The NEW waiting to exchange thread...

Laurelii

MickeyFTB said:

Mover2021 said:

Hi everyone - has anybody here used a Lifetime ISA as their deposit on exchange?

Our solicitor has told us that LISA monies cannot be used as a deposit at exchange and can only be sent on completion, but I’m not sure that’s correct, given I haven’t seen that claim anywhere and it’s a fundamental point! 

Feeling v stressed! 

I think it’s that you can’t use the government bonus - from what I gather it’s the same as a HTB ISA where you close the account, use the funds for your deposit then claim the 25% at completion so you don’t have access to that until completion.

Hi i had a HTB isa so not sure if rules are the same as LISA??
Will they put the bonus in my account on completion day? Or is the bonus used for something inparticular 

Completion day 18/02  

MickeyFTB

Laurelii said:

MickeyFTB said:

Mover2021 said:

Hi everyone - has anybody here used a Lifetime ISA as their deposit on exchange?

Our solicitor has told us that LISA monies cannot be used as a deposit at exchange and can only be sent on completion, but I’m not sure that’s correct, given I haven’t seen that claim anywhere and it’s a fundamental point! 

Feeling v stressed! 

I think it’s that you can’t use the government bonus - from what I gather it’s the same as a HTB ISA where you close the account, use the funds for your deposit then claim the 25% at completion so you don’t have access to that until completion.

Hi i had a HTB isa so not sure if rules are the same as LISA??
Will they put the bonus in my account on completion day? Or is the bonus used for something inparticular 

Completion day 18/02  

I have a HTB ISA too - my solicitor said on exchange they fill in a form to claim the bonus and it usually takes about 5 days but could be longer - if you’ve exchanged it may come soon! Have you closed yours down?

Laurelii

MickeyFTB said:

Laurelii said:

MickeyFTB said:

Mover2021 said:

Hi everyone - has anybody here used a Lifetime ISA as their deposit on exchange?

Our solicitor has told us that LISA monies cannot be used as a deposit at exchange and can only be sent on completion, but I’m not sure that’s correct, given I haven’t seen that claim anywhere and it’s a fundamental point! 

Feeling v stressed! 

I think it’s that you can’t use the government bonus - from what I gather it’s the same as a HTB ISA where you close the account, use the funds for your deposit then claim the 25% at completion so you don’t have access to that until completion.

Hi i had a HTB isa so not sure if rules are the same as LISA??
Will they put the bonus in my account on completion day? Or is the bonus used for something inparticular 

Completion day 18/02  

I have a HTB ISA too - my solicitor said on exchange they fill in a form to claim the bonus and it usually takes about 5 days but could be longer - if you’ve exchanged it may come soon! Have you closed yours down?

Closed it down November time and exchanged 2 weeks ago. Will it just be extra money in my bank ?

amylou1107

Still not ready to exchange - so close but so far!
Received all contact docs etc to sign yesterday. Signed last night and dropped off at solicitors office before they opened this morning.

Solicitor still waiting on 2 outstanding enquires. One is completion certificate for new boiler the other is about a bit of land which doesnt belong to the house but the vendor tarmac-ed after some electric work was done. Need to understand if neighbour was happy with this....
Queries were raised over a month ago - sellers solicitor doesnt seem to have any urgency!

Did everyone get their vendors to service the boiler before you moved? We serviced ours ready for our buyer. 
Solicitor requested our sellers do this (ages ago) and its still not been done.
Would you exchange without a service being completed?

babyblade41

amylou1107 said:

Still not ready to exchange - so close but so far!
Received all contact docs etc to sign yesterday. Signed last night and dropped off at solicitors office before they opened this morning.

Solicitor still waiting on 2 outstanding enquires. One is completion certificate for new boiler the other is about a bit of land which doesnt belong to the house but the vendor tarmac-ed after some electric work was done. Need to understand if neighbour was happy with this....
Queries were raised over a month ago - sellers solicitor doesnt seem to have any urgency!

Did everyone get their vendors to service the boiler before you moved? We serviced ours ready for our buyer. 
Solicitor requested our sellers do this (ages ago) and its still not been done.
Would you exchange without a service being completed?

no, wouldn't dream of it either , they could have it serviced one day and it goes pop the next after completion. Pointless exercise IMO

MickeyFTB

Laurelii said:

MickeyFTB said:

Laurelii said:

MickeyFTB said:

Mover2021 said:

Hi everyone - has anybody here used a Lifetime ISA as their deposit on exchange?

Our solicitor has told us that LISA monies cannot be used as a deposit at exchange and can only be sent on completion, but I’m not sure that’s correct, given I haven’t seen that claim anywhere and it’s a fundamental point! 

Feeling v stressed! 

I think it’s that you can’t use the government bonus - from what I gather it’s the same as a HTB ISA where you close the account, use the funds for your deposit then claim the 25% at completion so you don’t have access to that until completion.

Hi i had a HTB isa so not sure if rules are the same as LISA??
Will they put the bonus in my account on completion day? Or is the bonus used for something inparticular 

Completion day 18/02  

I have a HTB ISA too - my solicitor said on exchange they fill in a form to claim the bonus and it usually takes about 5 days but could be longer - if you’ve exchanged it may come soon! Have you closed yours down?

Closed it down November time and exchanged 2 weeks ago. Will it just be extra money in my bank ?

I looked online and it looks like your solicitor claims it then the bonus should be transferred to you on completion ☺️

Laurelii

MickeyFTB said:

Laurelii said:

MickeyFTB said:

Laurelii said:

MickeyFTB said:

Mover2021 said:

Hi everyone - has anybody here used a Lifetime ISA as their deposit on exchange?

Our solicitor has told us that LISA monies cannot be used as a deposit at exchange and can only be sent on completion, but I’m not sure that’s correct, given I haven’t seen that claim anywhere and it’s a fundamental point! 

Feeling v stressed! 

I think it’s that you can’t use the government bonus - from what I gather it’s the same as a HTB ISA where you close the account, use the funds for your deposit then claim the 25% at completion so you don’t have access to that until completion.

Hi i had a HTB isa so not sure if rules are the same as LISA??
Will they put the bonus in my account on completion day? Or is the bonus used for something inparticular 

Completion day 18/02  

I have a HTB ISA too - my solicitor said on exchange they fill in a form to claim the bonus and it usually takes about 5 days but could be longer - if you’ve exchanged it may come soon! Have you closed yours down?

Closed it down November time and exchanged 2 weeks ago. Will it just be extra money in my bank ?

I looked online and it looks like your solicitor claims it then the bonus should be transferred to you on completion ☺️

So they will be transferring me a random £1k to my account??!!

badger09

amylou1107 said:

Did everyone get their vendors to service the boiler before you moved? We serviced ours ready for our buyer. 
Solicitor requested our sellers do this (ages ago) and its still not been done.
Would you exchange without a service being completed?

No. Vendor has no obligation to have boiler serviced, some will do so, others will refuse. Our vendor's boiler hadn't been serviced for several years so we arranged our own safety survey prior to exchange and booked a service a few days after completion. All was ok, then it packed up about 10 days later. It was a cheap fix but as we knew it needed replacing, we did it after a few months rather than eke it out.

Ours had been serviced regularly and even if it hadn't, we'd probably have had it done. But we were very considerate vendors

amylou1107

badger09 said:

amylou1107 said:

Did everyone get their vendors to service the boiler before you moved? We serviced ours ready for our buyer. 
Solicitor requested our sellers do this (ages ago) and its still not been done.
Would you exchange without a service being completed?

No. Vendor has no obligation to have boiler serviced, some will do so, others will refuse. Our vendor's boiler hadn't been serviced for several years so we arranged our own safety survey prior to exchange and booked a service a few days after completion. All was ok, then it packed up about 10 days later. It was a cheap fix but as we knew it needed replacing, we did it after a few months rather than eke it out.

Ours had been serviced regularly and even if it hadn't, we'd probably have had it done. But we were very considerate vendors

Great -thanks.

The vendors boiler was fitted in 2013 so not that old in the grand scheme of things. They've done a safety inspection too. So we will just get it serviced once we move in then. 

GeenBeen

GeenBeen said:

Our solicitor won't set an exchange or completion date... (Been in this process since October 2021)

Good news day (hopefully!). Been unable to reach anyone at the solicitors all week, so sent an email last night, copying in every single person who has ever emailed us, setting out that our financial situation was now carefully in the balance. Plus it helps that our vendors have (rightfully) started pushing for exchange before the end of this week.

We've managed to convince them that we need to complete by next Wednesday (reminding them that we are their paying customer, and they don't have a good reason to delay completion any further).

Not there yet, but hopefully on the right track again now! Tops tips if you have a solicitor like ours, who clearly took on too many files:

- Call every telephone number you can possibly find, once in the morning and once in the afternoon for updates (boring, but necessary).
- Put everything in writing! Follow-up calls with emails 'confirming' what was discussed.
- Be a nuisance. Set out your stall early on (we didn't) and tell them what deadlines you are all working to. 
- Talk to the banks/building societies! They have been so much more helpful to us with updates on our mortgage funds and LISA funds than our solicitor. Most have offered to expedite as much as they can! 

Keeping our fingers crossed now, we're so close to the finish line!