The NEW waiting to exchange thread...

rose_T

misskismet said:

I am supposed to exchange and complete tomorrow. Please keep fingers crossed for me. It's been almost six months since my offer was accepted. Cash buyer, chain free, vacant property, but it's not been a smooth ride. I've spent six months in horrible shared accommodation and it's been over a year since I've had my own space. If tomorrow doesn't happen I will cry. 

Sending key 🔑 dust ✨ 

Monsternextdoor

geostar37 said:

So completion supposedly set for Thurs but no exchange yet. Would I be unreasonable to say that if we don’t exchange tomorrow then I want a new completion date? I can’t stand the thought of spending all weekend packing up our home and then finding out next week the completion date is delayed and I’ve got to spend days/weeks with kids at home during the summer holidays with all their stuff in boxes! 

I am beyond !!!!!! off with the whole thing. 

This is me at the moment !!! 

Im packing the kids off this week up to nanny and grandad so we can pack in peace.

birdmadgirl8

@BuyingLateInLife Blimey, you've had a tough old ride there. Similar time-line to us and a familiar looking set of collapsed chains. It's got to go right soon hasn't it? Fingers crossed it all goes well for you now! 

ss2020jd

rose_T said:

misskismet said:

I am supposed to exchange and complete tomorrow. Please keep fingers crossed for me. It's been almost six months since my offer was accepted. Cash buyer, chain free, vacant property, but it's not been a smooth ride. I've spent six months in horrible shared accommodation and it's been over a year since I've had my own space. If tomorrow doesn't happen I will cry. 

Sending key 🔑 dust ✨ 

I’m sending some and keeping all crossed too 🤞

mooncake89

Just when we were about to contact our solicitor to find out where we're at, we received a huge pack in the post today with all (I think) the final documentation needed before exchange can happen. It's about 10/11 weeks into the process now (we're chain free and so is the house we're buying).

 I'm excited that we might almost be there now, but I'm also having a bit of a wobble because I've discovered after reading through some documents related to enquiries that the probate valuation for the house we're buying was around 30k lower than our agreed purchase price. Does anyone know if it's uncommon for there to be such a big discrepancy? I don't feel as though this is the wrong house for us, but it's sparked off some huge nerves in me about how much money we're spending. We're putting down a large deposit, so the lender's valuation went through fine and we were stupid and have now missed the boat on having a follow-up chat with the person who carried out our homebuyer's survey. Having done what research we could about sold prices for houses in the area we initially felt that the price we offered was about right, but this has caused a renewed panic in me to think we might be paying hugely over what we 'should' be. Maybe just last moment FTB nerves? 

Monsternextdoor

mooncake89 said:

Just when we were about to contact our solicitor to find out where we're at, we received a huge pack in the post today with all (I think) the final documentation needed before exchange can happen. It's about 10/11 weeks into the process now (we're chain free and so is the house we're buying).

 I'm excited that we might almost be there now, but I'm also having a bit of a wobble because I've discovered after reading through some documents related to enquiries that the probate valuation for the house we're buying was around 30k lower than our agreed purchase price. Does anyone know if it's uncommon for there to be such a big discrepancy? I don't feel as though this is the wrong house for us, but it's sparked off some huge nerves in me about how much money we're spending. We're putting down a large deposit, so the lender's valuation went through fine and we were stupid and have now missed the boat on having a follow-up chat with the person who carried out our homebuyer's survey. Having done what research we could about sold prices for houses in the area we initially felt that the price we offered was about right, but this has caused a renewed panic in me to think we might be paying hugely over what we 'should' be. Maybe just last moment FTB nerves? 

Snap. 

We are in the same predicament. 

The house has been valued at £17,000 lower due to the work that needs doing, Now I know the area and the price we have offered and had accepted is round about the right price. The house we are buying is perfect for us and our girls and we are happy to pay over what it is worth as its still a bargain.

But we have the same nerves as you I think the surveyors are looking at the house and the area and not the post covid boom that has happened due to people saving. 

stressedout45

WorriedKirkels said:

Agree @geostar37 - there must be a better way of buying & selling houses 😬 x

Honestly I think the whole system / process needs a massive overhaul. I don’t know what the answer is, but it shouldn’t be this bad!!!

ss2020jd

rose_T said:

*Just Venting*

I honestly feel so stressed out with all this! And the added fact my solicitor, I call her a solicitor she is a paralegal went on holiday without even trying to reassure us. 

You will have probably seen all my posts regarding my purchase and how at last minute I was told there is an old mortgage registered to the property. I believe and so does my paralegal that this is just a paperwork issue and the old lady didn’t discharge her mortgage after final payment. 

After talking with the executor and he explained about the indemnity policy that would cover us should anything crop up and the fact that the old security would disappear after April 2023 as it will reach the 40yr period I decided to contact our mortgage broker to ask him his advice. 

He said that old security does fall away after 40yrs and we would be fully covered by the indemnity policy. This policy covers full home report value and also covers when house prices rise. It will also cover any new owners etc. And he said Halifax would accept the insurance policy. 

I then called the lawyers office to be told the same. Obviously this wasn’t by the girl that is sorting our case but by someone who is helping with her cases while on holiday. She also said they are awaiting a response back from Halifax regarding the insurance policy. 

I feel I should find a 2nd opinion from another solicitor about all this. If I did decided to fo this that’s probably more money down and because of this delay it looks like we will need to shell out 5k balloon payment as our PCP is up on the 15th August and scared to trade in before mortgage goes through. 

So 25k down in the space of a couple of weeks and nothing to show for it!!!!! ( I know deposit is in solicitors client account) but still. 

Just wish it was over with now it’s so stressful I feel like my eye is constantly twitching!  And can’t stop googling for advice but can’t find anything on my situation 😭

and breath……… 

sorry about the long post 

Sorry to hear the stress is continuing @rose_T. I can relate to the stress twitch. 

I would get a second solicitor’s opinion as well if it would help give a definitive answer although I think your solicitor’s advice would be the one that is looking after your interests. 

Did you say you had seen proof from the lender? And have you checked with Land Registry about the situation and whether there have been previous cases like this and how they were resolved. They have a forum their site as well (link below) as the very helpful thread on here. I know that when things are linked to a sale they can be expedited but I’m not sure how much help that is if the executor won’t contact the lender to try and get it resolved. 

https://help.landregistry.gov.uk/app/social/questions/list/kw/Removing%20a%20charge/page/1

I really hope you get some reassurance or answers soon! 

Martian2035

stressedout45 said:

WorriedKirkels said:

Agree @geostar37 - there must be a better way of buying & selling houses 😬 x

Honestly I think the whole system / process needs a massive overhaul. I don’t know what the answer is, but it shouldn’t be this bad!!!

I personally believe that basic surveys and searches should be completed by the seller's solicitor before the house goes on the market, and valid for 6 months. I really think this would speed up the process, and reduce the likelihood of sales falling through or renegotiation.

Cookie211

birdmadgirl8 said:

@BuyingLateInLife Blimey, you've had a tough old ride there. Similar time-line to us and a familiar looking set of collapsed chains. It's got to go right soon hasn't it? Fingers crossed it all goes well for you now! 

Hi birdmadgirl8 any update on probate being granted yet?