The NEW waiting to exchange thread...

Irishpearce26

lg220701 said:

finally received responses on Thursday from the sellers to enquires raised by our solicitor, awaiting review by a senior conveyor. If all goes to plan and there is no further enquiries, can someone tell me what happens next? How long until completion etc? Both sides chain free.  Sorry first time buyer.   

Solicitor reviews responses and will update you but may need more info. If all paper work is signed, searches and enquiries completed then its a case of agreeing a completion date and exchanging. Exchange if all is good can take place anytime as long as a completion date is agreed. Good luck and happy moving day

lg220701

Irishpearce26 said:

lg220701 said:

finally received responses on Thursday from the sellers to enquires raised by our solicitor, awaiting review by a senior conveyor. If all goes to plan and there is no further enquiries, can someone tell me what happens next? How long until completion etc? Both sides chain free.  Sorry first time buyer.   

Solicitor reviews responses and will update you but may need more info. If all paper work is signed, searches and enquiries completed then its a case of agreeing a completion date and exchanging. Exchange if all is good can take place anytime as long as a completion date is agreed. Good luck and happy moving day

Thank you - mortgage deed etc signed, all searches back, literally just a case of ensuring the responses are enough and no more information is required from the seller. Fingers crossed all is well! Thank you !

Jamierez

sw7 said:

Jamierez said:

9 months since selling our house, 8 months since having an offer accepted on a property and we've no end in sight. All the contractual paperwork has been sorted but we still have no agreed exchange/completion date. Our sellers have still to find a suitable rental property and now one of them is looking to buy a property and the other is renting. It looks like we are going to be in a chain and we will miss the stamp duty holiday end date and with a good chance of missing the next one in September as well.

We've been looking elsewhere but there have been so few properties of the size we're after come on the market and that has meant the asking prices have increased and they are snapped up at the asking price or higher. We've decided to wait it out as paying an increased price for a property added with having to fork out for additional fees doesn't make it seem worthwhile, even with now having to pay stamp duty.

Ah well, at least the weather is good!

I feel your pain and sympathize entirely. We had an offer accepted at a similar time and it took our sellers 4 months (we're first time buyers, so at least there is that). And I know exactly what you mean regarding the market at the moment - if we hadn't held on then we wouldn't be moving any time soon.

Luckily our sellers did eventually find somewhere and we're (hopefully) on track for later this month, but who knows at this point.

I hope things work out for you soon.

Well we're now officially off the waiting to exchange thread. The people we are buying from have pulled their property off the market. 9 months wasted and my big take home is not to buy from a couple divorcing. The lady can't afford to rent or is not willing and she can't get a mortgage. Her estranged husband doesn't want to see "his kids onto the street" and has pulled the property off the market until she can sort her life out and get a permanent job. He is still living with her despite having a new partner and needs the money from the house to buy his own place. 

 Our house has been valued at 15% more than last year so we're going to have to put  our property back on the market as it's the only way we can get the property we need as the market in our area continues to go up. Our buyer is going to be offered the property at the new price and I hope he sticks with us but I do feel for him as this is his first purchase.

Ricky116

Does anyone know how long it should take to exchange and complete on the same day? Is it like a phone call and it's done, or should I expect several hours of hanging around?

Hopefully happening tomorrow and I have the day off work.

Everything is in boxes. I can't even begin to imagine what we will do if for whatever reason the transaction fails to occur at this point.

TBG01

It's usually done in the same phone call. Then just a case of the monies making their way through the banking system.

Mon2907

Ricky116 said:

Does anyone know how long it should take to exchange and complete on the same day? Is it like a phone call and it's done, or should I expect several hours of hanging around?

Hopefully happening tomorrow and I have the day off work.

Everything is in boxes. I can't even begin to imagine what we will do if for whatever reason the transaction fails to occur at this point.

We’re in the same boat!!!! I have no idea what we’ll do either, we wanted a few days between but after reviewing the file it was agreed all for the same day and we were pretty much told that’s how it should be. However our buyers haven’t had an update from there solicitor so I’m not optimistic. I’m hopping the solicitors would’ve spoken to each other at least 😭

WoozieSioux_tse

Crossing my fingers for everyone on here! We exchanged a few weeks ago and completed on the sale of our old home early on the 23rd. We've moved to a rental in the countryside, so every time I open the curtains I get to see sheep or cows grazing and it makes me smile.
We originally put our house up for sale at the end of August 2020, ditched our agent and first set of FTBs at the end of October (the buyers were messing about, dragging their feet and trying to plead poverty despite not even offering asking price!).

Our second set of buyers were quickly found by a new agent and everyone was up for a quick turnaround. Until they were told they had to get a survey by their lender, at the end of January. The surveyor was rubbish, but the buyer realised most of the items flagged were 'age of property' issues, already included in asking price, so didn't try to change the price they had offered. We then had a roof survey, also not worth the hysterical wailings of the original surveyor. Roofer reassured buyer and even complimented us on the installation of additional insulation and the excellent condition of our old beams.

We lost our original rental (5 bed farmhouse with the kitchen of my dreams-sob!, utterly snail-like internet though) and started looking around for another. As did half the known universe, it seemed. The cost of rental properties rose and we were struggling to find something suitable. We expanded our search area by an additional 10 mile radius.  

And on our wedding anniversary an agent phoned to say we had secured a four-bed rental. Hopefully, it's short-term because it's quite expensive and anyway, we are looking for somewhere to buy... I will still be looking over this thread and will be joining again once I've got the 'Shaun the Sheep tingle' about a house....

But keep the faith, there is a home out there for everyone and you will get there eventually......

Ricky116

Mon2907 said:

Ricky116 said:

Does anyone know how long it should take to exchange and complete on the same day? Is it like a phone call and it's done, or should I expect several hours of hanging around?

Hopefully happening tomorrow and I have the day off work.

Everything is in boxes. I can't even begin to imagine what we will do if for whatever reason the transaction fails to occur at this point.

We’re in the same boat!!!! I have no idea what we’ll do either, we wanted a few days between but after reviewing the file it was agreed all for the same day and we were pretty much told that’s how it should be. However our buyers haven’t had an update from there solicitor so I’m not optimistic. I’m hopping the solicitors would’ve spoken to each other at least 

The one thing I've learned through all of this is that solicitors don't talk to eachother. At all. So hopefully their lack of discussion doesn't mean they won't complete tomorrow, lol. Good luck!!

NotHydra

Funds a drawn down, full deposit etc is paid.
Just got an email from solicitor that 
1. looks like more enquiries? How is this possible
2. Asking about a passageway at the back of property - According to the results of the searches there are no public footpaths, on the certificate of title and all other images provided there is no passageway at the rear of the property. And during our own inspection there was no passageway.

I am very very confused 

jenni_fer

Sunday night anticipation and anxieties rising again.
Our sellers asked for 'another week' last weekend so how long do I give it tomorrow before we chase for an update?
I've spent the weekend no knowing whether to pack more, prep for viewings again or just to unpack and give up on moving entirely! I'm not sure how much more my nerves can take!

Fingers crossed for positive updates all round tomorrow morning, especially to those hoping to complete by Weds.