The NEW waiting to exchange thread...

sammo456

Hoping someone can provide me with some reassurance here. 

We're first time buyers and our process has gone as follows; 

April 2021 - Offer Accepted
October 2021 - Original property falls through due to chain changing mind on moving
October 2021 - New property found
October - Jan - Huge pressure from vendors to complete prior to Christmas / Early/Mid January
Jan 17th - Our solicitor ready to complete
Jan 21st - Top of the chain wants to push back our completion date - renegotiated to 11th February
Mon 7th Feb - Our solicitor, and our vendor ready and approved to exchange 
Today - top of chain push back again saying they will only commit to same day exchange and completion on Friday! 

We have until the 18th left on our property rental, but everything packed in boxes, days off work booked and transport arranged. 

Is Same Day Exchange and Completion a huge risk? I feel totally defeated finding out today that we still haven't exchanged and feel like the top of the chain are delaying the process for a reason. 

Hoping somebody can reassure and tell me this is normal! 

charlotteo1988

So may have some good news but it’s now gone the other way. 

PPL seemed to of pulled their finger out and replying straight away. The questions relating to the management company apparently they sent back to my solicitor this morning for them to forward onto the buyers solicitors but I don’t believe they have done yet. Apparently my sellers solicitors have sent back their responses but don’t think my solicitor has confirmed if anything else is outstanding. 

PPL have said they are happy to request release of funds to complete next Friday whilst waiting for responses. 

Now radio silence from my solicitor LOL! You just can’t write it. I’m hoping she replies tomorrow with sent replies back to buyer solicitor and all good with sellers responses so happy to exchange Tuesday and complete Friday. 

We will see. Pray for me people please!!!!!! 

MickeyFTB

Laurelii said:

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??!!

Hey! On further digging, the solicitor claims the bonus on your behalf (you need to provide them with a closing statement) - the funds are then used towards your completion but then you’ll have the bonus in surplus back to you to spend as you wish. So if you saved £4k in your HTB ISA you’ll get £1k to spend (25%).

I’ve just closed mine and have my statement to send off and hopefully exchange 🤞🏽

MickeyFTB

sammo456 said:

Hoping someone can provide me with some reassurance here. 

We're first time buyers and our process has gone as follows; 

April 2021 - Offer Accepted
October 2021 - Original property falls through due to chain changing mind on moving
October 2021 - New property found
October - Jan - Huge pressure from vendors to complete prior to Christmas / Early/Mid January
Jan 17th - Our solicitor ready to complete
Jan 21st - Top of the chain wants to push back our completion date - renegotiated to 11th February
Mon 7th Feb - Our solicitor, and our vendor ready and approved to exchange 
Today - top of chain push back again saying they will only commit to same day exchange and completion on Friday! 

We have until the 18th left on our property rental, but everything packed in boxes, days off work booked and transport arranged. 

Is Same Day Exchange and Completion a huge risk? I feel totally defeated finding out today that we still haven't exchanged and feel like the top of the chain are delaying the process for a reason. 

Hoping somebody can reassure and tell me this is normal! 

Some people do exchange and complete in the same day but you run the risk that if the exchange doesn’t happen then you’ll be left in the position you are with nothing legally binding the sale.

We’re exchanging with a plan to have around 2 weeks notice as we’ve tried to exchange and complete so many times -  I can’t be dealing with cancelling moving trucks again and move my internet!

MzH_2021

All confirmed now, we exchange Monday 14th and complete Monday 21st February. All starting to feel very real now, will be leaving the house I've lived on half my life (which we still need to list and get sold)

14 1/2 weeks from offer to completion, not too bad considering it included Christmas and New Year.

julicorn

Hi, can I join you all? I'm right at the beginning of this process, timeline so far:

5th February: Our flat's open day
7th February: We accepted an offer

We're viewing a bunch of houses this weekend, fingers crossed there's something we really like. There's a bit of a delay with the memorandum of sale for our sale already, as our EA seems to be trying to talk our buyer into using a less atrocious solicitor. Fun times ahead!

jst1986

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.

Finally got a completition date set for Friday 18th after it feeling like nothing happened for ages and then everything happened at once. Deposit etc all sat with the Solicitor and just waiting confirmation of when the exchange will be! 

MrsC1234

Thought i would join the waiting to exchange party. 

3 houses in our chain (we are in the middle) all agreed to work towards completion of 25th Feb, however sellers solicitors are soooo slow, they have yet to reply to enqueries. Some are very straight forward like providing EPC, boiler service etc. 

I am chasing my solicitors, EA and broker daily, they are trying to chase our vendor and their solicitor. 

Tell me honesty, are we pushing it now for 25th completion? 

I am fed up of being surrounded by boxes and need to get removals, childcare, leave from work arranged. 🙃 

Thrugelmir

MrsC1234 said:

3 houses in our chain (we are in the middle) all agreed to work towards completion of 25th Feb, however sellers solicitors are soooo slow, they have yet to reply to enqueries. Some are very straight forward like providing EPC, boiler service etc. 

Then your vendor appears to have another agenda and is happy for time to slip away. Working towards a date and agreeing a date are very different things. 

jkrbec

thought I would join the party, 5 months in and still no date!

19/09/2021 - Offer Accepted
30/09/2021 - Mortgage offer received
20/10/2021 - Received paper work for solicitors and sent back
07/12/2021 - Our solicitor finally received the draft contract pack from the sellers solicitor, the house is only a year old and wasn't on the land registry so it had to be expedited, this seemed to take ages. Our solicitor finally submits searches and raises enquiries.
04/01/2022 -  All searches back
14/01/2022 -  Told all enquiries sent back by the EA, however this turned out to be "all but one enquiry replies sent back" - One last enquiry relates to the management company and a management pack, it's a freehold house but has estate management.
01/02/2022 -  Sellers solicitor confirms they have paid for the pack but it can take 15 working days, not sure when they paid but they knew about it from around the 14th Jan so has taken them 2-3 weeks to even sort it.

Now we are still waiting for this pack to come back before we can agree an exchange and completion date.