The NEW waiting to exchange thread...

esubbs

greensalad said:

My big fear is what happens if the exchange date keeps slipping and slipping, and everyone expects to move still on, say, the completion date 2 weeks later, but we can't give notice until we exchange? If we give notice before exchange we could be homeless. If we give it too late we have to pay rent and mortgage at the same time for 8 weeks. It seems mad to me that you set up time in between exchange and completion for a reason and then just disregard it when everything slips. If you say "2 weeks between exchange and completion" then surely that should remain in place even if exchange gets moved?

We have said we need at least 2-3 weeks between exchange and completion. Although we're still waiting for the rest of the chain to be ready, our solicitor has said when it comes to suggesting a completion date we can say "completion on cdate, with exchange as soon as possible but no later than xdate" therefore if exchange passes past xdate then completion date has to be re-agreed. They said that's quite normal when removals have to be confirmed etc. 

rabtech

Congrats to everyone that has exchanged/completed over the last couple of days.

Continuation of our tale of woe:

Exchanged Monday 27th for Completion 29th with our buyers and vendors. Buyers solicitor emails this morning after I'd dropped the toddler off with my parents 20 miles away, cancelled the BB and set it up on the new place for completion day, paid for Royal Mail Redirection, booked a Luton van  - that they cannot complete tomorrow by the clients request. That went down like a ton of bricks, as its a housing association buyer we expect it's due money shifting shenanigans, as last week they were trying to negotiate October 8th but at last minute agreed to exchange on the 27th for completion on the 29th.

All contact with the buyers solicitor got stonewalled, wont answer emails, phone calls from our solicitor or estate agent. Our solicitor has already drawn funds today from our new mortgage in preparation also.

Managed to cancel the van hire without charge (I was very lucky with this), managed to get the broadband move cancelled and get reconnected back at our old property (Virgin Media), had to send a cancellation form to Royal Mail - no idea if we'll get the money back for this and pick up the toddler after her 3 day visit got cut short by all this mess.

Expecting a notice of completion will be served by our solicitor on to our buyer, we will get one from our vendor. Expecting the buyer to actually complete on the 8th October - they just seem to be buying time/shuffling funds, which means we are probably liable for interest charges and £700 SDLT. Top class day, not.

Our solicitor has said in her 40 years doing the job, only 2 property sales have failed completion like this, ours is the 3rd, lucky us.

Hebblethwaite

Well done to everyone managing to make some progress. 

Four months after my offer was accepted, it turned out my vendor hadn't applied for probate so doesn't actually own the house she is living in. We're in the process of trying to figure out how quickly that application may come back so we can both decide if the sale is still viable (she could potentially lose her onward purchase if it's ages, so it's not just a matter of me waiting for however long it takes).

I got a Rightmove property alert email this evening. Opened it up and there, newly relisted, is the house I am supposed to be buying. I am desperately hoping it's a mistake and have emailed both EAs who have been involved to try to get some clarification. But right now, I just feel so awful and fed up about the whole thing. 

birdmadgirl8

FirstTimePlx said:

Finally exchanged. Woohoo. Completion for tomorrow.

Congratulations! 🎉

greensalad

esubbs said:

greensalad said:

My big fear is what happens if the exchange date keeps slipping and slipping, and everyone expects to move still on, say, the completion date 2 weeks later, but we can't give notice until we exchange? If we give notice before exchange we could be homeless. If we give it too late we have to pay rent and mortgage at the same time for 8 weeks. It seems mad to me that you set up time in between exchange and completion for a reason and then just disregard it when everything slips. If you say "2 weeks between exchange and completion" then surely that should remain in place even if exchange gets moved?

We have said we need at least 2-3 weeks between exchange and completion. Although we're still waiting for the rest of the chain to be ready, our solicitor has said when it comes to suggesting a completion date we can say "completion on cdate, with exchange as soon as possible but no later than xdate" therefore if exchange passes past xdate then completion date has to be re-agreed. They said that's quite normal when removals have to be confirmed etc. 

Thanks, that fills me with a bit of hope.

I'm willing to negotiate the weeks because I know 4 weeks is a long time, so 3 weeks is fine really and 2 weeks at a push as I know that's closer to "standard". But the thing that will really eff us over is if the exchange slips but completion stays the same. We'd literally run the risk of being homeless if we serve early and completion doesn't happen in time, or have to pay thousands in rent if the exchange slips multiple weeks. We have two other vendors, one of which is moving in with family (at the end of the chain) so I'm hoping our vendors who are in the middle will be more reasonable about this. So far they haven't stated any particular timings they need (e.g schooling etc as one of their kids is in secondary now where there new house is, but one is still in the village primary school). So fingers crossed they are sympathetic to our issue!

birdmadgirl8

E_D_FTB said:

WE HAVE EXCHANGED!!! And with a whole 2 days to spare! Now to hand in notice on our rental and really get to packing!

Fantastic news! So pleased for you 🌻🍾🎉

birdmadgirl8

House_owner said:

I have exchanged!! - 4.50 pm - Completion tomorrow!

So much brilliant news today! Congratulations 💥🌼

ss2020jd

Hebblethwaite said:

Well done to everyone managing to make some progress. 

Four months after my offer was accepted, it turned out my vendor hadn't applied for probate so doesn't actually own the house she is living in. We're in the process of trying to figure out how quickly that application may come back so we can both decide if the sale is still viable (she could potentially lose her onward purchase if it's ages, so it's not just a matter of me waiting for however long it takes).

I got a Rightmove property alert email this evening. Opened it up and there, newly relisted, is the house I am supposed to be buying. I am desperately hoping it's a mistake and have emailed both EAs who have been involved to try to get some clarification. But right now, I just feel so awful and fed up about the whole thing. 

That is awful @Hebblethwaite so sorry to hear that that issue has come to light with the probate at such a late stage. I really hope that whatever happens means that things can start moving forward again. So frustrating and upsetting waiting that long for it to be discovered. 

The listing must be a mistake surely. Maybe a phone call to the agents to find out may get you a quicker answer, although at this time priorities of completion by the 30th will mean they are harder to get hold of. 

birdmadgirl8

Bookgal88 said:

Another "we exchanged today!" bod here. Congrats to everyone else who exchanged today, too. Completing on Thursday, so right in the nick of time for stamp duty. Fortunately I'm with family at the mo, so I can have a nice leisurely drive to my new place on Thursday morning with a few first night essentials and hang around until keys are ready. Props to everyone who has managed to get removals sorted too - I can't imagine that extra level of stress!

Congratulations 🎉 that sounds enviably stress free!!! 

birdmadgirl8

Nikki361984 said:

I exchanged and completed today! Very stressful but at least I am there now! Congratulations to fellow exchanges today x

More congratulations! 🥳