The NEW waiting to exchange thread...

FirstTimePlx

birdmadgirl8 said:

FirstTimePlx said:

Been waiting 2 weeks now for conveyancers to do their thing. The EA linked tracker with the Conveyancer is absolutely awful and doesn't even work.

Waiting for enquires, due diligence and contracts.

Good luck with it. As many of us on this thread agree, the worst part of this is waiting for things to happen. If you can make direct contact with your solicitor  I'm sure you'd get better results, as those update portals can be dodgy. Having said that, 2 weeks isn't that long given conveyancers will be juggling lots of cases. Of course we're paying solicitors for their time, so should be able to expect prompt responses and an idea of when they might be getting back to us (this sort of communication is patchy in my experience though). I'm still gutted that the solicitor I built a great relationship with on our first purchase has left  - her replacement isn't exactly filling me with confidence at the moment. Anyway, I hope your wait isn't too long.

I wish it was the solicitor.

I have only been in constant communication with an admin assistant. I haven't had a single conversation with the solicitor/conveyancer. For a grand total fee of £1,500 at some point.

The house is currently empty with no chain. I can't even imagine individuals with a chain property purchase.

E_D_FTB

@tomnookfan Yeah, moving back with my parents is the worst case scenario which would be an absolute nightmare! Tbh, even if you accepted a shorter notice period, I think legally that just wouldn't stand up - the minimum is the minimum.

@TheScone Yeah, that's our plan - just be vague and say rolling just works better for us for now. But would be cleaner if we could exchange and just be honest! Agreed the overlap is annoying, but doing anything before exchange is just more risk than I am willing to get involved with! Keep having to remind myself that until we exchange we have absolutely no legal right to anything and we have to behave as if we have nowhere to go until then.

Just overall a terrible process! Don't plan on doing this again anytime soon!

UmazFTB

Hi all, I am new to this forum and would like to share my progress with our FTB purchase vita H2B, its been an anxious and nerve-wracking ride so far....
08-Jul - AIP received
21-Jul - Reservation complete
27-Jul - Mortgage Application submitted (Halifax)
05-Aug - Valuation
10-Aug - Mortgage offer and Valuation Report received
TBC - exchange of contracts

Has anybody experienced any issues between mortgage offer and exchange? There are lots of checks so I am trying to not get too excited. Although getting the offer was the biggest hurdle so far, is it usually less stressful until exchange now?

E_D_FTB

Welcome @UmazFTB! Wish I could say it gets less stressful, but it just becomes a different kind of stress. For me, the most stressful thing between mortgage offer and exchange has been 1) waiting for someone to update me on what's happening and imagining the worst and 2) spending money knowing that the whole thing could fall through and we have no legal right to the property until exchange.

There are a bunch of things that can potentially go wrong - major repairs uncovered by the survey, issues from searches or other legal bits your solicitors will query. And sadly most of it is completely out of your hands. 

Fingers crossed things will go smoothly for you, though!

goodwithsaving

My buyer's solicitor, my solicitor and my EA are on the ball at the moment, which is far better than having legal teams which send passive aggressive emails to one another or worse, don't reply. My buyer now needs a mining search, although EA experience - having sold many properties in the area and on my road - is that where I am it will hopefully not throw up any issues. 
I have number crunched the completion statement in advance and as long as nothing changes, it can just about be done. It is looking very tight on the numbers due to having to take a significant hit between buyers. I do very much like my buyer, so must remember the frustrations are the legal teams and advice my buyer is being given.
I really just want this to be over. I'm sure my buyer does too.

UmazFTB

Thanks a lot @E_D_FTB, that is so helpful to know.
Yes I completely agree, I don't really understand the legal jargon and its a bit of a black box for me...
We are going for a new build, which must come along with its own unique roadblocks.
Do you/anyone have experience with new build purchases?

clare19811

Our buyer's solicitor is waiting for one local search to come back and then apparently we're good to go, all done on our side. But I'll believe it when I see it and we've actually exchanged! 

We're still waiting for our seller's to confirm when they're prepared to complete, hopefully we're on the final stretch now and we can agree a date early September!

As we're in rented it doesn't all need to happen at the same time but we do need the sale to happen first.

[Deleted User]

UmazFTB said:

Thanks a lot @E_D_FTB, that is so helpful to know.
Yes I completely agree, I don't really understand the legal jargon and its a bit of a black box for me...
We are going for a new build, which must come along with its own unique roadblocks.
Do you/anyone have experience with new build purchases?

The house we are selling was a new build
and we are also buying a new build if that helps at all

Tiddleshalifax

Completion statement received and paid so 🤞🏻🤞🏻🤞🏻🤞🏻

Tiddleshalifax

E_D_FTB said:

@Tiddleshalifax - Amazing! Got everything crossed for you

Thank you! I feel sick