The NEW waiting to exchange thread...

Bonniepurple

Well, we’re hoping to move this month, but it all depends on our vendors.  They are buying a new build which won’t be ready until November (and that was a few months ago) but have said they will go into rented - but…

Contracts and mortgage deed have been signed.  

WorriedKirkels

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?

Might be worth checking on the mortgage forum. I know someone on the NatWest forum had a huge down valuation initially so went with NatWest and it all worked out well in the end.hope you get it sorted 🤞x

WorriedKirkels

Newdrake88 said:

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

Good luck 🍀 and there are those that meet short deadlines even in today’s climate so hoping it happens for you 🤞x

WorriedKirkels

hg1994 said:

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.

Hate to say this but you do need to be clear on the works done and any warranties for the work. Probably best to raise via your solicitor rather than the EA as then you will be formally covered by the conveyancing process should anything not be reported factually. Good luck and try not to panic (I’m the worst for panicking about every situation when house buying so I wish I could follow my own advice!) 😂 x

WorriedKirkels

Lorann_86 said:

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

I’m with you, so pleased for everyone exchanging and completing but still experiencing pangs of jealousy as I just want this whole process to be over 😬 x

WorriedKirkels

Bonniepurple said:

Well, we’re hoping to move this month, but it all depends on our vendors.  They are buying a new build which won’t be ready until November (and that was a few months ago) but have said they will go into rented - but…

Contracts and mortgage deed have been signed.  

Fingers crossed 🤞 and I have seen some give their vendors an ultimatum where there have been long chains involved so may be an option….especially if you want to make the SDLT holiday deadline. Maybe see what your solicitor and EA say 😁 x

House_owner

Feeling frustrated here - only thing (as far as I know) holding up my house move is a lack of EPC for the house I am buying- the estate agents said a week ago that it would be arranged, but still not done. Its really annoying that this EPC ran out in June (one month after I had offer accepted ) and yet it has been left all this time not done! 

WorriedKirkels

Just wanted to post a little update on my house selling / buying experience….we have yet to exchange or complete but I think today’s events (whilst working and trying to juggle multiple demands) really highlight the emotional rollercoaster we are all experiencing!

Update received last night that from my EA that everyone is fully committed to 10th for completion but one outstanding enquiry so not guaranteed. Over the last week we were told that we wouldn’t make 10th…..fast forward to today’s events:

12pm - phone call from vendors EA asking for my authority to exchange and to get my solicitors on board for right NOW. Politely informed them exchange needs to happen simultaneously with our sale and declined to give authority (also explained my solicitor would ask for my authority not them!)

12.05pm - mad panic that maybe we were exchanging. Called solicitor- no answer so sent a panicky email checking I hadn’t messed anything up.

12.30 - call from my solicitor saying not sure what the vendors solicitor is doing but we aren’t ready to exchange and informed them of this as we are still awaiting for our buyers solicitor to be ready. Also updated me that my buyers sale actually wasn’t ready and they now appear to have a leasehold property….oh and the management pack has not yet been received 4 months into their sale! Not exactly the ready to go buyers sold to us by our EA.

12.45 - email EA to inform them of the developments. EA had no idea and is now contacting our buyers buyer to clarify the delay (they are working for both us and our buyers)

16.30 - EA emails to confirm our buyers buyers solicitor has confirmed they will be completing on 10th! EA isn’t sure where our Solicitor got the update re a leasehold management pack!

17.15 - forward email from EA to our solicitor asking for clarity.

I won’t get a response from our solicitor until the morning but must say they are amazing and we have used them on our previous sales etc and never had any problems at all so I’m not sure any more what the hell is going on….hopefully I will find out by the end of the week….one way or another 🤔 x

Newdrake88

WorriedKirkels said:

Newdrake88 said:

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

Good luck 🍀 and there are those that meet short deadlines even in today’s climate so hoping it happens for you 🤞x

Thank you, lets hope I am one of those Good Luck to you too!  

hg1994

WorriedKirkels said:

Hate to say this but you do need to be clear on the works done and any warranties for the work. Probably best to raise via your solicitor rather than the EA as then you will be formally covered by the conveyancing process should anything not be reported factually. Good luck and try not to panic (I’m the worst for panicking about every situation when house buying so I wish I could follow my own advice!) 😂 x

Thanks for this!

Part of me just wants an easy life and to agree to whatever they say, but I know it will come back to bite me later on if I don't question it all now!

Congrats to all those completing! Enjoy the new home and make sure you crack open some bubbly!