The NEW waiting to exchange thread...

Flugelhorn

heard from friends who were  hoping to exchange by the end of the month (ho ho) that they can't find removals... plenty of availability in early October 

E_D_FTB

Kazzam1984 said:

Also so worried we won't make stamp duty cut off as our buyers will pull out of not done by end of September . Yuk

We've had threats of this in our chain. I keep trying to remind myself that 1) I'm not holding anything up, so there's nothing I can do to speed along the process and 2) the saving this time, while certainly not nothing, is not so much it couldn't be saved up. I find it hard to believe people will actually give up entirely on selling/moving because of missing the deadline.

Fingers crossed for you!

E_D_FTB

Flugelhorn said:

heard from friends who were  hoping to exchange by the end of the month (ho ho) that they can't find removals... plenty of availability in early October 

Yeah, I'm not surprised to be honest - our estate agent said people were having to do it themselves and go far afield for vans for the last deadline! The whole stamp duty holiday has really just caused a whole bunch of chaos! I bet everyone involved in the housing market and removals business will be happy when it's over. 

esubbs

Flugelhorn said:

heard from friends who were  hoping to exchange by the end of the month (ho ho) that they can't find removals... plenty of availability in early October 

This is what worries me if the rest of the chain want to get it over the line by the deadline. We have a long distance move so will need removals over three days, it ain't gonna happen 😬

vixst

Morning all, I'm keeping my fingers crossed for completion today (exchanged last Thurs). Every little buzz that comes from my phone I am jumping on it!

Hang on in there everyone, you will get there! It's great that we can share the ups and the downs together here 

vixst

vixst said:

Morning all, I'm keeping my fingers crossed for completion today (exchanged last Thurs). Every little buzz that comes from my phone I am jumping on it!

Hang on in there everyone, you will get there! It's great that we can share the ups and the downs together here 

Just received calls from the solicitor and estate agent to say we have completed! Hopefully we will go and pick the keys up later (we are in rented until the end of the month so have a few weeks to move).

I'm a bit nervous actually as I haven't seen inside the house since May!

nekr0mantik

OMG! I will cry!
Halifax got valuation back and this time its 100k under asking! First time it was 50k under and now 100k!
If EA is telling truth and she has 5 comparable property which sold recently then how can this happen as someone must have valued these at the sold prices. 
Waiting for broker to call me and discuss if Appeal is doable or should I walk away.
If I walk then I dont think I can apply for 3rd time to mortgage once I found a new property so may need to wait until 12 months have passed.  

HopeAndDriftWood

vixst said:

vixst said:

Morning all, I'm keeping my fingers crossed for completion today (exchanged last Thurs). Every little buzz that comes from my phone I am jumping on it!

Hang on in there everyone, you will get there! It's great that we can share the ups and the downs together here 

Just received calls from the solicitor and estate agent to say we have completed! Hopefully we will go and pick the keys up later (we are in rented until the end of the month so have a few weeks to move).

I'm a bit nervous actually as I haven't seen inside the house since May!

Oh wow! Congratulations!! 

nekr0mantik said:

OMG! I will cry!
Halifax got valuation back and this time its 100k under asking! First time it was 50k under and now 100k!
If EA is telling truth and she has 5 comparable property which sold recently then how can this happen as someone must have valued these at the sold prices. 
Waiting for broker to call me and discuss if Appeal is doable or should I walk away.
If I walk then I dont think I can apply for 3rd time to mortgage once I found a new property so may need to wait until 12 months have passed.  

Aw, I'm sorry, that must be really hard. I hope the broker is useful. 

We've had a half-update from our buyer that their valuation has been referred to the underwriters but should be back from Monday, and then they'll "line everything up" for the lender on our house. I have no idea what that last bit means, but I expect it'll panic the rest of the chain, again. 

I'm going to reply to our EA to ask for clarity on exactly what the next steps are, but so far they've got arsey whenever we've asked, I'm not sure they understand either... but I think I'm pretty sure that if he has to submit a new mortgage application for here, it's not going to be done in time. 

TheScone

Morning all! Congratulations to everyone who has exchanged and completed since I last popped on here, and fingers crossed more of us can get over the finish line this week! I've stayed off here for a few weeks as not much was happening and I was trying to forget about it all, but now I have an update!

On Monday I went to pick up a pack of documents to sign - Contract, TR1, Title Plan, Title Enquiries. We also got our fixtures and fittings form. Read through and signed everything then took it back to the solicitors to drop off on Tuesday.

I actually manged to speak to my solicitor for the first time in the whole process and she was super lovely and helpful. I haven't been getting replies to emails so switched to just calling when I want an update, but normally it's an update from someone else at the office. I asked for a completion date in October and she said that should be really easy as we are just waiting on 4 enquiries to be answered and then our Local searches to come back, as we are buying in an area where these are taking forever (it's been about 4 weeks since ordered so far). It's a no chain property, so once these are all back we should be good to go. She made a note that I'd like to exchange before the 6th of October, to complete in the middle of October. This gives us less of an overlap with rent.

I'm having an op the week after next and the recovery will be at least a week, probably more like 2 after that so I'm more than happy to not push for September completion. I'm lucky that this means I can focus on my op rather than wishing everything would hurry along. My solicitor said I became her favourite client as everyone else is massively pushing to meet the stamp duty deadline, so I'm also happy to have taken my foot off the pedal with that since it doesn't effect us.

We also had a full structural survey done Tuesday, and are waiting on the report to come through, probably early next week. He did mention though that the only potential worry may be that there is potential asbestos in the bathroom, but I haven't had the full report yet and as a FTB I'm not sure how big of a deal this would be? I've heard some people say you're best to just not disturb any, but if it's something anyone else has experience with I'd massively appreciate any info!

MrsBrush

MrsBrush said:

WorriedKirkels said:

MrsBrush said:

Another aaggh moment. The chain below us is ready and starting to aggressively push for Sept completion, but my sellers solicitors haven't answered any of the legal enquiries and are now saying they are "unnecessary".

There are a couple of historic covenants on the land (although the title is an absolute freehold) which states that the garage should only be used for parking a car and there is a restriction on additions to the building.  The garage has been converted to a room (with LA planning permission) and a conservatory erected (under LA permitted development), but there is a couple of outstanding questions of whether the covenant permissions were ever sought from the original conveyance (where the original company that owned the land and developed the site is still in existence so it looks like it technically should have been involved). I obviously need to rely on my solicitor to undertake the due diligence on my behalf, so if he says this is necessary, then I am assuming it is - given that the sellers solicitors have been awful throughout. I am leaving this to the experts to fight amongst themselves, but I also really want to get this all done and moved as soon as. Everything else is done, apparently apart from this, all we need now is agreement on exchange and completion dates

Can this be covered by any sort of indemnity to get this through, or do we need to wait for answers?

We had something similar on our current house when we bought it and an indemnity policy covered us. The covenant on ours was to get permission for any alterations from the original builder. Our solicitor asked if the other houses had alterations (they did) and researched whether the building firm was still in operation (it was) so suggested an indemnity policy which the vendor paid for. Hope that helps 🤞

Thank you so much, that really helps. I think it is similar, in that we know that other houses in the same development have done similar things - the most recent sale in the street was in 2016, so similar questions likely asked. The building firm is also still in operation as well, so maybe this wont be quite the nightmare I was worrying about. I had visions of being stuck in my current house for another few months, with the boxes for the move starting to have babies! Fingers crossed  🤞

Still pulling my hair out - no confirmation of any movement at all yet, and another week has trickled past. Vendor has been advised to raise yet another complaint (up to about 7 so far) to his (very poor) conveyancers as he has answered the o/s questions and they have now dug in and told my solicitor point blank that they aren't answering the questions. And to rub salt in, they are now blaming him for holding things up - just wanting now on confirmation of some possible options to break the deadlock. I still don't get how conveyancing factories feel they can get away with this sort of thing - when clearly as the selling conveyancer they have as much duty of care as a purchasing conveyancer.

Meanwhile, my buyers' buyers are again threatening to pull out without a guaranteed September completion. I don't know how credible this threat really is, because the prices have gone up a lot since they had their offer accepted in February, and there are so few properties on the market now. But, they missed the June ST deadline by a whisker (my buyer was going to vacate and move in with family, then decided not to) and they obviously want to not miss out on the September deadline. Guess we will find out soon :-(