The NEW waiting to exchange thread...

JMcc123

misskismet said:

Tentatively joining in on this thread. @JMcc123 I'm going through something a bit similar. 

I had my offer accepted mid February. First time buyer, cash, no chain, empty property, and I'm living in a shared house which is awful - threatening housemate, dirty, etc. Working from home so spend all day in the bedroom/office - just really struggling to do anything with my life until I move in to my own place. 

Turned out there were several charges on the place I'm buying - they are to be paid upon completion, which has delayed everything even more. Now the seller's solicitor has left their job Just feel completely hopeless. 

Oh gosh! When did the charges come to light? Have you got any timescale or just left in limbo?
I'm chasing my solicitor daily, and they're fantastic, I cannot fault them at all, but I desperately need some clarity and a rough date. X

misskismet

Let's hope we can both exchange very soon. 

I've known about one of the charges for a while but didn't realise there were others or that it was all so complicated. Incompetent solicitors on the vendors side haven't helped. 

I've had to extend my current lease but I am so utterly miserable here  

JMcc123

misskismet said:

Let's hope we can both exchange very soon. 

I've known about one of the charges for a while but didn't realise there were others or that it was all so complicated. Incompetent solicitors on the vendors side haven't helped. 

I've had to extend my current lease but I am so utterly miserable here  

What a nightmare 😔 how long have you had to extend for?
It's so deflating when yiurr good to go but everything is out of your control!

Fingers crossed for good news for next week x

badger09

misskismet said:

And if anyone knows what a redemption figure is, I'd appreciate knowing

All the money is with my solicitor, I am completely ready to go and was supposed to complete on the 30th June but now have no idea what's happening. 

A redemption figure is the amount required to settle the debt & remove the charge. 

So, if charge is a mortgage, the redemption figure is the amount the vendor owes on their mortgage which must be paid to the lender from the sale completion funds. Anything left over (after EA & solicitor fees) goes towards their next purchase, or straight to them if they're not buying another property. 

misskismet

Thanks @badger09
I know the answer is probably as long as a piece of string, but do you think there will be much more paperwork involved once the solicitor has this figure? 

badger09

misskismet said:

Thanks @badger09
I know the answer is probably as long as a piece of string, but do you think there will be much more paperwork involved once the solicitor has this figure? 

Afraid you're right. But, if everything else is in place as it seems to be, then it will depend on how quickly the holder of each charge supplies their redemption statement. Usually its just one charge - the mortgage lender.

Good luck

misskismet

That's good to hear. The sellers have multiple charges from the sounds of it - am hoping this redemption statement I have been hearing about means all of them and I can complete next week. 

trance_abbey

I took the last 10 or so days off from the thread for my mental health after realising there was no chance of completing before the stamp duty deadline.

I'm back and ready to start pushing on my sale again - I'm pretty sure that there's nothing I can do to speed things up though. The council went out on Friday and spoke to the neighbour again about the fence and how they needed to move it... so we will see what happens.

In a somewhat funny turn of events, I've become a bit of a media darling because of my trials and tribulations - last week I was in the Inews paper talking about missing the deadline and next week I'm going to be in the financial pages for the Daily Mail talking about being gazumped and then Times Radio called me and asked me to talk about being gazumped as well.

I only wish I could raise that kind of publicity for my business

MayMark

We are still waiting to exchange with no set date for exchange confirmed! Our mortgage offer came back 3 weeks ago, all our searches were done then, we’ve signed our mortgage deed and read all our “pack” about the house we are buying. We are in a chain of 5 everyone before us is ready to go (3 lots of people) as far as I’m aware we are too but we are waiting on two things from the people we are buying from….
1. A warranty certificate (it’s a 7 year old new build with a 10 year warranty.) 
2. a certificate signed by a builder/surveyor of some kind to say that the house has been put on the right plot or something like that!
the vendors are saying they don’t have copies of either of these and our solicitor is saying we can’t exchange without them so is asking they get copies of them. That was my update last Thursday. 

What do you think our chances are of exchanging this week coming!?? Lol! We’ve asked to be in by 23rd July as it would be easier for us to move before school hols start!

BountyBlink

Hello all! Sorry for radio silence for last week. We completed last Tuesday and removals moved us Friday and I spent the time between getting keys and removals arriving cleaning. I can see now why we had to break our chain and go into rented... because someone up there 👆🏼 was looking after us... it would have been awful to have moved in the way it was. We haven’t seen the house for 7 months and in that time of our 1st & 2nd viewing they must have smoked in house even in bedrooms. So I have washed everything, even mopped walls. 

Half cut onions everywhere, plug ins galore and every window open from
dawn to dusk lol. It smells miles better already, but will have to paint a couple of rooms next week. 

Saying that we adore the house, so very grateful we are finally here and a smile has not left my face for days. It seems like the past 7 months of stress was absolutely worth every day of it! 

Sorry to see so many of you still not exchanged, especially my forum house moving buddy Laura! I’m hoping your solicitors assistant got that deed of consent off to lender and come first thing Monday  morning you will Have exchanged! 

To everyone else; keep sane, it will happen it’s just one hell of a rollercoaster ride!