The NEW waiting to exchange thread...

runfaraway

What goes wrong when you fail to exchange?

We are aiming for next week. Solicitors have put their packs together for Tue or Wed. It's been a bit bumpy with the sellers going back and forth on whether they really wanted to sell. I really need this to happen soon or feel I'll need to walk away from the sale or get dragged along forever in their indecision.

Slithery

runfaraway said:

What goes wrong when you fail to exchange?

Nothing happens.

All parties just walk away and pay their solicitors for all of the work done so far.

runfaraway

Slithery said

runfaraway said:

What goes wrong when you fail to exchange?

Nothing happens.

All parties just walk away and pay their solicitors for all of the work done so far.

Sorry, got myself turned around in the thread and was reading someone's post saying they tried to exchange but it failed on the day and not realising it was pages ago.

I meant what could go wrong to make an exchange fail once everyone and their solicitor has finally agreed it will happen imminently?

nekr0mantik

runfaraway said:

Slithery said

runfaraway said:

What goes wrong when you fail to exchange?

Nothing happens.

All parties just walk away and pay their solicitors for all of the work done so far.

Sorry, got myself turned around in the thread and was reading someone's post saying they tried to exchange but it failed on the day and not realising it was pages ago.

I meant what could go wrong to make an exchange fail once everyone and their solicitor has finally agreed it will happen imminently?

It is not legally binding until exchange happens so up to the point of telling your solicitor that you good to exchange after they got the signed contract and funds cleated then anyone can walk away or cancel.

Durban

nekr0mantik said:

Anyone else who bought leasehold recently had situation where management company solicitors still not answered all queries after 1 months? They been really slow took them 2 months to send management pack out and at first kept saying no one requested it! Now my solicitor raised queries against it 1 months ago.

Yes, unfortunately leasehold takes longer and can be a pain. 

I have recently sold a flat and a very good tip by the estate agent was not to wait for the solicitor to request the management pack but to request it ourselves as soon as we accepted an offer. 

We did this but it still took time and I had to keep chasing up the management company. 

Are you the buyer or seller because if you are the seller can you contact them yourself? 

nekr0mantik

Durban said:

nekr0mantik said:

Anyone else who bought leasehold recently had situation where management company solicitors still not answered all queries after 1 months? They been really slow took them 2 months to send management pack out and at first kept saying no one requested it! Now my solicitor raised queries against it 1 months ago.

Yes, unfortunately leasehold takes longer and can be a pain. 

I have recently sold a flat and a very good tip by the estate agent was not to wait for the solicitor to request the management pack but to request it ourselves as soon as we accepted an offer. 

We did this but it still took time and I had to keep chasing up the management company. 

Are you the buyer or seller because if you are the seller can you contact them yourself? 

Im buyer.

My solicitor has the pack 2 weeks ago so that part is over but now the long time is waiting for managing company to answer the queries made by my solicitor. Been over 2 weeks!

NotWhereIWantToBe

Im buyer.

My solicitor has the pack 2 weeks ago so that part is over but now the long time is waiting for managing company to answer the queries made by my solicitor. Been over 2 weeks!

I am also hanging around waiting on a management company .
First they took the full 30 (working) days allowed to send the management pack over, and now equally as slow with enquiries.
My vendor is getting ratty with me over completion dates but it is her management company causing the delay ! 
And breathe 

nekr0mantik

NotWhereIWantToBe said:

Im buyer.

My solicitor has the pack 2 weeks ago so that part is over but now the long time is waiting for managing company to answer the queries made by my solicitor. Been over 2 weeks!

I am also hanging around waiting on a management company .
First they took the full 30 (working) days allowed to send the management pack over, and now equally as slow with enquiries.
My vendor is getting ratty with me over completion dates but it is her management company causing the delay ! 
And breathe 

ha we in the same boat

my vendor wants to complete by mid June but its looking less likely now.

my side is all ready to exchange if the last enquires are answered and there is no further information required

NotWhereIWantToBe

nekr0mantik said:

NotWhereIWantToBe said:

Im buyer.

My solicitor has the pack 2 weeks ago so that part is over but now the long time is waiting for managing company to answer the queries made by my solicitor. Been over 2 weeks!

I am also hanging around waiting on a management company .
First they took the full 30 (working) days allowed to send the management pack over, and now equally as slow with enquiries.
My vendor is getting ratty with me over completion dates but it is her management company causing the delay ! 
And breathe 

ha we in the same boat

my vendor wants to complete by mid June but its looking less likely now.

my side is all ready to exchange if the last enquires are answered and there is no further information required

Yes !
I wanted 10th June completion but nowhere near exchange so now I have asked for 8th July completion to tie in with when I have to give notice.
You have to be so patient !

MickeyFTB

Hi everyone! Been a few weeks since I last posted but thought I best come on and give an update. 

After nearly 10 months we finally exchanged and completed on Friday and are now in our new home - finally!

We were originally meant to complete last year but after houses being added into the chain, 3 mortgage extensions and two failed exchanges we finally got there! 

For anyone still hanging on like we were, you’ve just got to think how much do you want that house and go with your gut - we could have walked away so many times but I’m so glad we hung on because it feels so surreal to finally own it!

I hope all of your purchases go much smoother than ours and you have the keys soon.

Now to figure out what room to decorate first!