The NEW waiting to exchange thread...

ccbrowning

Is there always a deposit on exchange? We’re the top of the chain and the new build we’re buying has 10% on exchange. Forgot to check what the contract to buy ours said…

Waunakee

ccbrowning said:

Is there always a deposit on exchange? We’re the top of the chain and the new build we’re buying has 10% on exchange. Forgot to check what the contract to buy ours said…

Nominally 10% on exchange though this may be negotiated down as the deposit passes up the chain.

With a reduced deposit you would potentially still be liable for the full 10% if you were to exchange then fail to complete.

charlotteo1988

Nothing will be going on for us next week
whilst waiting for one of the sellers to come off holiday on Friday. 

However I got told from our council our sons school place will be determined on our current address if we haven’t exchanged contract by the 15th February. 

Our current address would be out the catchment area so god knows what happens. Hopefully they use common sense and let him go to what will be his nearest school if not we will have to appeal. 

Another stress on top of a house sale we didn’t really need. 

🙄

rickyroma

ccbrowning said:

Is there always a deposit on exchange? We’re the top of the chain and the new build we’re buying has 10% on exchange. Forgot to check what the contract to buy ours said…

We bought a new build. Our buyers 10% deposit went straight up the chain to be used as our deposit even though it meant we would be passing on about 7% rather than the full 10%. 

ccbrowning

rickyroma said:

ccbrowning said:

Is there always a deposit on exchange? We’re the top of the chain and the new build we’re buying has 10% on exchange. Forgot to check what the contract to buy ours said…

We bought a new build. Our buyers 10% deposit went straight up the chain to be used as our deposit even though it meant we would be passing on about 7% rather than the full 10%. 

I'm at the top and have 10% on a much bigger purchase than the ones below me, but at least I guess I have enough to cover.

boldaslove

boldaslove said:

Hey all, thought I’d join this thread again after a few failed house purchase attempts over a couple of years   we’re FTBs and it’s a cash purchase. We started looking in 2019 and had had a few obstacles along the way - really hoping this year is our year!

9/10/21 - viewed house. Put offer in same day. No chain above or below  
11/10 - offer accepted. Solicitors instructed.
5/11 - survey completed
15/12 - searches back

We’re awaiting some enquiries still but have had a proposed completion date of 28/1! I’m prepared for it to change cos I’ve seen so many people post on here about completion dates moving about   but it’s nice to start seeing a light at the end of the tunnel! I’m so excited and SO nervous 

Laurelii

boldaslove said:

boldaslove said:

Hey all, thought I’d join this thread again after a few failed house purchase attempts over a couple of years   we’re FTBs and it’s a cash purchase. We started looking in 2019 and had had a few obstacles along the way - really hoping this year is our year!

9/10/21 - viewed house. Put offer in same day. No chain above or below  
11/10 - offer accepted. Solicitors instructed.
5/11 - survey completed
15/12 - searches back

We’re awaiting some enquiries still but have had a proposed completion date of 28/1! I’m prepared for it to change cos I’ve seen so many people post on here about completion dates moving about   but it’s nice to start seeing a light at the end of the tunnel! I’m so excited and SO nervous 

We have a date of 28/1 also! just need top of the chain to agree then i think that should be sorted. Just waiting on a date to exchange now I'm hoping its sometime this week! Should I email our solicitors? 

mightyblu

Apparently my lender are doing the survey on the property this morning, so hopefully thats a sign that the mortgage offer isn't far away.
Exchange date is still 31st of this month, but hoping it can happen before then.

Nicbetty

First house purchase here
AIP/DIP-October 26th
viewing - October 28th
offer made - bidding war until 3rd November
offer accepted -November 3rd
documents sent to broker for full application
valuation-November 16th
valuation agreed and full mortgage offer-November 16th
purchase pack , gift deposit forms sent -19th November 
search fees paid -19th November 

All searches back before Xmas . 

All paperwork signed and ready to go
-5 small enquiries outstanding 
-chasing solicitor weekly now .
was hoping for an exchange date last week but no one seems in a rush 

sabsob

boldaslove said:

boldaslove said:

Hey all, thought I’d join this thread again after a few failed house purchase attempts over a couple of years   we’re FTBs and it’s a cash purchase. We started looking in 2019 and had had a few obstacles along the way - really hoping this year is our year!

9/10/21 - viewed house. Put offer in same day. No chain above or below  
11/10 - offer accepted. Solicitors instructed.
5/11 - survey completed
15/12 - searches back

We’re awaiting some enquiries still but have had a proposed completion date of 28/1! I’m prepared for it to change cos I’ve seen so many people post on here about completion dates moving about   but it’s nice to start seeing a light at the end of the tunnel! I’m so excited and SO nervous 

I just wanted to say good luck! It sounds like you have everything going for you, cash purchase, no chain - everything crossed for you