The NEW waiting to exchange thread...

HWBY

Offer accepted on the 2nd March, mortgage approved, searches done, vendors have had an offer accepted, their vendor had an offer accepted on a chain-free property on the 25th May... and still no movement.

I'm starting to get antsy about our mortgage offer expiring come September. I've hinted that we need to move by September, but if nothing happens by July we're going to have to tell them we'll pull out if exchange doesn't happen soon.

Perhaps we're impatient, but I'm sick of renting and won't be happy getting a new mortgage with a higher interest rate. We'll go further out and get a cheaper house if we need to pay more in interest.

Sorry, it's just so frustrating, as I'm sure everyone here knows!

AJ1666

HWBY said:

Offer accepted on the 2nd March, mortgage approved, searches done, vendors have had an offer accepted, their vendor had an offer accepted on a chain-free property on the 25th May... and still no movement.

I'm starting to get antsy about our mortgage offer expiring come September. I've hinted that we need to move by September, but if nothing happens by July we're going to have to tell them we'll pull out if exchange doesn't happen soon.

Perhaps we're impatient, but I'm sick of renting and won't be happy getting a new mortgage with a higher interest rate. We'll go further out and get a cheaper house if we need to pay more in interest.

Sorry, it's just so frustrating, as I'm sure everyone here knows!

I know the feeling, our mortgage offer expires in October.
I'm not sure how much your bank can extend it, mine only extends it by 1 month max.

HWBY

AJ1666 said:

HWBY said:

Offer accepted on the 2nd March, mortgage approved, searches done, vendors have had an offer accepted, their vendor had an offer accepted on a chain-free property on the 25th May... and still no movement.

I'm starting to get antsy about our mortgage offer expiring come September. I've hinted that we need to move by September, but if nothing happens by July we're going to have to tell them we'll pull out if exchange doesn't happen soon.

Perhaps we're impatient, but I'm sick of renting and won't be happy getting a new mortgage with a higher interest rate. We'll go further out and get a cheaper house if we need to pay more in interest.

Sorry, it's just so frustrating, as I'm sure everyone here knows!

I know the feeling, our mortgage offer expires in October.
I'm not sure how much your bank can extend it, mine only extends it by 1 month max.

We're with Natwest, I've seen conflicting no chance of extension or maybe one month maximum. My wife has a new job starting in September in the area we're moving to, so we need to be there by then! 

AJ1666

HWBY said:

AJ1666 said:

HWBY said:

Offer accepted on the 2nd March, mortgage approved, searches done, vendors have had an offer accepted, their vendor had an offer accepted on a chain-free property on the 25th May... and still no movement.

I'm starting to get antsy about our mortgage offer expiring come September. I've hinted that we need to move by September, but if nothing happens by July we're going to have to tell them we'll pull out if exchange doesn't happen soon.

Perhaps we're impatient, but I'm sick of renting and won't be happy getting a new mortgage with a higher interest rate. We'll go further out and get a cheaper house if we need to pay more in interest.

Sorry, it's just so frustrating, as I'm sure everyone here knows!

I know the feeling, our mortgage offer expires in October.
I'm not sure how much your bank can extend it, mine only extends it by 1 month max.

We're with Natwest, I've seen conflicting no chance of extension or maybe one month maximum. My wife has a new job starting in September in the area we're moving to, so we need to be there by then! 

I'm with Natwest as well. When I called them they told me it can only be extended 1 month. However you can only try extending it during the last month. 

I'm dreading the offer expiring, interest rates would have gone up a percent higher then what I have now. It will probably £100+ per month extra because of the delays.

julicorn

I'll join this thread properly now, because we finally have a full chain together!

It's a bit of a messy one, 6 properties total with us being somewhere near the bottom/middle, and a probate bungalow at the top. We've got most of our paperwork sorted (a couple more leasehold-related enquiries), the people above us have to play catch-up now. Our mortgage offer expires on the 2nd of October I believe, we're with Nationwide who I don't think offer extensions? Ah well, we're crossing our fingers to get things wrapped up by then, it would be nice!

hpsauce86

Still waiting. The vendors new build is ready, though still 2 outstanding enquiries. I seem to be the only one chasing them up, her solicitor seems to just wait for things to come to them. 

The developer of the vendors new build is saying they’ll complete by end of June, but (rightly) the vendors solicitor won’t talk about dates until the enquiries are all answered. 

So frustrating. 10 days left of this month to give notice on our flat if we want to move out in July. 😩🥺

ShilvaA

FTB here.
So we have signed our exchange contracts, sent over our deposit and paid our fees. Moving date agreed between us all for 18th July.
Our mortgage offer runs out on the 8th August, if something goes wrong and we don’t complete by then we have to pull out. We cannot extend the offer.
We secured our 2.49% interest rate beginning of Feb, the same mortgage will cost us around £200 more a month if we had to do it again…. We just can’t justify that with other rising costs,
We are buying a lot of furniture from our Vendors but none of that was in the Fixtures and Fittings form when we signed contracts, so I assume we are doing a private sale for those, doesn’t bother me, just hope that it doesn’t cause any problems.
Just waiting on Exchange now.

This whole process has been agony, This is the first and last house I ever buy!

hpsauce86

ShilvaA said:

FTB here.
So we have signed our exchange contracts, sent over our deposit and paid our fees. Moving date agreed between us all for 18th July.
Our mortgage offer runs out on the 8th August, if something goes wrong and we don’t complete by then we have to pull out. We cannot extend the offer.
We secured our 2.49% interest rate beginning of Feb, the same mortgage will cost us around £200 more a month if we had to do it again…. We just can’t justify that with other rising costs,
We are buying a lot of furniture from our Vendors but none of that was in the Fixtures and Fittings form when we signed contracts, so I assume we are doing a private sale for those, doesn’t bother me, just hope that it doesn’t cause any problems.
Just waiting on Exchange now.

This whole process has been agony, This is the first and last house I ever buy!

You’ll be ok. Everyone will get it done right, otherwise they face paying money out. Yeah I think fixtures and fittings sorted separately, we aren’t taking anything from ours but our solicitor said that’s what would happen is we did. 

Hopefully you’re not far off exchange, we signed the contracts 1.5 months ago now 😔 it’s so frustrating. 

Mkk298

We’re still supposed to be completing next Friday, everything signed and paid for, mortgage funds being released the day before.. but we still haven’t exchanged! 

Choirgrl

Were (are?) due to be exchanging and completing on an inherited property today. Offer accepted from no-chain cash buyers in October. We always knew the process would be slow because the management company/housing association are hopeless. Various factors have made it even slower. Then at the last minute an S20 notification has arrived, which of course has to be disclosed to the buyers. The notification makes it clear that the work will be carried out by using funds already in the maintenance account, no additional charges are being made, so hopefully it won't result in buyers wanting a reduction in price, but it's looking less and less likely everything will be done and dusted today.