The NEW waiting to exchange thread...

Pulpstar

Pulpstar wrote: »

Doing a sale and purchase

Sale
31/07/17 Sale verbally agreed
09/08/17 Memo of Sale arrived (Sale formalised)
11/08/17 SOLD Board up
24/11/17 Enquiry regarding property claim for previous storm damage answered
23/11/17 Enquiry regarding drainage around sale answered

Purchase

2/8/17 Purchase of property 1 agreed

09/08/17 AIP submitted to YBS
10/08/17 AIP approved by YBS

10/8/17 Awaiting full decision & valuation by YBS

5/9/17 Looked up planning on Bolsover council website, noted potential very large development (Pulled out)
11/9/17 Purchased 2nd property
[Wait here was because seller 2 took a while to find a suitable property]
7/11/17 Received buildings survey on property 2. Subsidence revealed, pulled out.
14/11/17 Purchased property 3.
14/11/17 Instructed searches to be started on property 3

28/11/17 Property 3 valuation received, downvalued & additional retention.
29/11/17 Price of property 3 renegotiated to downvalued sum
6/12/17 Reports satisfactory from vendor to drop remaining retention. (Currently in the post)
7/12/17 Property 3 vendors doing a private purchase, asked EA how far along this is, and my solicitors how close we are to exchange today
7/12/17 Buildings survey of property 3 will be instructed.

Should I be close to exchange now. Touches wood my buyers have been very patient !

Update from Sol - currently:

Awaiting docs from lender to remove retention (I KNOW those are on their way)
Raised enquiries to vendor
Awaiting search results back.

&

Building survey now instructed.

middy991

so after taking the lender weeks to decide weather to lend with an absent leaseholder they have decided they will as long as the seller puts indemnity insurance down for 110% of the price then we can exchange,but as were in a rental property and have to give 1 months notice anyone any idea when to exchange and complete as i think the notice has to go in at the start of the month and dont really want to pay rent and mortgage

clairesilverspar

Rental notice usually runs from payment date to payment date, unless your contract says otherwise.


Most advice says don't give notice until after you've exchanged, depending on the time difference between exchange and completion as nothing is "locked in" until after exchange. I would agree with this, except we only have a week between exchange and completion and I put my notice in more than a week before exchange as I was sure it was coming and we have no chain to hold it up. We've yet to see how that turns out... It's risky though, and you definitely need a backup plan in case it all goes pear shaped, and it can go very pear shaped.


You can negotiate a few weeks between exchange and completion so that you have time to give notice and move towards the end of your notice period to avoid having to pay both rent and mortgage. When to set those dates depend where in the process you are up to.

mailmannz

middy991 wrote: »

so after taking the lender weeks to decide weather to lend with an absent leaseholder they have decided they will as long as the seller puts indemnity insurance down for 110% of the price then we can exchange,but as were in a rental property and have to give 1 months notice anyone any idea when to exchange and complete as i think the notice has to go in at the start of the month and dont really want to pay rent and mortgage

Im in the same boat as you as I don't want to pay rent and mortgage at the same time.

So my solution was to complete with as little overlap as possible, our preferred exchange date is a week before I have to give notice and the completion date would be a week before we would have to move out...which also gives a little time to ensure mail is redirected too

Hope that makes sense?

Regards

Mailman

middy991

so after speaking to the solicitors there saying exchange before xmas then complete either the 5th or 12 of jan as mortgage offer runs out on the 16th jan,also gotta find a new school for the lad no idea how to do this

sugar_candy_123

Well we have just sent a formal letter of complaint to the directors of the developers over how slow their solicitors have been at sorting the paperwork, and have given them until next fri to complete as our mortgage runs out this month. We have Requested detailed daily updates, I’m hoping this puts a rocket up their bum and gets things moving. Either that or they will just think we are crazy and ignore it!

Gawatate

Well our searches are back and we have an overall Floodrisk of Passed Moderate. This is due to a moderate risk of surface water flooding depths between 0.1-0.3 metres. Im struggling understanding this as the house is on an incline and the map shows a very very small part of our garden and back neighbour and continues to the 3 other houses on that straight path so a mall boundary if anyone can picture it. it has never flooded since the house was bult so that should reasure me, just looking to moan i guess.

We now have a completion date of 12th of January that is very rigid otherwise its March :-0 so the chain is going all guns blazing. im hopeful for once that once i get my head aroung the flooding risk that is not a risk i might be a home owner in 4 weeks!

Firsttimebuyers

middy991 wrote: »

so after taking the lender weeks to decide weather to lend with an absent leaseholder they have decided they will as long as the seller puts indemnity insurance down for 110% of the price then we can exchange,but as were in a rental property and have to give 1 months notice anyone any idea when to exchange and complete as i think the notice has to go in at the start of the month and dont really want to pay rent and mortgage

We're in the same boat - don't mind an overlap of a week or two, but not an entire month


Our exchange looks like it could be second week in January at the earliest, so we couldn't give notice until 1st Feb for month of February - so we're going to be quite up front with the solicitors and say we'd like 4 weeks between exchange and completion if this happens, so that we're not paying both rent and mortgage for an entire month.


We're not in a chain luckily so I think we'll be ok with it, I imagine if there's a chain then they might pressure for a quicker completion - but as a FTB you're likely to be the first link in the chain so no one will want to upset you either otherwise the entire chain could fall apart.

clairesilverspar

No phone call as yet. Feeling a bit miffed.

Aliliva

oh dear, I totally forgot about the little thing of giving notice for my tenancy! And to inform my landlords informally, as they've been quite nice with us so far