The NEW waiting to exchange thread...

[Deleted User]

Hope all of us in limbo have some sort of news today
ive sent my solicitor another email as I need to know when to draw the deposit out of shares
i really need some dates as now having to move home and get storage units and it isn’t easy with four kids two dogs and a husband 

Cookie211

DeletedUser said:

Hope all of us in limbo have some sort of news today
ive sent my solicitor another email as I need to know when to draw the deposit out of shares
i really need some dates as now having to move home and get storage units and it isn’t easy with four kids two dogs and a husband 

I hope I have some good news today 🤞🤞

Cookie211

Good luck everyone today, we transferred our funds last nite and FIL going to bank at 9 to transfer the rest, hope it clears by Thursday 🤞🤞🤞anyone know how long money takes to clear and do u think it will reach solicitors by Thursday thanks 😊 

WorriedKirkels

Cookie211 said:

Good luck everyone today, we transferred our funds last nite and FIL going to bank at 9 to transfer the rest, hope it clears by Thursday 🤞🤞🤞anyone know how long money takes to clear and do u think it will reach solicitors by Thursday thanks 😊 

Your FIL can ask the bank to do a CHAPS and the funds will clear today. Usually there is a fee of approx. £20/£30 but definitely worth it so you know the funds are there 😁 x

Cookie211

WorriedKirkels said:

Cookie211 said:

Good luck everyone today, we transferred our funds last nite and FIL going to bank at 9 to transfer the rest, hope it clears by Thursday 🤞🤞🤞anyone know how long money takes to clear and do u think it will reach solicitors by Thursday thanks 😊 

Your FIL can ask the bank to do a CHAPS and the funds will clear today. Usually there is a fee of approx. £20/£30 but definitely worth it so you know the funds are there 😁 x

Thanks I didn’t know this, I will let him know x

slightlyfoxd

sacvwgolf said:

slightlyfoxd said:

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
Disbursements
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.

Thanks for the information regarding LISA...I hadn't realised it was that lengthy a process. I have now sent over the relevant forms to speed it up (we don't have a date yet). FYI the conveyancer can apply for an extension if you apply to withdraw before you've exchanged and don't complete within the allowable timeframe.

Glad it helped! And thanks for the info about applying for extensions if it drags on 👍

Monsternextdoor

Cookie211 said:

Good luck everyone today, we transferred our funds last nite and FIL going to bank at 9 to transfer the rest, hope it clears by Thursday 🤞🤞🤞anyone know how long money takes to clear and do u think it will reach solicitors by Thursday thanks 😊 

We just transferred the money into the account and a few hours later they emailed me to say funds received.

Cookie211

Monsternextdoor said:

Cookie211 said:

Good luck everyone today, we transferred our funds last nite and FIL going to bank at 9 to transfer the rest, hope it clears by Thursday 🤞🤞🤞anyone know how long money takes to clear and do u think it will reach solicitors by Thursday thanks 😊 

We just transferred the money into the account and a few hours later they emailed me to say funds received.

Aww really that’s good new, not long now good luck 🤞😊

Lorann_86

Homebuyer1973 said:

Monsternextdoor said:

Homebuyer1973 said:

Not a great start to the week, our vendor has pulled out due entirely to our buyer’s conveyancer being totally incompetent and not sorting an issue out . Documents needed by lender were late, either not sent or sent to the wrong person!!! Our Vendor doesn’t need the sale to move on so has pulled out. At the moment it looks like we’ll be the only ones in the chain not moving on to a new home.  Totally at the mercy of others and will be left with a huge conveyancing bill with nothing to show for it. Feeling pretty p*seed off right now!!!! 🤨

Can the it be sorted out in a few days or is it completely kaput ?

I’m really not sure. We’ve been trying to exchange for the last three weeks. Two weeks ago, despite being told everything was ready by all conveyancers, our buyer’s lender asked to see the indemnity policy which they should have been sent but hadn’t. Another week went by and they then asked for another copy of the LA plan showing the PRoW, even this got sent to the wrong department. Our vendor set a deadline to complete for 26th but today my conveyancer was told by their solicitor that they are re-marketing the property. Every day our buyer’s conveyancer tells us that the lender will be in touch the next day or 48 hrs… but nothing materialises… It just sounds like BS to me and they are just saying this to placate us and their client. If they were my conveyancer I would be complaining to the legal ombudsman about them, totally incompetent!!! I can’t tell you how angry I am about this.  Four months of blood, sweat and tears for NOTHING!!!!

This sounds awful I'm do sorry and angry on your behalf! Hopefully it can be sorted!

Mizydoscape

Been a few weeks since I checked in here. Well done to everyone who's got over the line recently!

I'm back panicking today that our chain has fallen apart. Probably not helped by the fact I can't seem to get a straight answer from any of the professionals involved.

I spoke to our estate agent last week to let her know that my equity loan valuation expires in October and she said that wouldn't be a problem as from what she could see it was all pretty close to being done. Then I think she mentioned something about our vendors going into rented (which was not our belief - we thought they had an onward purchase and there was another house above that also). But my agent speaks really fast so it's hard to understand what she's saying. 

Today I've looked at the 2 houses above our purchase in our chain on zoopla and 1 is listed as "no longer on the market" and the top house is available again.

I'm really hoping I heard right and that our vendors have either already completed on their purchase or it fell through and they are going to rent. Fingers crossed I get some news soon.

We're just waiting for 2 final enquiries, have signed all our forms and are pretty much ready otherwise 😵