The NEW waiting to exchange thread...

GingerbreadWoman

badger09 said:

Has Probate been granted yet? If not, you could be in for a long wait and your mortgage offer could expire. Hope this isn't the case

Assuming you know the deceased's name, probably worth checking here

I have been told yes but unfortunately do not know the names to double check myself. 

Thanks for highlighting. I’m going to speak to our EA tomorrow and try and get as much info as I can. 

khtaylor

Mahsroh said:

khtaylor said:

Hi 👋 

Our timeliness is

23/12 offer accepted
10/1 - full mortgage app submitted
17/1 - mortgage offered

Now my question is how long does it take for solicitor to do their side of the work? 
There is no chain but solicitor hasn't moved anything forward until she receives mortgage offer in the post. 

Probably not the answer you want but the answer really is “how long is a piece of string?”

With no chain it SHOULD be relatively straightforward but that’s assuming no issues come up in the searches / enquiries etc. If I look at our sale as a standalone transaction that took from early July (offer) to end of November (completion) and that was a cash buyer investor so should’ve been straightforward. Having said that if the buyer was more proactive we could, and probably should have been in a position to complete in mid/late September. 

Oh wow! Thats ages! 🤞 ours is quick 

smorri4

I have not wanted to post anything on here, one as I haven't really been able to see the light at the end of a long tunnel and secondly its been so stressful I often haven't had the words to describe our selling journey. 
However, I have today been told we exchange TOMORROW!!!!!!!!
We sold our house back in March 2021! and after numerous issues and delays we are so so close to the end! 
We are breaking chain and going into a rental of which we will be signing a tenancy after exchange so we should be properly completed 31st Jan. 
Wishing everyone else on their selling journeys the best of luck! Cannot wait to be out of here and cracking open some bubbly!

novelle

firsttimespender said:

Agreed the deal to go for with my mortgage advisor this morning… now to wait 2-3 weeks (AARGH) for the answer! Any advice on the best time to book my survey? It’s an older house so I’m planning to get the level 3, which is expensive so I don’t really want to incur any costs until I’m sure the offer is coming (I’m a bit worried about downvaluing and my financial position). But I also don’t want to wait 3 weeks for an offer and then find it’s weeks and weeks to get the surveyor out. 

I arranged the survey a few days after i instructed the solicitor. The surveyor was fully booked so had to wait for around 2 weeks. 

novelle

jdsimmons3 said:

Our final enquiries have been answered! My Solicitor emailed me the replies and shes happy with them as are we. She didn't mention exchange though. I've emailed back asking what's the next step as I believe everything is ready searches, fixtures and fittings, title etc. So how long can I expect to wait for an exchange date. I won't get a reply today as she emailed 5minutes before closing! Really impatient now!

I just emailed my solicitor during the enquiries stage and told her my prefer date so that she can tell the seller and see if seller agrees.

jdsimmons3

novelle said:

jdsimmons3 said:

Our final enquiries have been answered! My Solicitor emailed me the replies and shes happy with them as are we. She didn't mention exchange though. I've emailed back asking what's the next step as I believe everything is ready searches, fixtures and fittings, title etc. So how long can I expect to wait for an exchange date. I won't get a reply today as she emailed 5minutes before closing! Really impatient now!

I just emailed my solicitor during the enquiries stage and told her my prefer date so that she can tell the seller and see if seller agrees.

Good luck! We have a completion date of 3rd Feb! Found out today. Could have been 26th but that's too soon and I get very easily stressed so need more than 8 days to come to terms with it haha 

freebo_2

Having been away from the UK for 12 years in Australia, reading some of these timelines is sobering as we plan to move back this year and buy a house, I'd forgotten just how poor the UK system is.

The system here is so simple.

- When you make an offer its in the form of a signed contract, also stating a deposit, usually 10%.
- The seller can sign it to accept or propose a different price.
- The contract also states a "settlement" (completion) date) this can be varied but only if both parties agree, your buyer can sue you if you're not out by the prescribed date, as can the seller if you don't complete by the date, but I've never heard of this happening.
- Once both parties have signed and the deposit has been paid (usually you allow 2-3 days for the deposit, no more than a week) it becomes binding on the seller, the buyer can have clauses in the contract stating subject to building inspection and finance, usually no more than 2 weeks for these.
- When the clauses have expired the sale is legally binding on both parties, known as being unconditional 

Gazumping is unknown, as is either party pulling out once the property is unconditional. Chains don't often happen, you sell your house and find another, we've bought and sold 4 houses in 12 years (last one is for sale currently, goes to auction in a couple of weeks).

Our plan is to come back to the UK for a visit in April to house hunt and hope to be moving in July, assuming we sell here we will be cash buyers but I wonder if this is a realistic timeframe? 

babyblade41

freebo_2 said:

Having been away from the UK for 12 years in Australia, reading some of these timelines is sobering as we plan to move back this year and buy a house, I'd forgotten just how poor the UK system is.

The system here is so simple.

- When you make an offer its in the form of a signed contract, also stating a deposit, usually 10%.
- The seller can sign it to accept or propose a different price.
- The contract also states a "settlement" (completion) date) this can be varied but only if both parties agree, your buyer can sue you if you're not out by the prescribed date, as can the seller if you don't complete by the date, but I've never heard of this happening.
- Once both parties have signed and the deposit has been paid (usually you allow 2-3 days for the deposit, no more than a week) it becomes binding on the seller, the buyer can have clauses in the contract stating subject to building inspection and finance, usually no more than 2 weeks for these.
- When the clauses have expired the sale is legally binding on both parties, known as being unconditional 

Gazumping is unknown, as is either party pulling out once the property is unconditional. Chains don't often happen, you sell your house and find another, we've bought and sold 4 houses in 12 years (last one is for sale currently, goes to auction in a couple of weeks).

Our plan is to come back to the UK for a visit in April to house hunt and hope to be moving in July, assuming we sell here we will be cash buyers but I wonder if this is a realistic timeframe? 

I'm not too sure it's the system it's about the many conveyance factories that have evolved over time and some very poor solicitors .
We put our house up for sale End of November and received offers immediately. 

We had already lined up our next property &had offer accepted straight away... 2.5 months later & our purchase is ready to exchange and our buyers solicitor has been on radio silence.

Today my property will be going to the next in line as the original buyers have viewed 3 times, once with their dog & still no enquiries 

Far too many people want to cut corners on the conveyancing when spending 100's of K's on a purchase 

Flugelhorn

freebo_2 said:

Having been away from the UK for 12 years in Australia, reading some of these timelines is sobering as we plan to move back this year and buy a house, I'd forgotten just how poor the UK system is.

The system here is so simple.

- When you make an offer its in the form of a signed contract, also stating a deposit, usually 10%.
- The seller can sign it to accept or propose a different price.
- The contract also states a "settlement" (completion) date) this can be varied but only if both parties agree, your buyer can sue you if you're not out by the prescribed date, as can the seller if you don't complete by the date, but I've never heard of this happening.
- Once both parties have signed and the deposit has been paid (usually you allow 2-3 days for the deposit, no more than a week) it becomes binding on the seller, the buyer can have clauses in the contract stating subject to building inspection and finance, usually no more than 2 weeks for these.
- When the clauses have expired the sale is legally binding on both parties, known as being unconditional 

Gazumping is unknown, as is either party pulling out once the property is unconditional. Chains don't often happen, you sell your house and find another, we've bought and sold 4 houses in 12 years (last one is for sale currently, goes to auction in a couple of weeks).

Our plan is to come back to the UK for a visit in April to house hunt and hope to be moving in July, assuming we sell here we will be cash buyers but I wonder if this is a realistic timeframe? 

the key will be buying somewhere without a chain - that is what can really hold things up . we have just had offer accepted at end of October and completed mid December (cash, no chain) so about 6 weeks but that is unusual. 

If you offer on a place you may find that the vendors have no real clue at that stage where they are going as they need to be SSTC to be able to offer somewhere else

Laurelii

when it comes to exchange can the money be transferred from out of my current Santander account or does it have to come from our joint Halifax account or doesn't it really matter ?