The NEW waiting to exchange thread...

Tiglath

For my own sanity I'm going to summarise where we are.

Mid-August - had our offer accepted on the house we want. No rush as our vendor had to find somewhere to buy.
09/10 - accepted a cash offer from a property developer on our house.
18/10 - full survey done by our buyer. No issues. Solicitors start paperwork.
7/11 - he sends round his architect to look at what he wants to do in terms of extensions. All good.
Meanwhile we're filling out paperwork sent by our solicitor re our sale and our purchase. We hear from our vendor that his offer on an empty property has been accepted. All looks good.

23/11 - I get a call from our estate agent to say they're worried about our buyer. He's stopped responding to calls and emails. She phones his solicitors who know nothing - he hasn't instructed them re the purchase of our house.

Major panic. Our dream looks like it's going down the toilet. Estate agent is blase - no problem, we'll just round up some more viewings. No, says DH, if we don't find another buyer immediately, we're pulling the house from the market. Estate agent doesn't get paid, and everyone loses the money they've shelled out already.

Estate agents immediately go into overdrive and line up a second cash buyer who had asked to go on the waiting list, having viewed the property in October but not put in an offer. Two solicitors and the estate agent are chasing the first cash buyer - no response whatsoever. We give him a deadline of 27/11 to respond.

27/11 - he phones the estate agent to say he'd decided he'd need to drop £40k off his offer to make it worth his while, but knew we couldn't accept that. Instead of doing the decent thing and officially pulling out, he went abroad. For several weeks. He's dumped.

28/11 - second cash buyer agrees to match the first guy's offer. He's a property developer who renovates houses in our area; he actually did the house opposite us. The estate agents have dealt with him several times and know he's good.

28/11 - our mortgage offer is officially approved (after weeks of delay because Natwest originally did it in my name only - another saga).

29/11 - our solicitor emails draft contract for the new buyer which we returned 30/11. Meanwhile we hear from the vendor's estate agent that his vendors are being a bit slow at completing paperwork but no-one's aware of any problems.

So that's where we are - our solicitor is good to go on exchange as far as I know, apart from one query re the deposit which is still outstanding. I suspect our vendor needs an answer from his vendor before he can come back on that question. Nobody's suggesting exchanging contracts just yet.

Our buyer says he's not getting a survey done on our place. Things are apparently progressing between our vendor and his vendor (who is the top of this 4-person chain). So fingers crossed - the top of the chain originally said they wanted to complete second week January - I don't know if that still holds. Would like to exchange before Christmas if at all possible!

Cheery_Daff

Crikey Tiglath, what a fiasco :eek: Hope things progress swiftly with no more hiccups for you...

And... it's the weekend :T A brief respite from expecting phone calls and nonsense all the time. Have a good one folks! :j

Swizzle73

Suman170 I was also asked to clear a hire purchase loan by Ulster Bank. The broker didn't warn me I'd be asked to do this and i was lucky i had enough saved to cover the deposit and pay off the loan. I was told the loan offer wasn't subject to this being done but how much they would loan me would.
I did pay it off (reluctantly) but they drove me mad looking for proof. They wanted to see every statement for the duration of the loan, even after showing them the final statement.

Tiglath

Katapolt wrote: »

Ive cleared all the conditions i wasnt sure about on the mortgage, and now i just have to wait (and hope) that my boss emails the lenders to confirm ive passed my probation a bit early.

I know its cheeky, but were talking 10 days early, and it means i can exchange before christmas!

Please cross everything for me that hes feeling generous!

I was in a similar position; I'd only been in my new job for 4 months when we did the application. I had to send 2 years of payslips as I'd actually had a career break of 5 months before starting the new one, plus a letter from HR saying I was on track to pass my probation (which ends next Monday). Also had to send my job description confirming the role is a Senior Management Function so you have to be authorised by the FCA as 'fit and proper' and part of that is looking at solvency and creditworthiness. Think that swung it in the end, but it was fingers crossed, especially as DH doesn't work and mine is the only income. Good luck with yours

Tiglath

I managed to leave the survey saga out of my update. We're buying a 4-bed house with an acre of land that's actually got two titles, and about 2/3 of it is designated as agricultural land as it's a smallholding. Arranged a homebuyers survey and then the valuer decided they couldn't do that because of the land and outbuildings. The bank couldn't decide what kind of survey would be suitable, and said all they needed was a valuation on the house for their purposes. We knew the outbuildings were quite tatty and we might have to pull some of them down, so in the end we just did a survey on the house itself, which was enough to get the mortgage approved.

Pumpkim

archersluck wrote: »

Snap junior doc!

We completed today, at 16:40! Very glad we weren't waiting outside in a removal van.
Too late to collect the keys and we're also FTB in rented so no rush.

We'll pick them up tomorrow morning, hope too feel a bit more excited then as it's all a bit of an anticlimax right now!

Gosh, I hope it's not that late for us next Friday. We will be sat outside with a removal van :eek:

A mammoth day of packing ahead today.

amateur_house

MrsT88 wrote: »

Offer made and accepted from my buyer- 02/08/2017
Offer made and accepted to our vendor- 02/08/2017
Solicitos instructed 03/08/2017
My Mortgage offer 03/09/2017
Buyers lender santander requests structural report 10/09
Structural report completed 18/09 offer made by Santander 01/10 with conditions that the same insurance policy is taken and they pay out in the first six months If subsidence occurs (even though no subsidence was identified)
05/10 Santander recieve requested information.
01/11 Santander reject mortgage offer
05/11 buyer instructs new mortgage application through broker
22/11 valuation completed now waiting for written mortgage offer however may need a damp and timber report (there is no visible damp in the property might I add....)


I am currently losing the will to live!!! Please give me any advice!! :(

Sorry I don't really have any advice
Your purchase seems to be moving about as quickly as mine, I am trying to not think about it too much and accept it will take as long as it needs to. Be Zen and enjoy the journey...

The house I am buying needed a damp & timber report despite no visible damp. I got one done and it found woodworm in the floor. It makes you wonder, how do you know if what they tell you is actually true?

Slinky

A final visit from me to update, following our completion in September, done a lot of renovation work, some expected, some not, finally have got a tenant moved into the house today and first month's rent in our account already.

We had a chap wanted to rent our house, he was waiting to exchange but that all fell through. Fortunately we got somebody else wanting it within a couple of days, I hope his move in today is going OK.

I dare say I'll be back on this thread in a couple of years when we need to sell the house we're currently in to eventually move into the one we've just let out.

Tunny

Weekend, nobody works, kids jumping about planning their new rooms! So need an offer letter!!!

Beer time!

SassySaver88

ditto Tunny :rotfl:

Weekend...no sure whether to buy a christmas tree or not...kids want one for both houses lol
waiting for offer letter!!