The NEW waiting to exchange thread...

nekr0mantik

Monsternextdoor said:

nekr0mantik said:

So the down valuation was 50k!!! This is seriously wrong!
my broker said chance of appeal with barclays is very low even if you show them 3 property in same area similar that sold for similar price. I very much doubt the seller would take a loss and much rather wait for cash buyer.
EA not calling me back and always line buys so not spoken to them yet.

the property is 12 months old and the price I agreed to was the price they were selling at in 2019 direct from developer so maybe its 10k more then its worth but I would not say 50k! I suspect they used a radius of areas near why where property prices are much lower as this is in Canary Wharfs new estate thats only 12 months old but its near Poplar so they probably used prices over there.

They down valued mine by £17,000 and we renegotiated to reduce it by £12,000 

Mine was a physical valuation as well. 

Ah ok. Yeah 50k is a lot. Even if they reduce by 25 its still another 25 is a lot.

Anyone here ever changed lender after valuation?
Is the impact to credit score for having 2 mortgage applications in 2 months will be quite bad?

MaiTai

Newdrake88 sai

Thank you I thought that would be the case

We are buying a chain free property, my sale
is ready to exchange, I’m keeping optimistic as my current property from viewing to completion was 25 days so I know it can be done if everyone is pushed/chased 

 Unlikely in today’s climate unfortunately unless you are a cash buyer forgoing surveys and searches etc.Even the most straightforward of transactions are taking 8 to 10 weeks.

 We have been advising clients since mid July that no guarantee of meeting the stamp duty deadline can be given.Parties closest to completion are obviously given priority.

 No amount of pushing and chasing can move your file miraculously to the top of the pile as most of your solicitors time is spent waiting on responses from 3rd parties outwith their control.

 

ss2020jd

Cookie211 said:

Just had a call from EA to come and get the keys 🔑 🥳🥳🥳 so happy 😁 

So delighted to hear! It all came together in the end despite everything. Enjoy your new home 🥳🥳! 

ss2020jd

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

I am a buyer this time round but I would say it’s my solicitor that is raising enquiries I don’t even know about and is no doubt causing frustration with the seller and their solicitor.

As far as we’re concerned we are happy with all the serious stuff we already have back. I have even communicated this to the solicitor but he is still asking for more replies so really don’t know how that’s going to go. So I’d say it’s solicitors that are paid to be pedantic but it can be the cause of delays as they just go back and forwards.

When we sold our buyers were a dream and didn’t wish to pursue minor things. It still meant the sale was delayed due to their nightmare buyers but we have tried to tell our solicitor the same. 

Newdrake88

MaiTai said:

Newdrake88 sai

Thank you I thought that would be the case

We are buying a chain free property, my sale
is ready to exchange, I’m keeping optimistic as my current property from viewing to completion was 25 days so I know it can be done if everyone is pushed/chased 

 Unlikely in today’s climate unfortunately unless you are a cash buyer forgoing surveys and searches etc.Even the most straightforward of transactions are taking 8 to 10 weeks.

 We have been advising clients since mid July that no guarantee of meeting the stamp duty deadline can be given.Parties closest to completion are obviously given priority.

 No amount of pushing and chasing can move your file miraculously to the top of the pile as most of your solicitors time is spent waiting on responses from 3rd parties outwith their control.

 

Im keeping optimistic, that’s all I can do

everyone has said they can do what they can to get it done

i will keep this thread updated

Monsternextdoor

nekr0mantik said:

Monsternextdoor said:

nekr0mantik said:

So the down valuation was 50k!!! This is seriously wrong!
my broker said chance of appeal with barclays is very low even if you show them 3 property in same area similar that sold for similar price. I very much doubt the seller would take a loss and much rather wait for cash buyer.
EA not calling me back and always line buys so not spoken to them yet.

the property is 12 months old and the price I agreed to was the price they were selling at in 2019 direct from developer so maybe its 10k more then its worth but I would not say 50k! I suspect they used a radius of areas near why where property prices are much lower as this is in Canary Wharfs new estate thats only 12 months old but its near Poplar so they probably used prices over there.

They down valued mine by £17,000 and we renegotiated to reduce it by £12,000 

Mine was a physical valuation as well. 

Ah ok. Yeah 50k is a lot. Even if they reduce by 25 its still another 25 is a lot.

Anyone here ever changed lender after valuation?
Is the impact to credit score for having 2 mortgage applications in 2 months will be quite bad?

Will the 2nd lender even look at the mortgage if the valuation is that low ? 

Did you get into a bidding war for the house ? 

Newdrake88

Edenbridge said:

Newdrake88 said:

Edenbridge said:

Newdrake88 said:

I have a question, I am allowed to contact my vendor solicitor directly or does it have to be EA?

I am trying to get things done to complete on the 30th, they haven’t sent the contract pack over yet and the EA is on holiday next week 😩 

I’m quite happy to push/chase them myself but don’t know if I’m allowed??

Your vendors solicitors will not engage with you as you are not their client.Any chasing should be carried out by the EA.

How far into the process are you? Without draft contracts completion by month end seems overly optimistic.

Thank you I thought that would be the case

We are buying a chain free property, my sale
is ready to exchange, I’m keeping optimistic as my current property from viewing to completion was 25 days so I know it can be done if everyone is pushed/chased 

We completed a couple of weeks ago.Cash buyers purchasing a vacant property about as simple a transaction as you can get but it still took 7/8 weeks from offer to keys.
Main delays were severe shortage of surveyors appointments and searches taking twice as long as anticipated.Otherwise very straightforward as both ourselves and our vendors had exceptional solicitors who proceeded as fast as they were able.

My survey have been completed and report received, when I’ve looked into search turnaround times my area is listed as one of the fastest so fingers crossed the stars align 

if they don’t then they don’t, can’t be helped can it 

hg1994

Hi everyone, long-time lurker here. Decided to post to hopefully relieve some of the stress I'm feeling.

I'm FTB and my purchase should actually be pretty simple. Chain-free, currently unoccupied ex-rental.

Offer accepted 19/7
Solicitor instructed 20/7
Survey done 20/7
Memo of sale received 20/7
Mortgage offer received 28/7
Draft contract pack received 13/8
Searches sent 16/8
Environmental and water searches received 24/8
Initial enquiries sent 24/8

The survey brought up quite a few issues which were then confirmed by the seller getting some tradespeople in, eg serious problems with the roof. Without asking me about it, they've started to get works done at their own expense (I would have actually been willing to pay a proportion of this cost but they never asked). Now, it seems that according to the EA they are getting quite stressed and he is fearful that if I "ask much more of them" they will pull out. I'm slightly confused about this because I didn't ask for anything from them except for the survey issues to be looked into. So, I'm trying to tread gently but there are still lots of questions I have about exactly what is being done (and therefore what I will need to budget for myself).

I'm trying to stay positive because they seem like a really motivated seller and I've no real reason to beieve they will pull out when we have come this far. I do just live in constant fear of being gazumped, or the seller deciding its all too much. I really hope they would talk to me before making that decision, because I might be able to help reduce their stress a bit, I don't know.

Anyway, I'm distracting myself with carpet and paint samples and wondering when will be too late to ask for annual leave from work. I don't know how you guys manage with this dragging on for months, I'm already losing too much sleep.

Lorann_86

We had emails appear from the sellers solicitor on the portal today. We can't see what the emails say though 😅 The solicitors have usually informed us within 24 hours so we will chase tomorrow. Buyers mortgage is confirmed and survey completed, they are meant to be buying previous searches so in theory it's just the enquiries on both to go. Fingers crossed that's what the emails are on our side and we will be ready to go before the end of the month (said that the past 3 months)!

Congratulations to everyone exchanging/completed this week. I'm not jealous at all........ AT ALL haha

WorriedKirkels

Newdrake88 said:

I have a question, I am allowed to contact my vendor solicitor directly or does it have to be EA?

I am trying to get things done to complete on the 30th, they haven’t sent the contract pack over yet and the EA is on holiday next week 😩 

I’m quite happy to push/chase them myself but don’t know if I’m allowed??

Not usually the done thing….can someone else in the EA office chase it for you? 🤞x