The NEW waiting to exchange thread...

ele_91

Slithery said:

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.

Agreed we exchanged and completed today and I have always done it this way for one reason or another (it’s not a preference!). The conveyancer requests the funds for the target completion date and can either cancel the request beforehand or send them back if completion fails. 

Rachylou1981

harsxx said:

Rachylou1981 said:

We've been trying to exchange since last Thursday with completion planned for this Friday. Just heard the top of chain solicitors are on annual leave until Wednesday so exchange won't happen until then. Super stressed Friday won't happen & we're all prepared.

Anyone had this tight window happen & all completed as arranged? 

Hi we are supposed to be completing this Friday and still haven't exchanged. My anxiety is telling me this Friday wont happen.  We have been waiting 17 weeks since offer. I'm also super stressed. Wishing you good luck for this friday.

Good luck to you too. We have been waiting about the same. I'm super stressed & have not planned to live here beyond Friday, everything is in place now to get moved 

geostar37

Thanks to all who said you don’t need 5 days. We are purely going on what our solicitors have told us. Having only done this twice before we are relatively clueless. I guess I just don’t know who to go about booking removals with no guarantees - and a solicitor the bottom of the chain who by all accounts seems to be entirely incompetent! 

Well down to everyone  who has exchanged/competed today! 

ss2020jd

Thank you @WorriedKirkels @Deleted_User@harsxx @rose_T (for the magic key dust!) and fellow pre-, during and post-exchangers and completers on this thread for the supportive messages and for understanding and sympathising with my woes and concerns!
 

So, after not hearing anything all day I finally chased up to be told that is was still expected to happen. Then when it got to after 3pm, I really began to doubt it would. I had always thought the cut off was 2pm. Anyway, after very nail-biting time stretching into late afternoon I was told that apparently it was just a matter of the funds arriving after being sent. More nail-biting until it was finally confirmed it had happened!
My poor buyers were apparently camped out with a van full of their worldly goods waiting for keys to be released while this was happening. 

I am so relieved. The ups and downs are all now a distant memory. Although it started well the issues with the buyers buyer seemed to go on forever. Despite this, we got there in the end. 

So, if you are going through similar, know that it does eventually get resolved one way or the other. 

Wishing everyone some success over the rest of the week and beyond. Will be keeping everything crossed for all of you and look forward to hearing your positive progress! 

Now I just have to do it all again as a buyer! 🤪

[Deleted User]

ss2020jd said:

Thank you @WorriedKirkels @Deleted_User@harsxx and fellow pre-, during and post-exchangers and completers on this thread for the supportive messages and for understanding and sympathising with my woes and concerns!
 

So, after not hearing anything all day I finally chased up to be told that is was still expected to happen. Then when it got to after 3pm, I really began to doubt it would. I had always thought the cut off was 2pm. Anyway, after very nail-biting time stretching into late afternoon I was told that apparently it was just a matter of the funds arriving after being sent. More nail-biting until it was finally confirmed it had happened!
My poor buyers were apparently camped out with a van full of their worldly goods waiting for keys to be released while this was happening. 

I am so relieved. The ups and downs are all now a distant memory. Although it started well the issues with the buyers buyer seemed to go on forever. Despite this, we got there in the end. 

So, if you are going through similar, know that it does eventually get resolved one way or the other. 

Wishing everyone some success over the rest of the week and beyond. Will be keeping everything crossed for all of you and look forward to hearing your positive progress! 

Now I just have to do it all again as a buyer! 🤪

Can't believe they weren't keeping you updated today after everything! So fantastic it's happened for you and your buyers though. 
The nosey person in me still wants to know what on earth happened with the bottom of the chain though lol 

ss2020jd

Thanks @Deleted_User ! Me too. I fully intend to try find out but from what I can gather the funds weren’t coming from a traditional source and the buyer’s buyer was an investor and possibly used to playing the system to their advantage! 

It’s a real shame as our buyers were a real dream and I did think it was all going a bit too well at first. We would have met their deadline of 30 June if it’s wasn’t for the bottom chain’s shenanigans. I think they were compensated for all their failed attempts. 

I just hope they are happy with the gifts I left for them and that they can enjoy the house at last and put all that stress behind them! 

ss2020jd

Congratulations too @ele_91. Brave to do both on the same day! 

ss2020jd

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?

So frustrating when so close but hopefully not too long. 

Do you know if it’s just a matter of getting a duplicate certificate, or if building regs has not signed off the extension? If it’s the former it shouldn’t be too long and if it’s the latter it may be that an indemnity insurance could be taken out, depending on how long ago the work was done and assuming the local authority have not already been notified. Your solicitor should be able to advise the best solution. 

Also, sometimes the application might have been started but just never signed off and it may just be a case of an inspector doing a final check. The LA searches done by the solicitor can usually ascertain this. 

Wishing you luck for a speedy resolution! 

Tiddleshalifax

Well done to those who have exchanged and or completed!! Congratulations!!

we’ve got one step closer. After a meeting with the director of my buyers solicitor, the director has taken over the case in his words ‘to get it turned around quickly!’ 

Hoping to complete within the next 2-3 weeks!! He’s a straight talker and said this would be no issue provided our solicitor responses come through quick (they’re super quick ag everything so far so I hope so!)

mjane93

greensalad said:

What's the average length between exchange and completion?

We want to give notice on exchange in our rented, but we have 2 months notice period. We want an overlap anyway, but I'm guessing 4 weeks between exchange and completion is out of the question. Seems like 2 week or 1 week is more common on this thread?

I think it depends on what buyer and vendor agree on. Our vendor pushed dates back very last minute so we came to the agreement of a September 6th completion date but we want to exchange ASAP for piece of mind as we are in rented accommodation with 30 day notice period. 

Our solicitor requested deposit funds yesterday so hoping we complete by end of next week at the latest.