The NEW waiting to exchange thread...

rickyroma

• Me to work out the best way to organise transferring huge sums of money - this has been on my To Do list for a while, but low priority as exchange seemed so far away

I'm always paranoid about transferring large amounts online. What if a digit is wrong? 😳
Plus there are limits.. Virgin bank only allow £30,000 a day so the transfer process takes a few days. 
Better to go into a branch and have them send the whole amount in one go. Less worry and after triple checking the details before they do it... If there is a problem, it would be the banks fault not yours! 

mightyblu

Received my DIP yesterday, it's valid for 30 days so my mortgage broker suggested that we wait until December 10th before the mortgage application because my house isn't due to be completed until w/e May 08/2022 (new build)
It could be completed sooner of course, but it's also possible that it delays longer and we want the mortgage offer to fall within 6 months of the expected time of completion to avoid submitting a new one.

The solicitors have requested me to send the deposit to them - but I think it would be better to hold off until I receive the mortgage offer first, I don't want to jinx it. 

nicolanickynic

mightyblu said:

Received my DIP yesterday, it's valid for 30 days so my mortgage broker suggested that we wait until December 10th before the mortgage application because my house isn't due to be completed until w/e May 08/2022 (new build)
It could be completed sooner of course, but it's also possible that it delays longer and we want the mortgage offer to fall within 6 months of the expected time of completion to avoid submitting a new one.

The solicitors have requested me to send the deposit to them - but I think it would be better to hold off until I receive the mortgage offer first, I don't want to jinx it. 

They've asked you for the full deposit before you even have a mortgage offer? Or the retainer fee to start the work usually around £500?

DIP is the first step where you can take a mini breather. Good luck for when you get your full application in.

nicolanickynic

rickyroma said:

• Me to work out the best way to organise transferring huge sums of money - this has been on my To Do list for a while, but low priority as exchange seemed so far away

I'm always paranoid about transferring large amounts online. What if a digit is wrong? 😳
Plus there are limits.. Virgin bank only allow £30,000 a day so the transfer process takes a few days. 
Better to go into a branch and have them send the whole amount in one go. Less worry and after triple checking the details before they do it... If there is a problem, it would be the banks fault not yours! 

Most online banking systems now have a name checking system when you type the account details in to complete the payment. It matches the details you enter with the name of the account holder.  It is VERY difficult nowadays for a payment to be sent to incorrect details by typing it wrong.  Don't worry 🙂

LizaVCook

Well I’ve just spent most of this evening reading 3 months worth of comments to see how everyone else is doing!
 Here is my story:
Put house on market April 2021- sold straight away. Couldn’t find a house we liked until July2021. By which point we’d lost 2 buyers so quickly found B#3. Chain was complete by end of July. 

4 houses in chain. (2 people behind us, 1 in front - they’re buying empty house)
we were gearing up to exchange end of September. Got pushed back weekly until end of October. We signed contracts and sent back to solictor 28/10/2021
1/11/2021 our buyer pulled out. (Their buyer are the main reasons exchange got pushed back so good riddance)
our vendor gave us a week to find new buyer on proviso they don’t come with a chain.
3/11/2021 we accepted offer from ftb! (B#4)
4/11/2021 our ftb appointed old buyer’s solicitor ( in the hope that it would speed up the conveyancing because presumably the old buyers had requested searches etc, but tbh we don’t know if this is the case) and submitted mortgage application.

so here we are all now hoping that our new chain of 3 can progress quickly ideally for a pre Christmas move! 

T4taylor

Hello, I have been lurking in the background for awhile wondering when is the right time to post. 

Our timeline:
 On the market 7th May
sold 14th May
buyer withdrew because don’t have a drive 
sold again 24th May 
made and had offer accepted on the property we wanted
10th June mortgage offer made 
16th June buyer withdrew as they couldn’t get a mortgage
12th July sold again 
23rd July buyer withdrew as they had a change of heart 
12th august sold again!!!
26th august buyers lost their buyers! 

2nd September new buyers secured at the bottom of the chain and solicitors instructed 
7th sept searches submitted 
20th September buyers requested a survey
18th October searches back 
27th October buyers searches back 
2nd nov enquiries raised
most of November back and forth with enquiries 
10th November received contract for selling our property and returned straight back to our solicitors. 

Now I have been asking for weeks for a provisional date to be put in place but I keep being ignored by the EAs and solicitors as they say they’re not ready to set a date yet. I am really nervous as our mortgage offer expires on the 10th December, we need to book removals and pack a whole 3 bed house, loft and garage while both working full time with a toddler! Any reassurance- can it be done? Will we meet the deadline? 

Barclays have already said they won’t extend our mortgage offer!
well done if you made it this far. 

Hebblethwaite

@T4taylor, that sounds like a nightmare. I was in a similar position with my mortgage offer about to expire so decided to crack on and get a new one in place. I was worried that if I didn't sort it out before it expired, I would suddenly find I needed a new one right as everything came together and it would cause more delays. Was it tricky to get a mortgage last time? If not, it's a pain, but my new offer came back within a couple of days and it's very reassuring to know I have another three months for everything to come together.

There are lots of mutterings about completion in early December for me now (offer accepted in May, and just me, my vendor, and her new build in the chain). My vendor has invited me over for a visit next week, to see if I'd like any furniture. I'm a bit nervous, as I offered after only seeing the house for 15 minutes in May and this will only be my second time in the house!

Anyway, everything has been looking very positive the past couple of days and then my solicitor has just casually dropped into an email that she is still waiting on a couple of enquiries. What enquiries could possibly be outstanding after 6 months?! I don't think it's related to my change of mortgage provider as she said in advance that should be fine. Argh!

LizaVCook

Update from EA today that our buyer has mortgage offer and has purchased searches from previous buyer. EA doesn’t think new buyer will need to raise further enquiries as they should have all been addressed with previous buyers.

Just waiting on the results now from their homebuyer’s survey on Monday. Am trying not to get too hopeful aboutva pre Christmas completion….

Chooru

We won't be completing next Friday after all anymore. My seller's seller wants "more time"... phrasing of email from their solicitor makes me feel very worried about the stability of the chain... 

So close to completion. Just... gutting. Going to have to call utilities, etc, to say I'm not leaving after all. 

mightyblu

nicolanickynic said:

mightyblu said:

Received my DIP yesterday, it's valid for 30 days so my mortgage broker suggested that we wait until December 10th before the mortgage application because my house isn't due to be completed until w/e May 08/2022 (new build)
It could be completed sooner of course, but it's also possible that it delays longer and we want the mortgage offer to fall within 6 months of the expected time of completion to avoid submitting a new one.

The solicitors have requested me to send the deposit to them - but I think it would be better to hold off until I receive the mortgage offer first, I don't want to jinx it. 

They've asked you for the full deposit before you even have a mortgage offer? Or the retainer fee to start the work usually around £500?

DIP is the first step where you can take a mini breather. Good luck for when you get your full application in.

Yep, asked for the deposit but they said it wasn't mandatory either so i'll hold off on it for the time being.
Hopefully the mortgage application doesn't take too long either, but im happy things are moving so quickly!