The NEW waiting to exchange thread...

Nicbetty

faylou said:

Nicbetty said:

5 months today since I put my offer in and was accepted . Should have exchanged a week ago but another holdup … I’ve only packed a few things , not booked a van as this purchase has been up and down throughout ….. watch this space 

Can totally relate we have just passed the 5 month mark . We should be heading for exchange and completion this week but also have not continued packing or booked removals for the same reasons you have just said . The stress has been immense and we are still not home and dry . 

It’s so  hard . I don’t want to pack up too much as it might not happen . I sold some furniture on Facebook last week and then got email to say not exchanging - I had transferred deposit two days before . It’s taken all the fun and enjoyment of my new home . I’m over it all to be honest 

jay530

So here's our story with no chain from either end:

05/01/2022 - Viewing
06/01/2022 - Put in offer
12/01/2022 - Offer accepted
13/01/2022 - Mortgage application submitted
19/01/2022 - Paid for searches
24/01/2022 - Valuation takes place
24/01/2022 - Mortgage offer issued
25/01/2022 - Received Homebuyers survey report
24/03/2022 - Contracts exchanged
01/04/2022 - Completion and got the keys!

Hang in there for those who are still waiting! Now I'm in the stressful part of making sure I'm on top of the admin and to work on the house, FTB so this is a massive learning curve

MickeyFTB

Nova1307 said:

Hi all, seller here 11 weeks into the process since accepting an offer. Buyer is using a cheap online conveyancer who take forever to respond to my solicitor. My solicitor has also complained to me about pedantic enquiries and requests for documentation that was already provided over two months ago. 

Could someone please advise what the norm is for giving a deadline to exchange contracts? I understand the average timescale (from offer acceptance to exchange) is 8-12 weeks. Is it therefore reasonable for me to tell buyer they have until the end of April which would mean 15 weeks since offer acceptance? I don't want to pull the plug without giving any warning and so is giving them another four weeks reasonable?

Thanks

You absolutely can but you have to be prepared to follow through otherwise it becomes empty threats and the wait can continue. If you’ve not got an onward purchase that pulling out would impact, it may get them to consider challenging their conveyancer and getting it done!

MickeyFTB

Nicbetty said:

5 months today since I put my offer in and was accepted . Should have exchanged a week ago but another holdup … I’ve only packed a few things , not booked a van as this purchase has been up and down throughout ….. watch this space 

It’s so frustrating isn’t it! Just calculated and we are going into our 9th month since offer accepted. And we were due to complete in September (person at top decided to buy instead of taking cash), again in a November (apparently too close to Christmas for someone) and again in February. Now we’re told there’s a deed of variation that has now been signed off and with the lender and that was a week ago so who knows.

We actually thought it was going to happen in February so half our house is in boxes and I’m so sick of having to open them up to find things. My second mortgage offer runs out at the end of this month! 

faylou

Nicbetty said:

faylou said:

Nicbetty said:

5 months today since I put my offer in and was accepted . Should have exchanged a week ago but another holdup … I’ve only packed a few things , not booked a van as this purchase has been up and down throughout ….. watch this space 

Can totally relate we have just passed the 5 month mark . We should be heading for exchange and completion this week but also have not continued packing or booked removals for the same reasons you have just said . The stress has been immense and we are still not home and dry . 

It’s so  hard . I don’t want to pack up too much as it might not happen . I sold some furniture on Facebook last week and then got email to say not exchanging - I had transferred deposit two days before . It’s taken all the fun and enjoyment of my new home . I’m over it all to be honest 

TBH this is exactly how I feel 😩

faylou

@MickeyFTB I really hope you get some good news . I hope we all do.

Nicbetty

Sellers solictor is on holidays …. Not exchanging this week again by the looks 😂 

faylou

Nicbetty said:

Sellers solictor is on holidays …. Not exchanging this week again by the looks 😂 

Nooooooooooo 

kerpoo

Finally joining this thread - our timeline so far:

November 2021 - saw house, put in offer, went to best and final offers, lost out to a 'cash' buyer
2 Feb - house went back on market, agents made contact
2 Feb - we reiterated our original offer
3 Feb - vendors accepted the offer
8 Feb - kicked off solicitors/searches/mortgages (remortgage of current house to finance deposit plus mortgage on new house)
2 Mar - Current house valuation
16 Mar - Remortgage offer received for current house
23 Mar - Valuation of new house
28 Mar - Offer received for new house
4 Apr - Should complete remortgage today - no sign of funds as yet

No chain, new house empty.

All searches are back, but solicitor has one query on one result now with the vendor's solicitor (we don't know what the query is!).
All other queries are back and we should have had report on Friday from solicitors - nothing yet.
Solicitor won't prepare contracts until they receive paperwork from mortgage which seems to be taking ages (we've had our paperwork through already).
Theoretically we should be able to transfer all funds required from us tomorrow, and we're ready to exchange/complete asap. Really want the keys by Easter but who knows - will feel more optimistic when I see the solicitors' report (we've asked if there is anything showstopping and they said no).

Nova1307

MickeyFTB said:

Nova1307 said:

Hi all, seller here 11 weeks into the process since accepting an offer. Buyer is using a cheap online conveyancer who take forever to respond to my solicitor. My solicitor has also complained to me about pedantic enquiries and requests for documentation that was already provided over two months ago. 

Could someone please advise what the norm is for giving a deadline to exchange contracts? I understand the average timescale (from offer acceptance to exchange) is 8-12 weeks. Is it therefore reasonable for me to tell buyer they have until the end of April which would mean 15 weeks since offer acceptance? I don't want to pull the plug without giving any warning and so is giving them another four weeks reasonable?

Thanks

You absolutely can but you have to be prepared to follow through otherwise it becomes empty threats and the wait can continue. If you’ve not got an onward purchase that pulling out would impact, it may get them to consider challenging their conveyancer and getting it done!

Thanks. 

I have no onward purchase and decided to make myself the end of the chain (only two other parties involved) in order to improve the chances of getting to completion asap and without any hiccups. My plan was to start my search after we exchange contracts. 

The downside with this is that prices will have risen slightly since January and so the longer the buyer takes the more I will have to pay when I do start my search. The upside of pulling out if the buyer is taking too long is that I may achieve a higher price if I try and re-sell but this isn't my motive as I would rather exchange and complete by the end of April.