deadline we will be switching because I don't have any faith they can complete the transaction. Or my sellers get fed up and drop us

Justonemorecupoftea

Don't want to jinx it, but we may have found another buyer, at a (slightly) higher price and, the house we had an offer on is still on the market!

Going to call their EA today with this tentative update (we're only accepting the offer if we get a DiP, but are giving them until next week as we've got more viewings over the weekend and don't want them to feel rushed).

Hopefully even if someone else offered on our vendors' house today we would be in a much better position - we offered asking price, our searches due back any day, survey done with questions asked/answered and mortgage approved. I think someone would have to come in as a cash buyer offering well over asking price to compete with that.

Then I can rejoing properly and start posting about how frustrating everything is!

davilown

ss2020jd said:

davilown said:

So only posting now as wanting to make sure it was actually happening!

Selling our property and breaking the chain - we went under offer on 15th April and exchanged today with a completion date of the 30th.

We offered on an House which was accepted last Friday, so hope to complete on this property by the first week in august. Cash purchase so shouldn’t be too unrealistic!

Congratulations! That’s great news. Very good timings as well. That’s very exciting that you’ve found somewhere too. 

Wishing you all the best with your (soon-to-be) new home! 

Thanks - just feeling like it’s got real!

Irishpearce26

NotHydra said:

BountyBlink said:

Slithery said:

BountyBlink said:

You can order funds and drawdown without exchanging. You will need to pay the chaps cost to your solicitors and back if you don’t complete on the date you give on the COT

As well as the interest for the few days it's sat in your solicitors client account doing nothing.

I checked on this last week, and our lender (as most lenders) send funds to solicitor 24 hours before completion. Date of completion has to be noted on the CoT 

Completion date is 25th June on our CoT. If we dont complete i assume the money sits there until we do complete? Im asking as we still have not signed any contracts,
I am very lost in this process and ofc my solicitor is terrible

No usually funds will go back to the lender unless completion date is known and its within a few days. 

Octothorpe

BountyBlink said:

Octothorpe said:

cheeky-peach said:

Hi everyone, our situation is Buyer (Renting) > Us > Vendor > Vacant Property.

Searches have been sough for us and our buyer I believe. I'm really curious (and the control freak in me is screaming) to know what's going on with the 'vendor > vacant property' side of things. Are they making progress? Are there any holds ups? Searches for the area both us and our vendor are buying in are taking approx 4 weeks so I'm keen to know if the searches for the vacant property have also been requested yet. Is this something we can find out or is it just waiting for info?

I'd definitely be chasing this up. Otherwise like me today, you may find yourself in the position where the vendor hasn't even ordered them 8 weeks in!!

You can email your local authority council land charges dept and ask for your vendors purchase search status too. No data protection issues just email the address of that property and they will email back (though you do have to know the property address 😉) 

I've just done this and council said they haven't received any yet. So if our vendor cancelled them before LA got request would vendor get their money back?

Octothorpe

ss2020jd said:

Octothorpe said:

ss2020jd said:

Octothorpe said:

Question for those who may have experienced this...

Our FTB applied for their mortgage with  I think, Barclays and have 10% deposit.

Valuation took place over a month ago - all ok.

However, underwriters asked for an employment reference, or something like that.

Since then it's been THREE WEEKS and still no mortage offer!! We kept being told it'll be all sorted in X days but it never is and still with the underwriters.

EA says everyone is busy with June completions.  But how is that correct for mortgage offers?

He said he chased up FTB broker yesterday and will update me when he hears anything.

Any suggestions? Not sure how long to wait as house we are buying  is the only suitable one we've seen since starting this process back in March, so if for some reason our buyers can't fund it, I need to get my house back on the market asap...

Not exactly the same situation but our buyer’s buyer was still waiting for a mortgage offer on the day we were due to exchange! Their solicitor said it was due to be issued any minute and we were surprised how late in the day this came to light.

I think the fact that everything is overloaded would also trickle down to mortgage applications and offers. There has been a huge lot of pent-up demand and most sectors are struggling to cope with this. 

How close are you to exchange apart from this? We are waiting and have so far agreed to a delayed completion in the hope that we will exchange soon although losing hope for today which was discussed earlier. Do your vendors know about the situation and how long would they be willing to wait? I know I would be more worried if they put their house back on the market if there was any chance that the offer could still come through. 

Wow that sounds crazy!!

EA just messaged to say broker has verbal confirmation all is ok but still waiting on formal offer 😞

Well, we WERE pretty much doing well, or so I thought! Just been told our vendor has only JUST sent off for searches, 8 weeks in!!! 😱😡😤

Oh no, I feel your pain and frustration! That is so annoying. 

How could they leave it so late?! 

I hope the offer comes through soon and the searches don’t take too long. 

Thankyou  😊

I don't get why they left it so long! My EA said he got the feeling it was due to them not receiving the contract pack for ages. But that doesn't stop you applying for searches...?? 🙄

Tiglet2

Octothorpe said:

ss2020jd said:

Octothorpe said:

ss2020jd said:

Octothorpe said:

Question for those who may have experienced this...

Our FTB applied for their mortgage with  I think, Barclays and have 10% deposit.

Valuation took place over a month ago - all ok.

However, underwriters asked for an employment reference, or something like that.

Since then it's been THREE WEEKS and still no mortage offer!! We kept being told it'll be all sorted in X days but it never is and still with the underwriters.

EA says everyone is busy with June completions.  But how is that correct for mortgage offers?

He said he chased up FTB broker yesterday and will update me when he hears anything.

Any suggestions? Not sure how long to wait as house we are buying  is the only suitable one we've seen since starting this process back in March, so if for some reason our buyers can't fund it, I need to get my house back on the market asap...

Not exactly the same situation but our buyer’s buyer was still waiting for a mortgage offer on the day we were due to exchange! Their solicitor said it was due to be issued any minute and we were surprised how late in the day this came to light.

I think the fact that everything is overloaded would also trickle down to mortgage applications and offers. There has been a huge lot of pent-up demand and most sectors are struggling to cope with this. 

How close are you to exchange apart from this? We are waiting and have so far agreed to a delayed completion in the hope that we will exchange soon although losing hope for today which was discussed earlier. Do your vendors know about the situation and how long would they be willing to wait? I know I would be more worried if they put their house back on the market if there was any chance that the offer could still come through. 

Wow that sounds crazy!!

EA just messaged to say broker has verbal confirmation all is ok but still waiting on formal offer 😞

Well, we WERE pretty much doing well, or so I thought! Just been told our vendor has only JUST sent off for searches, 8 weeks in!!! 😱😡😤

Oh no, I feel your pain and frustration! That is so annoying. 

How could they leave it so late?! 

I hope the offer comes through soon and the searches don’t take too long. 

Thankyou  😊

I don't get why they left it so long! My EA said he got the feeling it was due to them not receiving the contract pack for ages. But that doesn't stop you applying for searches...?? 🙄

Many solicitors will not order searches before they receive the contract pack (though the buyer will have probably put monies on the account in anticipation).  It is a risk to order searches for a property where the solicitor has not seen the title documents which confirm the precise address.  The buyer can insist that the solicitor orders the searches at the earliest opportunity, but they do risk losing the money if the draft contract pack is never received (vendor changed their mind etc) or they order the search pack for the wrong property because the post code was incorrect (believe me, that has happened!).

hippocrates1

Good luck everyone today 

cheeky-peach

Octothorpe said:

cheeky-peach said:

Hi everyone, our situation is Buyer (Renting) > Us > Vendor > Vacant Property.

Searches have been sough for us and our buyer I believe. I'm really curious (and the control freak in me is screaming) to know what's going on with the 'vendor > vacant property' side of things. Are they making progress? Are there any holds ups? Searches for the area both us and our vendor are buying in are taking approx 4 weeks so I'm keen to know if the searches for the vacant property have also been requested yet. Is this something we can find out or is it just waiting for info?

I'd definitely be chasing this up. Otherwise like me today, you may find yourself in the position where the vendor hasn't even ordered them 8 weeks in!!

Question is, who do I chase this up with? Thanks!

Octothorpe

cheeky-peach said:

Octothorpe said:

cheeky-peach said:

Hi everyone, our situation is Buyer (Renting) > Us > Vendor > Vacant Property.

Searches have been sough for us and our buyer I believe. I'm really curious (and the control freak in me is screaming) to know what's going on with the 'vendor > vacant property' side of things. Are they making progress? Are there any holds ups? Searches for the area both us and our vendor are buying in are taking approx 4 weeks so I'm keen to know if the searches for the vacant property have also been requested yet. Is this something we can find out or is it just waiting for info?

I'd definitely be chasing this up. Otherwise like me today, you may find yourself in the position where the vendor hasn't even ordered them 8 weeks in!!

Question is, who do I chase this up with? Thanks!

I asked my EA to speak to vendors EA to see what they had outstanding to do.