The NEW waiting to exchange thread...

ccbrowning

Was hoping to exchange yesterday but my seller had not signed the contract?!? Apparently they signed it yesterday evening so hopefully it all happens soon.

charlotteo1988

Looks like we are all good to complete next friday. All enquiries done apart from building regs for a extension pre 1990. Worst case scenario is they have to get indemnity insurance but that can be done within a few minutes. 

Cannot believe we are almost there. Going to exchange hopefully by Tuesday.

wahoooo!!!! 

turnergirl14

Joining onto the exchange waggon as I have a feeling it might be soon... Once draft contracts get sent out to other parties, how long after are we looking at exchange?

babyblade41

turnergirl14 said:

Joining onto the exchange waggon as I have a feeling it might be soon... Once draft contracts get sent out to other parties, how long after are we looking at exchange?

Enquiries can take the longest especially if its leasehold 

firstbuyer

Failed to exchange today as sellers solicitors decided 5pm was the time to read over and finalise their documents. Here’s to tomorrow!

badger09

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! 

As FTB's there is very little risk to you in same day exchange & completion. Those further up the chain have more risk, as it is possible for them to complete on their sale, but their purchase funds not to reach their seller before solicitors finish work for the day. 

You don't say when your transport & days off are booked for, but If you have until 18th in your rental, you could exchange & complete on Friday and not actually move in until convenient to you. 

greensalad

Now I've had a few days to calm down about exchanging I thought I'd post our timeline:

2nd July 2021 - Viewed & offer accepted
7th July 2021 - Mortgage approved
23rd July 2021 - Chain complete
11th August 2021 - Survey returned
12th October 2021 - Searches returned and report on contract signed and returned
26th November 2021 - Deposit sent to solicitor

INTERLUDE OF NOTHING

4th February 2022 - Vendor finally said everything complete for them, and they were the last ones
7th February 2022 - First exchange attempt; fail due to higher in the chain not being happy with the completion date
8th February 2022 - Exchanged
2nd March 2022 - Proposed completion

As you can see, we did an awful lot really early on. Our mortgage came back in a matter of days and we got our survey done ASAP as the market was really hot at that time and we thought we might struggle (a lot of surveyors were unavailable). I think that's part of what made it feel so long, as we realistically were ready to exchange in early October but had to wait for everyone else!

Also funny how we offered on the 2nd and will move on the 2nd, exactly 8 months start to finish. 

faylou

8 months!…….. congratulations 🎉I am ready to curl up in a ball after 5 months and still waiting for an exchange date . 

MzH_2021

Supposed to exchange Monday, but our solicitors haven't even sent us the details to forward the deposit. No response to emails, just keep leaving messages for them. Very frustrating.

Add to that our preferred removals company tripled their initial quote after a video walkthrough (above average amount of belongings apparently, I'm not a hoarder I just own a lot of books and clothes) and I'm stress city today!

dunclane1980

MzH_2021 said:

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.

We signed contracts on Wednesday and I've had a text from Natwest saying that the funds have been requested by our solicitor for the 17th.

We are exchanging Monday 14th and completing on the 21st as you but it's taken 19 weeks due to losing 3 weeks because the people we're buying from were using Premier Property Lawyers!!.

I'm letting myself believe it's happening now.