The NEW waiting to exchange thread...

harsxx

ss2020jd said:

Hi everyone sorry I haven’t had time to read and respond to the latest messages but just wanted to let you know completion finally happened! 😅🥳

Will pop back later share my experience and hopefully reassure others that as low as it can feel - things usually have a way of working out. 

Congratulations 🍾🍾🍾

Tiglet2

geostar37 said:

Hi all,

Been reading for a while but not wanted to post however now feel the need to see if others have been in this situation. . . 

We are in a chain of 6 properties. The one we are buying is the end of the chain. We are now in week 13 since selling ours and having our offer accepted. The property at the bottom - despite supposedly being 4 weeks ahead of us in the process has held things up at every stage. 

Finally, last Thursday we received an email from our solicitors to say ‘the chain wishes to complete imminently - is the 5th Aug acceptable to you as completion?.’ We reply immediately yes. Friday we receive a phone call asking for permission to exchange. Expecting it all to go ahead. Nothing happens. Chase on Monday. Given 2 different reasons for the delay. Our solicitor said that a solicitors further down the chain did not have enough qualified staff in to do the exchange and wouldn’t have until the middle of this week. Our estate agents then chased and said that actually solicitors at the bottom of the chain realised they did not have a signed contract - and only sent this out on Friday. I mean !!!!!!?! 

Update this morning was ‘they are hoping for the contracts back today and to start exchange’ but obviously we have heard nothing. I don’t understand why they are ‘hoping’? I mean where is the contract? Has it been signed? Has it been posted back? Either it’s due back today or it isn’t. Why is everything so bloody vague?

I’m getting so frustrated. After being told 5th twice last week, I have organised childcare. I know our buyers are away the week after next so if don’t make that week it will set us back a further week. Originally we were aiming for mid July and our poor seller cleared out the house (probate) and had to use annual leave to do it as was under pressure. 

What are the chances of us making the 5th - and being able to book removals? 

Any advice welcome - I’m at my wits end - and I’m actually on holiday this week and finding it so hard to keep calm for the sake of my kids.

I am sure you will make the 5th for completion since this is the date agreed by everyone, though it is subject to confirmation from lenders that funds will be available in time (some take 5 days to draw down funds).

However, an exchange can take place at any time up to the 5th and with 6 properties, that's six sets of solicitors who need to be ready. 

The solicitor at the bottom of the chain does not hold in their file a signed contract posted back from the buyers.  With no signed contract on file, they cannot exchange.  The sooner they receive the signed contract back from the buyers, the sooner everyone can exchange, hence why they are 'hoping' to receive it asap.

Unfortunately there is much to do in conveyancing with so much paperwork needed to be "ready".  Solicitors tend to review their files once all enquiries have been answered and the review basically means that they need to go through the file just to check that they have everything they need in order to exchange.  It is often at this point that something is found to be missing, whether that's a signed contract, or the ID is insufficient, or they haven't got written confirmation of how the estate agent is being paid their commission, or they don't have bank account details of their client or the other side solicitor or they haven't received the closing statement for an ISA, or one of the enquiries wasn't fully satisfied etc etc etc.

13 weeks is pretty good going actually.  It's not unusual for the process to take around 5/6 months, even more if a leasehold property is involved.

I would advise you get removals pencilled in for the 5th especially since most removal firms are very busy just now.

WorriedKirkels

harsxx said:

ss2020jd said:

Hi everyone sorry I haven’t had time to read and respond to the latest messages but just wanted to let you know completion finally happened! 😅🥳

Will pop back later share my experience and hopefully reassure others that as low as it can feel - things usually have a way of working out. 

Congratulations 🍾🍾🍾

Woo hoo, fantastic news 😁 

[Deleted User]

ss2020jd said:

Hi everyone sorry I haven’t had time to read and respond to the latest messages but just wanted to let you know completion finally happened! 😅🥳

Will pop back later share my experience and hopefully reassure others that as low as it can feel - things usually have a way of working out. 

@ss2020jd that's just AMAZING news! You must be so relieved.

Boredfatman

So we were hoping to exchange last week and now we find out today that the top of the chain need a building certificate for an extension!

Does anyone have any experience of how long these take to get?

geostar37

Boredfatman said:

So we were hoping to exchange last week and now we find out today that the top of the chain need a building certificate for an extension!

Does anyone have any experience of how long these take to get?

Ours took about a week x 

geostar37

Tiglet2 said:

geostar37 said:

Hi all,

Been reading for a while but not wanted to post however now feel the need to see if others have been in this situation. . . 

We are in a chain of 6 properties. The one we are buying is the end of the chain. We are now in week 13 since selling ours and having our offer accepted. The property at the bottom - despite supposedly being 4 weeks ahead of us in the process has held things up at every stage. 

Finally, last Thursday we received an email from our solicitors to say ‘the chain wishes to complete imminently - is the 5th Aug acceptable to you as completion?.’ We reply immediately yes. Friday we receive a phone call asking for permission to exchange. Expecting it all to go ahead. Nothing happens. Chase on Monday. Given 2 different reasons for the delay. Our solicitor said that a solicitors further down the chain did not have enough qualified staff in to do the exchange and wouldn’t have until the middle of this week. Our estate agents then chased and said that actually solicitors at the bottom of the chain realised they did not have a signed contract - and only sent this out on Friday. I mean !!!!!!?! 

Update this morning was ‘they are hoping for the contracts back today and to start exchange’ but obviously we have heard nothing. I don’t understand why they are ‘hoping’? I mean where is the contract? Has it been signed? Has it been posted back? Either it’s due back today or it isn’t. Why is everything so bloody vague?

I’m getting so frustrated. After being told 5th twice last week, I have organised childcare. I know our buyers are away the week after next so if don’t make that week it will set us back a further week. Originally we were aiming for mid July and our poor seller cleared out the house (probate) and had to use annual leave to do it as was under pressure. 

What are the chances of us making the 5th - and being able to book removals? 

Any advice welcome - I’m at my wits end - and I’m actually on holiday this week and finding it so hard to keep calm for the sake of my kids.

I am sure you will make the 5th for completion since this is the date agreed by everyone, though it is subject to confirmation from lenders that funds will be available in time (some take 5 days to draw down funds).

However, an exchange can take place at any time up to the 5th and with 6 properties, that's six sets of solicitors who need to be ready. 

The solicitor at the bottom of the chain does not hold in their file a signed contract posted back from the buyers.  With no signed contract on file, they cannot exchange.  The sooner they receive the signed contract back from the buyers, the sooner everyone can exchange, hence why they are 'hoping' to receive it asap.

Unfortunately there is much to do in conveyancing with so much paperwork needed to be "ready".  Solicitors tend to review their files once all enquiries have been answered and the review basically means that they need to go through the file just to check that they have everything they need in order to exchange.  It is often at this point that something is found to be missing, whether that's a signed contract, or the ID is insufficient, or they haven't got written confirmation of how the estate agent is being paid their commission, or they don't have bank account details of their client or the other side solicitor or they haven't received the closing statement for an ISA, or one of the enquiries wasn't fully satisfied etc etc etc.

13 weeks is pretty good going actually.  It's not unusual for the process to take around 5/6 months, even more if a leasehold property is involved.

I would advise you get removals pencilled in for the 5th especially since most removal firms are very busy just now.

Thank you so much for the reply. The bottom property is a leasehold which probably explains the hold ups. I do appreciate that 13 weeks is not bad - I’m just frustrated that our purchase is empty and we are both teachers so could be in there getting loads of much needed renovation work started if we could just get this sorted! 

We have been told by our solicitors that we need 5 days between exchange and completion to request mortgage funds. 

Can you provisionally book removals without paying a huge deposit? I’m worried about losing money. . . 

ele_91

Well we exchanged this morning and completed this afternoon! It’s been almost a year since we accepted an offer on our property, we have had 4 purchases fall through and ended up living with family to save our sale. So relieved!

WorriedKirkels

Congratulations @ele_91 😁 

Slithery

geostar37 said:
We have been told by our solicitors that we need 5 days between exchange and completion to request mortgage funds. 

That is incorrect. The funds can be requested before exchange, they just get sent back again if it falls through.