The NEW waiting to exchange thread...

Tiddleshalifax

WorriedKirkels said:

Tiddleshalifax said:

Waiting for confirmation of exchange currently for completion tomorrow! I feel sick! 

Sending positive vibes, so exciting 😁 x

Thank you cx

Kazzam1984

Urgh feeling fed up and need a rant , our first house purchase fell through as people in the chain pulled out, we not have offered on a new house 4 weeks ago,  i have told the solicitors and for them to advise everyone in the chain we need to move before 30th September (no idea if this will happen )but can only do that and keep chasing .We have just had an email from them about our freeholder changing in June , (we told them in June it was happening, but they only just seem to have realised) so they may now need another ,management pack done. when everything fell through in June we were told we were at the point of exchange of contract, so if they are still find out about our freeholder and out buyers solicitor demanding an indemnity for some issue with the lease, that cannot have been the case. Anyway so far with the 2nd property we have the draft contract and searches have been done,  initial enquiries have been sent out  and a/w responses-how much more is there to do??

[Deleted User]

How many searches are normal just need to know which to ask about when I call for an update

E_D_FTB

So we had - Drainage, Chancel, Homescreen (Radon, Ground Stability, Planning Constraints, Energy, Transportation, Planning Applications), and Local Authority Search. For us they were all done by an outsourced searches agency, so likelihood is, if your solicitor does the same, they'll get everything back in one go.

But they do take a while - ours were applied for on 12/7 and came back on 4/8. And that's a pretty good turn-around!

Tiddleshalifax

Had an email just to say they’ve started the exchange process. But they’re waiting to finish. Is that normal?

UmazFTB

DeletedUser said:

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

Oh interesting! We have a build completion date in March/April at the moment - do you think builders are usually early/on-time/late? Based on your experience with your existing property?

Also, I have instructed my solicitor to only do local searches, would you recommend doing any other searches?

[Deleted User]

UmazFTB said:

DeletedUser said:

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

Oh interesting! We have a build completion date in March/April at the moment - do you think builders are usually early/on-time/late? Based on your experience with your existing property?

Also, I have instructed my solicitor to only do local searches, would you recommend doing any other searches?

We did did the searches they told us to.

as for the one we are selling now when we bought it it was a four month wait but it turned into just eight weeks which was fast

this one we are buying are saying Oct/nov and im praying for half term in October for school reasons for my kids

moneyonmymindsam

Thoughts please, I am starting to feel hopeless. 

House sold STC 23rd April 2021.

Buyers in rented and no chain as our property is vacant but still maintained. 

Advised at outset by EA that searches, surveys and mortgage approval for buyer could take us to July which was a realistic and expected completion date. 

End June buyer comes back with about 1k worth of survey niggles which we fix as gesture of goodwill etc. 

A few days later in July Buyer then offers 8k less which we decline. No justification for price decrease. 

Buyer states still wants to go ahead and 25th July we offer exchange/ completion but buyer raises additional enquiries (we have no idea what these are no does our solicitor) 

Buyers solicitor confirms they have now responded to all enquiries and awaiting signed contracts. Radio silence from buyer since 29th July.

Much chasing by all and buyer states death of a relative and needs more time which takes us to 11th August. Buyer states to EA they will come back to us next week. 

I have become irrate with it all but feel awful due to the bereavement of their sons partner in the last 2 weeks. More so how long its taking. 

EA guesses IF there will be any exchange/completion it will be end of Sept as just in time for stamp duty. 

Unsure whether to wait it out or pull the plug. 

Sorry for the rant. 

Sam 

Thrugelmir

UmazFTB said:

DeletedUser said:

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

Oh interesting! We have a build completion date in March/April at the moment - do you think builders are usually early/on-time/late? Based on your experience with your existing property?

Weather , availability of labour and materials (Covid has wreaked havoc with production and supply chains) all come into play.  Developers would wish to build to schedule as an unfinished build ties money up. Make friends with the site manager. 

E_D_FTB

@moneyonmymindsam - oh dear, sounds like a nightmare! I think at this point you'd be unlikely to get someone new and complete by end Sep, unfortunately, so it wouldn't really speed up the process. So unless you think they're getting cold feet and likely to back out, I would just wait it out.

Bereavement makes it incredibly difficult. If they've said next week, then give them space, but if nothing by next Friday start chasing again.

Hope things get back on track for you soon!