The NEW waiting to exchange thread...

[Deleted User]

Limbo seems to continue here
my Buyers solicitors havnt raised the queries yet
and my solicitor hasn’t read the reply’s to the ones they made on our purchase 
all fun and games
im not made for this stress at all

E_D_FTB

MayMark said:

We are still waiting to exchange…6 weeks after we were told all was ready 😂 we have all agreed to a new date in the chain and I got told exchange was going to be today but I’ve heard that around about a hundred times now although I do actually believe everyone in chain is actually now ready 😂 but all the thinking about exchanging has made me wonder how long does the physical act of exchanging actually take!? We are a chain of 5 people but 4 properties so roughly how long would that take to actually exchange with the phone calls etc?

Theoretically not more than a couple of hours I would guess - but because it's all phone calls it all depends on everyone being ready to answer. My sister's exchange ended up taking 2 days because one of the solicitors in the chain just wasn't answering the phone! 

Fingers crossed you get a surprise confirmation today!

E_D_FTB

neydejean said:

Getting absolutely nowhere today trying to chase up where the issue is preventing us from exchanging this week. Everyone keeps blaming each other. Feel like its a stalling tactic for someone with cold feet who knows everything will fall apart for several in the chain if we miss stmap duty

That would be a very complicated way of making the chain collapse if they're planning on pulling out - if you haven't exchanged no-one is under any obligation.

It is so frustrating though, when this happens. We're all meant to be adults, it's not actually important who is to blame, it just needs to be resolved!

Cookie211

SaucySecrets said:

Ouch, a £50k down valuation is harsh! I hope you manage to come to some sort of agreement. 

Congratulations Cookie!! 

Our seller's EA has just emailed everyone officially to say that their seller (so third in the chain) has threatened to pull out due to the delays, and asking for an urgent update. 

Our buyer has his remortgage valuation today, and will then arrange a survey for here. I believe they have searches back and we've answered all enquiries. 

I'm trying not to stress about it, but it's all so slow and frustrating. No response from our solicitor yet.

Fingers crossed for u, I hope they don’t pull out and they just fed up of waiting, hopefully things will start moving now 🤞🤞

tanpopo

I was really hoping for exchange this week but just got ANOTHER set of 8 queries from our buyer yesterday on utterly ridiculous and petty matters that was not even raised when I bought 6 years ago. Plus they want me to cover their indemnity insurance now 

 Anyone else's buyers being pedantic and querying literally everything? I can't see us meeting the final SDLT deadline at this rate.

I also worry now about our vendor. The lady is old and in a home, so I am desperate to exchange before she dies, otherwise probate could snarl things up big time

E_D_FTB

tanpopo said:

I was really hoping for exchange this week but just got ANOTHER set of 8 queries from our buyer yesterday on utterly ridiculous and petty matters that was not even raised when I bought 6 years ago. Plus they want me to cover their indemnity insurance now 

 Anyone else's buyers being pedantic and querying literally everything? I can't see us meeting the final SDLT deadline at this rate.

I also worry now about our vendor. The lady is old and in a home, so I am desperate to exchange before she dies, otherwise probate could snarl things up big time

That's so frustrating, fingers crossed it can be resolved quickly! Although, in your buyer (slight) defence, they might not have any idea they've been asked. We didn't actually request any of our enquiries, they were all sent by the lawyer and we didn't see them until they'd been responded to. So you might not have a pedantic buyer, but they might have a pedantic solicitor. 

tanpopo

E_D_FTB said:

tanpopo said:

I was really hoping for exchange this week but just got ANOTHER set of 8 queries from our buyer yesterday on utterly ridiculous and petty matters that was not even raised when I bought 6 years ago. Plus they want me to cover their indemnity insurance now 

 Anyone else's buyers being pedantic and querying literally everything? I can't see us meeting the final SDLT deadline at this rate.

That's so frustrating, fingers crossed it can be resolved quickly! Although, in your buyer (slight) defence, they might not have any idea they've been asked. We didn't actually request any of our enquiries, they were all sent by the lawyer and we didn't see them until they'd been responded to. So you might not have a pedantic buyer, but they might have a pedantic solicitor. 

Good point! I'm really hoping this is it from them now...

Cookie211

Omg how long have I got to wait, it’s been 3 hours since my solicitor transferred funds to sellers solicitor, anyone know or is it just a waiting game, don’t want to email my solicitor as she said she will let me know when it’s all done, but what if she’s forgotten about me lol 

baileykxo

Cookie211 said:

Omg how long have I got to wait, it’s been 3 hours since my solicitor transferred funds to sellers solicitor, anyone know or is it just a waiting game, don’t want to email my solicitor as she said she will let me know when it’s all done, but what if she’s forgotten about me lol 

She won’t have forgotten don’t worry! Give it till around 3/3:30 then message if you haven’t heard anything. It does take ages to transfer sometimes, don’t worry to much!! 

E_D_FTB

tanpopo said:

E_D_FTB said:

tanpopo said:

I was really hoping for exchange this week but just got ANOTHER set of 8 queries from our buyer yesterday on utterly ridiculous and petty matters that was not even raised when I bought 6 years ago. Plus they want me to cover their indemnity insurance now 

 Anyone else's buyers being pedantic and querying literally everything? I can't see us meeting the final SDLT deadline at this rate.

That's so frustrating, fingers crossed it can be resolved quickly! Although, in your buyer (slight) defence, they might not have any idea they've been asked. We didn't actually request any of our enquiries, they were all sent by the lawyer and we didn't see them until they'd been responded to. So you might not have a pedantic buyer, but they might have a pedantic solicitor. 

Good point! I'm really hoping this is it from them now...

Fingers crossed! Honestly, as a FTB when I saw some of the enquiries I thought to myself "gosh, who cares?!". But solicitors have an obligation not just to their client but also the lender to do their due diligence, so sadly you just have to deal with it. 

Hope things keep moving for you!