The NEW waiting to exchange thread...

ChickenSandwichK

laura_lau said:

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?

Laura- thank you for the response, I'm a little bit clearer now on the process... im still trying to get in touch with my solicitor!!

ChickenSandwichK

rosierunner said:

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

My solicitor seems to be uncontactable today... the sale of this flat is on and off like a light switch and I'm being asked to exchange by tomorrow or else!

Hope you make it before stamp duty deadline!

CLJ2986

laura_lau said:

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!

I don't have email access at work so I will be constantly checking my phone 🤣🤣 maybe 10 hours at work will be a distraction though. Now if anyone can think of a valid reason I can call the solicitor again today, let me know. Considering using the fact that I forgot to mention I'm back at work now as an excuse.... just worried they will file a harassment claim 🙃🤣

laura_lau

CLJ2986 said:

laura_lau said:

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!

I don't have email access at work so I will be constantly checking my phone 🤣🤣 maybe 10 hours at work will be a distraction though. Now if anyone can think of a valid reason I can call the solicitor again today, let me know. Considering using the fact that I forgot to mention I'm back at work now as an excuse.... just worried they will file a harassment claim 🙃🤣

I think telling them you wanted to let them know that you will be back at work, so the quickest way to reach you is by email and not by phone is a perfectly plausible excuse, even if we all know solicitors never call.
Another excuse would be I saw a call from your office, but obviously, but then they'll say no we didn't, and you will have to say oh ok so it was a call from another day I got confused sorry I'm stressed, but that might turn a bit awkward..
An excuse I used recently, was to say that the agent was under the impression that we were going to exchange today, so you wanted to check if everything was sorted.
Or you can just plainly ask have you got any updates I'm really running out of time here, a line I've also been using quite a bit lately!

ss2020jd

laura_lau said:

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.

Definitely not alone! That is so true. 

I can’t focus on anything, and can barely eat anything that isn’t chocolate at the moment. I tried to remain calm and positive but after a week of this daily rollercoaster with the same lack of outcome I just feel sick and don’t know what else I’m supposed to do. 

I’m lucky in that my solicitor has been brilliant but it doesn’t help when the bottom of the chain is the problem and they keep everyone waiting and stalling at every opportunity. I’m doubting it will ever happen at this rate. 

I hope you get some good news soon. 

Reddington85

My solicitor is currently in the process of writing letters to me instead of emailing or calling for even the most inane simple query. It's driving me crazy 

laura_lau

Reddington85 said:

My solicitor is currently in the process of writing letters to me instead of emailing or calling for even the most inane simple query. It's driving me crazy 

oh dear. They are getting very creative in this time-wasting game! So sorry this is happening!

ss2020jd

So just to say please keep the faith everyone because just when you feel your lowest and most stressed it can happen - we have EXCHANGED!!! 

Reading all your messages has helped me understand and given me an outlet to share my stress of this rollercoaster process knowing you all understand too. So thank you for that.

I was really beginning to think it wasn’t going to happen but I am proof that it can! 

So hang in there, all! Your exchange is hopefully just around the corner! 

Reddington85

laura_lau said:

Reddington85 said:

My solicitor is currently in the process of writing letters to me instead of emailing or calling for even the most inane simple query. It's driving me crazy 

oh dear. They are getting very creative in this time-wasting game! So sorry this is happening!

You'd think they'd want their money quicker!

GioSan

ss2020jd said:

So just to say please keep the faith everyone because just when you feel your lowest and most stressed it can happen - we have EXCHANGED!!! 

Reading all your messages has helped me understand and given me an outlet to share my stress of this rollercoaster process knowing you all understand too. So thank you for that.

I was really beginning to think it wasn’t going to happen but I am proof that it can! 

So hang in there, all! Your exchange is hopefully just around the corner! 

Good one! Excellent.