The NEW waiting to exchange thread...

firstbuyer

01/12 - Offer Accepted / Sols Instructed
02/12 - Revised property change form submitted to natwest
09/12 - Mortgage offer received
24/12 - Draft contracts received

Then everything went a little cold! Have had confirmation my buyers solicitor has received some answers to enquiries but not all. Not sure if searches have been ordered on our onward purchase or if any enquiries have been raised.

Rang Target today to check our docs and money for redemption were all received OK, they asked me to resend the email and now wait 5 days as it wasn't showing on their end.. give me strength.

Onward purchase sellers have asked for a completion date of 22nd Feb... our chain is tiny with it being them us and our buyer.

Just still doesn't feel like it's moving quick enough to hit the 22nd Feb 

MickeyFTB

Hi All, been following this chain and thought I’d chip in to vent!

My partner and I are FTBs and after searching for months, we finally got our offer accepted on a house with a small chain in July - us buying their house and them buying another with no chain. All was going well to complete 30th September and save on stamp duty. A week before exchange we had everything ready but the house at the top of the chain decided they were buying another house and that in turn added 3 houses into the chain. We were told everyone was a cash buyer (loose term for someone using house purchase and not needing a mortgage) and it would take 4-5 weeks as they only needed searches and surveys doing.

The weeks turned to months and we were told end of November we’re all good to go but then someone decided it was too close to Christmas now to exchange/complete!

Before Christmas we advised we wanted to exchange so we can set a date in January as our mortgage offer expires at the end of January and we were told ‘sorry an exchange before Christmas will be unlikely as some enquiries are still outstanding’ but nothing else - there were no enquiries at the end of November but there are now and we don’t know what or how long it’ll take to fix.

The whole process has ruined the whole notion of buying a house, I would love to be in a position to pull out but I’m not sure I have the mental capacity to start from scratch.

jst1986

Starting to add my dates etc:

End August - DIP, viewings started
20/10/21 - viewing of something I finally liked!
21/10/21 - Offered the asking price, offered accepted same day, house off the market 
22/10/21 - mortgage application made
27/10/21 - mortgage valuation completed, slightly down valued so mortgage had to be amended.
15/11/21 - mortgage offered
19/11/21 - all searches returned
24/11/21 - Homebuyers survey completed, no major issues.

Nothing much has happened since! The sellers were initially looking to complete in March but at the end of November said they'd be able to move end of January. At what point do I start pushing solicitors etc to get a firmer date agreed? I have nothing to sell and my sellers are moving to rented so there is no chain there either. 

greensalad

Spoke to my sales progressor today who told me firmly that we're not going to be moving by the 24th, which was our end of tenancy. So now we're going to have to go on a rolling contract. We've gone from exchange pre-Christmas and complete 10th January, to exchange who knows when and complete don't know either. I'm getting so down about this now. We started packing in early December. 

I'm going to push for a 10th February completion if I can as that still puts us on the same timeline where we have 2 weeks in between completion and leaving our rental.

Slithery

greensalad said:

I'm going to push for a 10th February completion if I can as that still puts us on the same timeline where we have 2 weeks in between completion and leaving our rental.

Bear in mind that if you will be moving onto a Statutory Periodic Tenancy then to end the tenancy on the 24th Feb you will have to give notice on exactly 25th Jan for it to be valid, not a day earlier, not a day later.

greensalad

Slithery said:

greensalad said:

I'm going to push for a 10th February completion if I can as that still puts us on the same timeline where we have 2 weeks in between completion and leaving our rental.

Bear in mind that if you will be moving onto a Statutory Periodic Tenancy then to end the tenancy on the 24th Feb you will have to give notice on exactly 25th Jan for it to be valid, not a day earlier, not a day later.

Yes we're hoping that by the 24th we will have exchanged, so one month notice and leave on the 24th. If we don't exchange by then we won't complete by the 10th February anyway as the vendor wants a few weeks in between and we need at least two for the solicitor to draw down funds.

Laurelii

Laurelii said:

Chooru said:

We exchanged today! I have to say, I thought it was never going to happen. Will complete early January! 

09/09/2021 Offer accepted
20/09/2021 Mortgage lender/ bank valuation came back
06/10/2021 Our sellers offer on a house got accepted
16/11/2021 Solicitor searches came back
22/11/2021 Mortgage offer issued 
20/11/2021 Email from our solicitors stating our sellers seller is 'significantly behind'
27/12/2021 Asked how our seller xmas was while asking about their seller. She stated 'as far as she knows' their seller is moving into rented accommodation. 
31/12/2021 > 2022 Hopefully after the new year things start moving!!!!! 

our is taking ridiculously long! our mortgage offer expires 27th Feb 2022 and i have asked our mortage advisor if there is a possibilty in extending and she said that a new mortgage offer would have to be issued. UGH. 

04/09/2022   Called the EA yday for some updates about the chain. They said the sellers are waiting on a few more enquiries from the people they're buying from. EA said our sellers seller is going into rented and that exchange/ completion should be end of Jan 2022!!! EA said they will contact me at the end of the week or next with updates. Things are looking promising

Laurelii

Laurelii said:

Laurelii said:

Chooru said:

We exchanged today! I have to say, I thought it was never going to happen. Will complete early January! 

09/09/2021 Offer accepted
20/09/2021 Mortgage lender/ bank valuation came back
06/10/2021 Our sellers offer on a house got accepted
16/11/2021 Solicitor searches came back
22/11/2021 Mortgage offer issued 
20/11/2021 Email from our solicitors stating our sellers seller is 'significantly behind'
27/12/2021 Asked how our seller xmas was while asking about their seller. She stated 'as far as she knows' their seller is moving into rented accommodation. 
31/12/2021 > 2022 Hopefully after the new year things start moving!!!!! 

our is taking ridiculously long! our mortgage offer expires 27th Feb 2022 and i have asked our mortage advisor if there is a possibilty in extending and she said that a new mortgage offer would have to be issued. UGH. 

04/09/2022   Called the EA yday for some updates about the chain. They said the sellers are waiting on a few more enquiries from the people they're buying from. EA said our sellers seller is going into rented and that exchange/ completion should be end of Jan 2022!!! EA said they will contact me at the end of the week or next with updates. Things are looking promising

04/01/22 **

novelle

jst1986 said:

Starting to add my dates etc:

End August - DIP, viewings started
20/10/21 - viewing of something I finally liked!
21/10/21 - Offered the asking price, offered accepted same day, house off the market 
22/10/21 - mortgage application made
27/10/21 - mortgage valuation completed, slightly down valued so mortgage had to be amended.
15/11/21 - mortgage offered
19/11/21 - all searches returned
24/11/21 - Homebuyers survey completed, no major issues.

Nothing much has happened since! The sellers were initially looking to complete in March but at the end of November said they'd be able to move end of January. At what point do I start pushing solicitors etc to get a firmer date agreed? I have nothing to sell and my sellers are moving to rented so there is no chain there either. 

If I were you I would do it immediately, so that all parties know your preference.  People can get amazingly SLOW and some just don't bother doing anything ! So you need to make the move

jst1986

novelle said:

jst1986 said:

Starting to add my dates etc:

End August - DIP, viewings started
20/10/21 - viewing of something I finally liked!
21/10/21 - Offered the asking price, offered accepted same day, house off the market 
22/10/21 - mortgage application made
27/10/21 - mortgage valuation completed, slightly down valued so mortgage had to be amended.
15/11/21 - mortgage offered
19/11/21 - all searches returned
24/11/21 - Homebuyers survey completed, no major issues.

Nothing much has happened since! The sellers were initially looking to complete in March but at the end of November said they'd be able to move end of January. At what point do I start pushing solicitors etc to get a firmer date agreed? I have nothing to sell and my sellers are moving to rented so there is no chain there either. 

If I were you I would do it immediately, so that all parties know your preference.  People can get amazingly SLOW and some just don't bother doing anything ! So you need to make the move

Thanks. I will give my solicitor a nudge in the next day or two.