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The NEW waiting to exchange thread...

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Comments

  • sacvwgolf said:
    TheScone said:
    Had a response from our solicitor this evening that they will be looking at our files first thing and calling us to get authority to exchange!!

    Fingers crossed!! 
    Ahhh exciting! Sounds like you'll beat us by a day. We're looking to exchange Monday now
    If all goes to plan! Good luck for Monday, it’s so nerve wracking being so close. 
  • novelle
    novelle Posts: 81 Forumite
    10 Posts Name Dropper
    TheScone said:
    Had a response from our solicitor this evening that they will be looking at our files first thing and calling us to get authority to exchange!!

    Fingers crossed!! 
    This is GREAT! One step closer
    FTB on no chain house

    15/8 offer accepted 
    18/8 instructed solicitor 
    20/8 instructed surveyor
    1/9 Draft contract received 
    1/9 Local searches ordered
    15/9 Survey done
    17/9 Survey report received. No major issue
    21/9 Survey report sent to our solicitor 
    4/10 A bunch of documents received from solicitor (inc. local search results, fitting fixtures forms...)
    4/10 Enquiries raised

    Hoping exchange in mid Oct, completion on end of Oct

    20/10 Suggested 1/11 as completion date - let's see how it goes!

    1/11 Exchangrd & Completed!
  • @TheScone @Pigeon56 @sacvwgolf Great to hear you're all so close - good luck! 🤞
  • TR1 saga. Several weeks ago our solicitor had to 'approve' it. Yesterday, after I enquired whether I should chase the seller's solicitor, I finally got a reply. She said she'd 'arrange to email the TR1 to me'. Interesting phrasing. Sounds like she's booking an appointment with herself to actually do some work for us. Also said 'sorry'. This was yesterday at 9.30 am. Do we have the TR1? No 🙄
  • If someone’s mortgage is officially offered does the solicitor then send the searches to the lender? I’ve not heard this way round

  • Otb21
    Otb21 Posts: 23 Forumite
    10 Posts Name Dropper First Anniversary
    Otb21 said:
    We have found this forum incredibly useful and insightful dealing with issues we had not dealt with before so posting our (very longwinded!) story so anyone else in a similar position may find useful. 

    Here's our story so far... 

    November 2020 - Accepted offer from buyer on our house
    November 2020 - Found house to buy, completed the chain as seller was chain free
    December 2020 - April 2021 - lots of legal issues with land and boundaries uncovered during conveyancing process
    April 2021 - Pulled out of purchase, sold house and moved. 

    During the attempted purchase of this house we encountered a very difficult seller who would not even communicate with his own estate agents. It got to the point that the branch manager had to hand deliver a written letter to the property to try and establish what was going on. The land issues mentioned above were one thing, but we looked at it like a problem that could be solved and agreed we would still buy the property if the land issues were legally rectified first. During these months other smaller (but significant issues in our eyes) came to light. For example, the documents provided for the boiler were actually for another house (so nothing to do with the boiler we were actually buying...). The seller accused us of fussing when we politely asked if he could send his solicitor any docs for the boiler in the house we were actually buying. We paid for a full structural survey but the surveyor couldn't even get into the two outbuildings or the roof, even though they had called previously to discuss access requirements. After many, many weeks of attempting to establish what was going on we made the difficult decision to give it until a certain date and if we hadn't been updated at that point, then we would pull out. We ended up pulling out, it sold again within days but by the looks of it, it still hasn't gone through for the new buyers. 

    We then moved away from the South East, expecting a much less intense though equally buoyant market due to Covid and stamp duty hols, etc. We started looking in our area and houses were being listed on Rightmove and sold within 20 minutes by people who knew the streets and the houses and did not want to 'waste time' viewing the property. Madness! 

    We eventually found a property that ticked most (but not all) of our boxes. An intense (or so we are led to believe) bidding war commenced over the course of a few days to a week. We eventually confirmed that we had secured the property and we were thrilled. 

    In June 2020 we once again started the mortgage application process, instructed new solicitors and began the process again. Everything was going fine until the in-person valuation came back nearly 110k less than the agreed purchase price. This instantly derailed the purchase and though we think that 110k less is probably not completely accurate, we do agree that the original purchase price was way over estimated by the estate agents. We revised our offer, giving it one last chance, and the seller agreed this would work for them. In the meantime, the house they were purchasing fell through, so it has taken close to a month for the chain to be complete again but we are hoping that we can finally move forward with this purchase now. 

    We keep hearing estate agents and others tell us how good our position is (chain free, nothing to sell, etc) but the market is absolutely crazy at the moment. 

    Best of luck with everyone's continued transactions 
    An update for those of you who may remember our first post on this forum several weeks ago now. 

    Unfortunately, our second purchase fell through for a second time. This one was right after the solicitors had ordered the searches (about two working days later) so we added to the money we have already lost during this process on fees, solicitors, surveys, searches, etc. It was a really, really awful few weeks after that. In the grand scheme of things it's just a house but we have been doing this now since October/November 2020 so felt like we deserved to feel a bit sorry for ourselves temporarily. The vendor messaged us on Facebook to say she was pulling out due to personal reasons. That was it, there was nothing else and we couldn't pry any further because how can you when someone says that? We genuinely hope everything is OK but we equally wouldn't be surprised if we find out it has been sold in a few months time. The timescales that we were waiting on (it took nearly 2 months for draft contracts) make us think we were maybe sat waiting for another buyer to get their finances / mortgage offer in place and we were possibly the plan b buyers. Who knows but it was a bit of a shock to get a random message and all those weeks and months were over just like that (again!). 

    September was slow, it felt like in the area we were focusing on the houses just dried up but they did start to trickle back on after the last of the SDLT deadline which was good to see and again we have found somewhere that we are so happy with and has lots of potential for us to really make a nice home there. 

    And so here we are again with timelines and bits and bobs. One of our vendors has reserved a new build and we're not sure what the other one is doing but think maybe will go in to rented or with family, it hasn't really been discussed yet as we haven't actually spoken to him. 

    We're just waiting now for the valuation to go ahead with the same mortgage lender we have already had approved so shouldn't need to be fully underwritten again which is a small relief. Searches were requested this week too so hopefully this time next month we should be a few steps forward in the right direction. 

    This experience has been a massive learning curve for my partner and I as we previously have only purchased new builds so it is always a little bit different. I think the system needs to have some massive work done on it to make it easier and less stressful and also protection for loss of funds. We've lost nearly 5k now and have nothing to show for it other than some useless paperwork on properties we don't own. 

    Wishing you all the best on your transactions :) 
  • Faodail
    Faodail Posts: 57 Forumite
    10 Posts Name Dropper
    Otb21 said:
    Otb21 said:
    We have found this forum incredibly useful and insightful dealing with issues we had not dealt with before so posting our (very longwinded!) story so anyone else in a similar position may find useful. 

    Here's our story so far... 

    November 2020 - Accepted offer from buyer on our house
    November 2020 - Found house to buy, completed the chain as seller was chain free
    December 2020 - April 2021 - lots of legal issues with land and boundaries uncovered during conveyancing process
    April 2021 - Pulled out of purchase, sold house and moved. 

    During the attempted purchase of this house we encountered a very difficult seller who would not even communicate with his own estate agents. It got to the point that the branch manager had to hand deliver a written letter to the property to try and establish what was going on. The land issues mentioned above were one thing, but we looked at it like a problem that could be solved and agreed we would still buy the property if the land issues were legally rectified first. During these months other smaller (but significant issues in our eyes) came to light. For example, the documents provided for the boiler were actually for another house (so nothing to do with the boiler we were actually buying...). The seller accused us of fussing when we politely asked if he could send his solicitor any docs for the boiler in the house we were actually buying. We paid for a full structural survey but the surveyor couldn't even get into the two outbuildings or the roof, even though they had called previously to discuss access requirements. After many, many weeks of attempting to establish what was going on we made the difficult decision to give it until a certain date and if we hadn't been updated at that point, then we would pull out. We ended up pulling out, it sold again within days but by the looks of it, it still hasn't gone through for the new buyers. 

    We then moved away from the South East, expecting a much less intense though equally buoyant market due to Covid and stamp duty hols, etc. We started looking in our area and houses were being listed on Rightmove and sold within 20 minutes by people who knew the streets and the houses and did not want to 'waste time' viewing the property. Madness! 

    We eventually found a property that ticked most (but not all) of our boxes. An intense (or so we are led to believe) bidding war commenced over the course of a few days to a week. We eventually confirmed that we had secured the property and we were thrilled. 

    In June 2020 we once again started the mortgage application process, instructed new solicitors and began the process again. Everything was going fine until the in-person valuation came back nearly 110k less than the agreed purchase price. This instantly derailed the purchase and though we think that 110k less is probably not completely accurate, we do agree that the original purchase price was way over estimated by the estate agents. We revised our offer, giving it one last chance, and the seller agreed this would work for them. In the meantime, the house they were purchasing fell through, so it has taken close to a month for the chain to be complete again but we are hoping that we can finally move forward with this purchase now. 

    We keep hearing estate agents and others tell us how good our position is (chain free, nothing to sell, etc) but the market is absolutely crazy at the moment. 

    Best of luck with everyone's continued transactions 
    An update for those of you who may remember our first post on this forum several weeks ago now. 

    Unfortunately, our second purchase fell through for a second time. This one was right after the solicitors had ordered the searches (about two working days later) so we added to the money we have already lost during this process on fees, solicitors, surveys, searches, etc. It was a really, really awful few weeks after that. In the grand scheme of things it's just a house but we have been doing this now since October/November 2020 so felt like we deserved to feel a bit sorry for ourselves temporarily. The vendor messaged us on Facebook to say she was pulling out due to personal reasons. That was it, there was nothing else and we couldn't pry any further because how can you when someone says that? We genuinely hope everything is OK but we equally wouldn't be surprised if we find out it has been sold in a few months time. The timescales that we were waiting on (it took nearly 2 months for draft contracts) make us think we were maybe sat waiting for another buyer to get their finances / mortgage offer in place and we were possibly the plan b buyers. Who knows but it was a bit of a shock to get a random message and all those weeks and months were over just like that (again!). 

    September was slow, it felt like in the area we were focusing on the houses just dried up but they did start to trickle back on after the last of the SDLT deadline which was good to see and again we have found somewhere that we are so happy with and has lots of potential for us to really make a nice home there. 

    And so here we are again with timelines and bits and bobs. One of our vendors has reserved a new build and we're not sure what the other one is doing but think maybe will go in to rented or with family, it hasn't really been discussed yet as we haven't actually spoken to him. 

    We're just waiting now for the valuation to go ahead with the same mortgage lender we have already had approved so shouldn't need to be fully underwritten again which is a small relief. Searches were requested this week too so hopefully this time next month we should be a few steps forward in the right direction. 

    This experience has been a massive learning curve for my partner and I as we previously have only purchased new builds so it is always a little bit different. I think the system needs to have some massive work done on it to make it easier and less stressful and also protection for loss of funds. We've lost nearly 5k now and have nothing to show for it other than some useless paperwork on properties we don't own. 

    Wishing you all the best on your transactions :) 
    Oh wow 😳 you have really been through the ringer haven’t you.

    I wish you the BEST of luck with this purchase, you deserve it!!! Xx
  • greensalad
    greensalad Posts: 2,530 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Just heard back from our vendor (we have direct contact with them) that their onward sale is going slowly and they don't know anything about the final person in the chain, but they said "completion in the new year looks likely". Ugh, feeling very dejected. We are literally all ready to move and now we're going to have to sit and wait. I really really wanted to be moved by Christmas!

    Also we have the secondary issue of our rental being up at the end of January, so if we move in January that gives us no overlap to move/decorate and we really don't want to be doing it at the last minute. I'm hoping perhaps we can agree an exchange before Christmas and completion in the New Year, because I really don't want everyone to come back in Jan after Christmas time off and only get started on exchange then... Must admit when we offered in early July I thought that pre-Christmas would be a shoe-in!

    Trying to keep positive, and determined to push a little with why the sale is so slow (if it's matters out of people's control I can handle it but if it's just the top of the chain being lazy and slow that's not fair on anyone). Hoping the sales progressor has more information in this regard and can help me figure out whether I need to put the pressure on.
  • Faodail
    Faodail Posts: 57 Forumite
    10 Posts Name Dropper
    @greensalad 😱 Why are they being sooooooo slow?! 

    It really irates me when I read, there’s someone in the chain taking their sweet merry time with no regards to anyone else, I know I would NEVER be that person... So god knows how you feel. Hope you get some good uplifting news soon! Xx
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