The NEW waiting to exchange thread...

WorriedKirkels

cheeky-peach said:

Morning all,

We are now at a point where we have responded to all enquires for our sale, waiting on responses for our purchase and as is the onward purchase. There is a lot laying with our sellers solicitor. Not sure how long to leave it before seeing what's what.

Sounds really positive and like you might be nearly there 😁 x

slightlyfoxd

slightlyfoxd said:

Happy Monday everyone! Hope everyone's weeks go well on all fronts.

At the end of last week I got gazumped - an old bidder came in weeks (and a lotta money) into the process and upped the price. I've offered to match it to keep going, but don't want to get into a bidding war. I'm FTB and we had signed nearly everything, whereas the other person is in a chain. I'm hoping that's enough to cinch it for me?

The only thing is that, if I lose this property, there's nowhere else on my radar and I'll have to start saving to replace all the cash I'll have lost so far. So it sets me back quite a bit. Fingers crossed - I should hear something from someone today 🙏

Update: The buyer has accepted my offer and the lender approves, so the sale is back on! The other bidder has apparently said he'll offer more if that'll secure it, but apparently the agent has advised against it as I'm FTB and the seller needs to move into assisted living and wants a quick sale. It doesn't mean the other bidder won't offer more, and the seller won't accept again, but for now... on we go. Good grief   

I know gazumping can happen right up until exchange... but I'm feeling a bit shaken by the whole thing and got a real fear of it happening again now.

House_owner

Another week gone by - feel like I am so near yet so far - the whole transaction being held up  by the sellers solicitors at the moment - already given them one nudge via the estate agent - looks like another nudge is needed - two houses near me which sold after mine have now completed sales - so frustrating - 14 weeks since accepted offer on my house from first time buyers and 13 weeks since my own offer accepted on a no chain house - really thought we could have at least exchanged contracts by now!

Monsternextdoor

 

Well contacted the solicitor this morning to see if they have the single document that was sent on the 16th that they can't proceed without, It's now the 23rd and they still can't see if they have had the document.

So I need to know if to treat the document as lost and get it resent, This is why I always get stuff sent and signed to me in triplicate, Doesn't help that when you email the solicitor it takes them over 4 days to get back to you and the fact that we are virtually at the end and the seller wanted a sale within a few weeks (no chain, no tenants) takes the mick a bit.

Oscarboi76

Good luck to everyone this week... update on ours, deposit paid last week, everything done apart from our solicitor reviewing the enquiries, but solicitor off until Friday now, sellers EA just called and sellers solicitor have put forward a completion date of 3rd September which we agree with so really hoping this can happen even with our solicitor off this week... not sure if I should start to get excited about next week yet or not ?

slightlyfoxd

An updated FTB timeline for reference:

Local sale, between FTB and mortgage-free seller who has purchased a vacant property. Not affected by Stamp Duty deadline.

2/8/21: Viewed property and put in an offer.
3/8/21: Offer accepted, property taken off the market. Appointment with mortgage broker (Embrace).
4/8/21: Solicitor appointed (Let's Move Conveyancing). Memorandum of sale issued by agent.
5/8/21: Mortgage applied for through broker (NatWest). Hard search on my credit file run same evening.
9/8/21: Solicitor sends draft contracts and paperwork.
11/8/21: NatWest valuation takes place.
12/8/21: Solicitor passes on my/their questions for the seller's solicitors.
18/8/21: Full mortgage offer received. Paperwork shows a small error in the address, so lender advised to update.
[PAUSED]
20/8/21: Previous bidder offers over the asking price, and seller gazumps me Everything put on hold. I agree to up my offer on the property to keep the sale moving.
21/8/21: Mortgage deed arrives through the post from my solicitor - now defunct as price has increased.
[RESUMED]
23/8/21: Seller accepts my increased offer and lender agrees. Other bidder still wants the property, but for now we crack on. Survey instructed through local surveyor, paid for and booked in to happen on 6/9/21.

Payments
Conveyancing deposit 4/8/21
Mortgage broker 7/8/21
Survey 23/8/21
Deposit
Legal fees
Removals

Things I've learned so far

• My deposit is in a LISA, which usually takes 30 days to withdraw. To avoid hold ups, I've asked my solicitor to advise me when the time is right to instruct payment. If we wait for exchange, it'll be at least 30 days until we can complete as you need the deposit in hand. Withdrawing before exchange is riskier, as the sale can fall through, but if it does you can arrange to have the deposit returned to your LISA account via your solicitor.
• No one talks to anyone, least of all you. Everyone tells you this is the case, but expect it to be true. You'll have to chase people after days or weeks of radio silence, and they will be audibly annoyed.
• Everyone is on holiday in August and no one has cover. Although my solicitor did, which was much appreciated.
• Gazumping sucks.

Elle83

Good luck to everyone this week. We are still awaiting our buyer's mortgage offer, but after radio silence we ended up speaking with them and my mind is at rest that it is just a waiting game and they are not going to pull out!

We paid the odd indemnity policy just to keep things moving, seen as their lender insisted on this I am hoping this now means the offer will be incoming. 

sacvwgolf

Had our homebuyers report back today and have forwarded it onto our solicitors. Hoping to have our enquires back this week. Expecting solicitors to raise further legal enquiries from the report.

Cookie211

Right sorted document out as solicitors messed them up, dropped them bk to her now so hoping we can have a completion date soon 🤞🤞🤞🤞good luck everyone let’s hope it’s our time this week 🤞🤞

slightlyfoxd

@Cookie211 Good luck!!