The NEW waiting to exchange thread...

laura_lau

BountyBlink said:

laura_lau said:

@BountyBlink I'm definitely considering going down to the agency this afternoon if they don't call me back. I just don't understand why they don't get this solicitor do his job! Surely it's in the EA's interest too? If we don't complete, they don't get their money, and even if they get another buyer who knows how long it will be before they complete, considering how bad and unresponsive the seller's solicitor is! My solicitor is not great, but a combination with the awful solicitor the seller chose, is really explosive! The only hold-up in my entire process is just the awful and unresponsive solicitors!

Have always found that my going in my agency and having a conversation there is always a branch manager/ Sales Director listening in to the complaint... something they don’t do when we just call our sales negotiator/ chain progressor.... in person chasing always helps! 

Yeah, I'll see if my partner comes home early enough for us to pop to the agency (is in a different town so I can't just *walk* into Mordo... sorry, into the agency). 
If that doesn't work, I might also pop a note to the seller's door. I have her address obviously, from the papers, and she lives pretty close to the property. I really wonder if she's even aware that her solicitor is useless, because from what I know he might have been telling her that it's my fault!!! I hate middle-men with all my heart! Have you ever done it @BountyBlink? How did they react? I don't want to pass for the creepy stalking buyer

laura_lau

stressedout45 said:

Oh my God I need to have a rant here, I’m a bit frustrated about something that happened this morning!!!! 

I’m sitting in the hairdressers having my colour done, and check my phone, and I have an email from my estate agents saying “Comgratulations on reaching exchange of contracts.”  I got a sudden surge of excitedness thinking wow, are we really there already?!  (last thing I had heard was that the searches requested on this place buy our buyers are due back any day now, and the bottom of chain searches are due back today,  and then there will be the inevitable few weeks or so of enquiries as a result of the searches.)

It was too noisy in the hairdressers for me to make a phone call so I had an agonising half an hour of waiting until I got out the salon and could give my estate agents a call.  

Sadly, it was an error on their part 😢 when I checked the email, it was from one of their other branches.  They were very apologetic and said that they would get it rectified and would tell the other branch what they had done. 

Aaaaaaaaaagh!!! 

Anyway - 
sorry I just need to get all that out.  Good luck to all expecting exchange imminently! 

Awwww that's awful!!! As if the process itself is not stressful enough, it's not nice to be given false hope! They should send you chocolates as apology!!!!!

laura_lau

I also wanted to add, I've barely been able to focus on work today. And most days. If this continues for much longer, I might not have a salary anymore to afford the mortgage before completion!!! Anyone else who can relate?

ChickenSandwichK

Hi All, im a first time buyer and have been in the process of trying to buy a flat for the last 9 months!! The issue was the lease (the freeholder is selling the flat) so they had to write a new lease... that has all been resolved. There is no chain the property is vacant and the seller lives next door. I've signed all the contract and other relevant documents and sent my solicitor the deposit.

However - my solicitor is saying we cannot exchange until "we have funds from the lender confirmed / in our account"... I thought the funds from the lender is in place the day before completion?

Any advice on the above would be appreciated!

AnnexeRegular

laura_lau said:

I also wanted to add, I've barely been able to focus on work today. And most days. If this continues for much longer, I might not have a salary anymore to afford the mortgage before completion!!! Anyone else who can relate?

Yes. My head has gone waiting. I'm so close to exchange but it's being help up by my vendor and their awful solicitors taking forever. I've got a week off work now so hopefully it gets sorted while i'm off.

laura_lau

ChickenSandwichK said:

Hi All, im a first time buyer and have been in the process of trying to buy a flat for the last 9 months!! The issue was the lease (the freeholder is selling the flat) so they had to write a new lease... that has all been resolved. There is no chain the property is vacant and the seller lives next door. I've signed all the contract and other relevant documents and sent my solicitor the deposit.

However - my solicitor is saying we cannot exchange until "we have funds from the lender confirmed / in our account"... I thought the funds from the lender is in place the day before completion?

Any advice on the above would be appreciated!

So my solicitor is not exchanging until the lender has confirmed release of funds to be received by X (completion date). So it might be that your solicitor meant that? It depends on the lenders, some sends funds in 1/2 days, some require the whole 5 working days (as that's my lender's case). 
The lender might have posed some extra conditions before releasing funds (or the conditions posed at offer stage might still be pending verification), as that's my case, they want to see the building insurance policy, which is owned by the freeholder and paid through the service charge by the leaseholders. So until the seller's solicitor provides this info, my solicitor can't have the guarantee from the lender that we will have the funds by X, so she's not exchanging. This is, ultimately, to protect me, it is risky to exchange without having assurances funds will be there, as then you are bound to complete on X, and it's your responsibility even if technically you don't have control on how long it takes the lender to send money. Check with your solicitor if they have already reached out to the lender, and what did the lender say?

CLJ2986

laura_lau said:

I also wanted to add, I've barely been able to focus on work today. And most days. If this continues for much longer, I might not have a salary anymore to afford the mortgage before completion!!! Anyone else who can relate?

I can, except I'm luckily on maternity leave. I'm back tomorrow. My boss is going to hate how often I check my email!! Its all I think about now. I'm currently thinking there are just 3 hours of my solicitors working day to respond to me or it will be Monday at the earliest. Trying to think of an excuse to email or call them again without just repeating myself!

rosierunner

ChickenSandwichK said:

Hi All, im a first time buyer and have been in the process of trying to buy a flat for the last 9 months!! The issue was the lease (the freeholder is selling the flat) so they had to write a new lease... that has all been resolved. There is no chain the property is vacant and the seller lives next door. I've signed all the contract and other relevant documents and sent my solicitor the deposit.

However - my solicitor is saying we cannot exchange until "we have funds from the lender confirmed / in our account"... I thought the funds from the lender is in place the day before completion?

Any advice on the above would be appreciated!

Yes I’d be interested in any response from someone in the know about this!  We were supposed to exchange this week and complete on 30th.  Told by solicitor this morning delay in exchange is as a result on banks seeing unprecedented demand for drawdown of funds as result of stamp duty holiday ending.  So can’t exchange until money secure.  But I thought like you that funds needed for completion day and not for exchange?   Solicitor also reassured us funds would be coming as banks were rejecting draw down requests they couldn’t meet in time given current demand.  Still walking a tightrope to save £12k

laura_lau

AnnexeRegular said:

laura_lau said:

I also wanted to add, I've barely been able to focus on work today. And most days. If this continues for much longer, I might not have a salary anymore to afford the mortgage before completion!!! Anyone else who can relate?

Yes. My head has gone waiting. I'm so close to exchange but it's being help up by my vendor and their awful solicitors taking forever. I've got a week off work now so hopefully it gets sorted while i'm off.

Good to know I'm not alone! I really hope you get news before your time off ends. I did have a week off at the beginning of June, as that was supposed to be moving week for me, but didn't happen. I'm glad I took it, because if I had waited until moving week I still wouldn't have booked the time off, and I would have lost the days otherwise because of holidays rules in my company. The knock-on effects of all this waiting on daily life are unbelievable.

laura_lau

CLJ2986 said:

laura_lau said:

I also wanted to add, I've barely been able to focus on work today. And most days. If this continues for much longer, I might not have a salary anymore to afford the mortgage before completion!!! Anyone else who can relate?

I can, except I'm luckily on maternity leave. I'm back tomorrow. My boss is going to hate how often I check my email!! Its all I think about now. I'm currently thinking there are just 3 hours of my solicitors working day to respond to me or it will be Monday at the earliest. Trying to think of an excuse to email or call them again without just repeating myself!

ahah! Funny thing you mention checking emails, as of today my company decided to not allow personal email access from company devices... I usually only do it so I immediately see if an email pops up without having to continuously check the phone, but now I can't anymore!!! So I'm even more phone-dependent than before. My manager will be thrilled to see me checking my phone during video calls!