The NEW waiting to exchange thread...

michael1234

Slithery said:

Homebuyer1973 said:

Zoopla now saying mid range value £348000.

Zoopla estimates are irrelevant, you'd get a more accurate valuation by waving your finger round in the air.

I beg to differ. They show you approximately the price of the property taking into account house price inflation in that area. Of course it may not know about large renovation, extensions etc but it is a good starting point. My two local EAs clearly use it.

Hebblethwaite

I have finally received a copy of the contract to sign, almost exactly six months after my offer was accepted. It will go in the post tomorrow, along with the corrected TR1 form that I've been sent.

We've also agreed a completion date to aim for:10th December! 

Before then, I need to:

1) Get up to date insurance quotes
2) Set an exchange date
3) Arrange the insurance to start from the exchange date
4) Send the deposit to my solicitor (possibly with her fees, I don't remember if they are due at exchange or completion, but I am sure she will let me know!)
5) Exchange, and give notice on my current rental
6) Send the rest of the money to my solicitor
7) Complete

It feels like there are still plenty of things that could go wrong, but things are looking a lot better than they were just a couple of weeks ago.

Moneybear

I've given up with PPL and switched solicitors. Going to be a busy weekend getting up to date savings statements. Thankfully I was able to obtain my completed searches. I've notified my broker to update my mortgage lender. 
I am hoping my new solicitor will be able to pick up the file on Monday and we can start getting back on track 

Newdrake88

Homebuyer1973 said:

Does anyone know what the turn around is on valuers getting a valuation back to a lender? Also is there a trend at the moment for valuations coming back at less than what was offered.  We offered £353000 on at house in late Aug. Zoopla now saying mid range value £348000. I know it’s not a massive difference but I am aware how things have changed in some areas. Also valuer spent an hour at the property, is this normal? I’ve never experienced a valuer spending that long in a property before. The house was only built 25 yrs ago so I’m just curious as to why they would spend an hour at the property. We are putting a 42% deposit down Thanking you all in advance. 

If it helps Zoopla values my house at 238k and we paid and lender valued at 242k, so not far away

and I think with your deposit % you will be fine, fingers crossed 

esubbs

Well, after getting our hopes up when the Estate Agent rang at the beginning of the week to say everyone was ready and wanted to exchange by the end of the week (ie today) we've not heard a peep from anyone since. I spoke to our solicitor and they've said they've not had any communication since mid October. I'm not too worried as we don't want to complete until 21st December but I've given an exchange deadline of 3rd Dec in order to complete before Christmas. So that's two weeks 😬

Slithery

esubbs said:

I'm not too worried as we don't want to complete until 21st December

Most solicitors close for the year and do their last completions on the 17th...

HTB_newbie

Homebuyer1973 said:

Does anyone know what the turn around is on valuers getting a valuation back to a lender? Also is there a trend at the moment for valuations coming back at less than what was offered.  We offered £353000 on at house in late Aug. Zoopla now saying mid range value £348000. I know it’s not a massive difference but I am aware how things have changed in some areas. Also valuer spent an hour at the property, is this normal? I’ve never experienced a valuer spending that long in a property before. The house was only built 25 yrs ago so I’m just curious as to why they would spend an hour at the property. We are putting a 42% deposit down Thanking you all in advance. 

We got the valuation back a day after it took place. Our mortgage advisor texted to let us know it was back and we got the full mortgage offer an hour later.

I was worried after having a down valuation happen to someone I know as our purchase was an offers over and zoopla was out of kilter. We were confident that we weren’t overpaying as this was better value to us than others at the price we offered but it is still a nervous wait! It came back fine and our full structural survey on the house takes place today and our surveyor says it will take up to 5 hours!

esubbs

Slithery said:

esubbs said:

I'm not too worried as we don't want to complete until 21st December

Most solicitors close for the year and do their last completions on the 17th...

Yes I've already confirmed, my solicitor closes on 23rd and last completions 21st, the other solicitors in the chain work up to 24th and last completions 22nd.

mightyblu

My exchange has been pushed back from December 17th to January 31st - reason being that we don't have an exact date of completion, (house builders have tentatively said w/e May 8 - but will have a more accurate idea in the New Year) so rather than getting a mortgage offer that could potentially expire, this push back allows me to (hopefully) get my offer in well within 6 months of completion & allow time for any potential delays too.

Emmajhowe90

So we’re in a chain free purchase (sold our house and living with the in laws for the past 5 months). I’m currently 36 weeks pregnant and we should be good to exchange from a legal standpoint by the end of the month. Vendors always said their plan was to be out of their house by Xmas regardless.
However they’ve now turned around and said actually they’d like the Christmas holidays to pack up and move because one of them is a teacher?! I’m due before Christmas!! I don’t feel like it’s fair for them to hold us up by a month in this situation just because they want to take their leisurely time packing. We’ve just had half term, and what about evenings, weekends and the other half of the couple simply taking time off work? 

Am I being unreasonable wanting them to do this one thing for us? 

Bearing in mind they’ve messed us around with pulling out of selling the house to us twice before for various excuses and asked for £50k more than we were originally paying due to the house prices going up.

our surveyor has undervalued the house by £20k on what we paid and says we’re well within our rights to negotiate the price. Do you think we could say ‘we’ll still pay the full price as long as you commit to moving this side of Xmas?’… what would you do in this situation?