The NEW waiting to exchange thread...

Mkk298

Good-ish news today! A bit all over the place as a FTB so I hadn’t even asked about our chain. Turns out it’s just us, our vendor and their onward purchase as the person they’re buying from isn’t buying a new property. We have all our searches back and waiting for responses to enquiries, our vendors are just waiting on the local authority search and a few enquiries. Apparently aiming for the end of may!

Chloe27895

We were meant to exchange this week (and originally last week) but it's looking less and less likely

There was a minor enquiry the conveyancer wanted a week ago before sending us his report and he still hasn't looked at the reply. I have asked how/when to send the rest of our deposit to him but he has dodged my questions. We still haven't received our report and contracts to witness/sign.

How long before the exchange do you usually receive and return the contracts to your solicitor? I can't help but think exchange this week is off the cards already even if he pulls his finger out this afternoon.

It's all very frustrating as he is on AL next week and only answers half of my questions at a time. A lot of pressure coming from the vendor now to exchange ASAP.

babyblade41

@Chloe27895 my buyers signed & returned their signed contract to the solicitor yesterday morning along with their deposit,  unfortunately they haven't sent one through to my solicitor for exchange .

If their solicitor had emailed it across when they received it then we could have exchanged yesterday afternoon as I'm only a couple of miles from my solicitor to drop docs off .

So today still waiting , 

Chloe27895

babyblade41 said:

@Chloe27895 my buyers signed & returned their signed contract to the solicitor yesterday morning along with their deposit,  unfortunately they haven't sent one through to my solicitor for exchange .

If their solicitor had emailed it across when they received it then we could have exchanged yesterday afternoon as I'm only a couple of miles from my solicitor to drop docs off .

So today still waiting , 

Thanks for your reply, perhaps there is still hope for us to exchange tomorrow then, but only if the contracts are ready by the end of today and I leave work early today and start late tomorrow morning to pick them up/drop them off...

Wishing you luck to also exchange before the bank holiday weekend

babyblade41

Our buyer is hopping mad, his solicitor hasn't approved the contract yet so he left some terse messages to mine today.
Needless to say she told him to look closer to home to see where the fault lies ...oops!!

It will happen at some point . 

SophMa1

SophMa1 said:

So close now, due to exchange tomorrow and complete on Friday...

We have exchanged today!!! 
Due to complete tomorrow....... eeeeekkkkkk

Twins

Hello all, well we've reached the end of the road.  After 7 months of waiting and waiting for our chain to get their butt's into gear we've pulled out.  There was no light at the end of the tunnel and we didn't want to continue extending our mortgage offer.  

However, we may now change tact and we may now sell our property instead of putting it on rent which was the original plan.  

I have a question about valuations though.  Our property was under valued at £475k but a house on the same street as us in worse condition has just sold for £600k!  If we put our property on sale for £600k could the banks refuse the sale?   What options do we have if any to challenge it?  

Has anybody else had problems with lower valuations from the banks?

Thank you!

hpsauce86

@Twins sorry to hear that! Have seen you on here a while! 

I’m no expert but could you try having it valued elsewhere? Unless the one on the same street is much larger or with better amenities it sounds bizarre! Even with the competitive market at the moment it won’t have gone for that much. 

Hope you work the situation out soon. So stressful! 

harz99

Twins said:

Hello all, well we've reached the end of the road.  After 7 months of waiting and waiting for our chain to get their butt's into gear we've pulled out.  There was no light at the end of the tunnel and we didn't want to continue extending our mortgage offer.  

However, we may now change tact and we may now sell our property instead of putting it on rent which was the original plan.  

I have a question about valuations though.  Our property was under valued at £475k but a house on the same street as us in worse condition has just sold for £600k!  If we put our property on sale for £600k could the banks refuse the sale?   What options do we have if any to challenge it?  

Has anybody else had problems with lower valuations from the banks?

Thank you!

Maybe get a valuation by an RICS surveyor, it will cost you money but should answer the question of what the property is actually worth, rather than EAs pie in the sky guesstimate...

Slithery

Chloe27895 said:

How long before the exchange do you usually receive and return the contracts to your solicitor?

I've usually done this very early on the process, often a couple of months before completing.