The NEW waiting to exchange thread...

NotWhereIWantToBe

I have been told today if we don't exchange by the middle of next week then we won't hit our 8th July target. My mortgage offer runs out 27th August and am also unlikely to be able to get another. Anxiously waiting for the very slow management company to answer a few basic enquiries. It doesn't give me hope of having  a good experience with them while living there to be honest ! 

dancingqueenielink

dancingqueenielink said:

Afternoon all, 
so this is where I'm at so far- 

Offer accepted on a house                                    24/03
Offer accepted on our house                                  2/04
We were gazumped                                              14/04
Offer accepted in person on a second house       20/04
Mortgage application submitted                            20/04 
Instructed solicitors                                               20/04
Buyers survey done on our house                        16/05
Mortgage offer back                                            19/05
Enquiries raised on a few things by our solicitors 19/05
Contracts sent out to our buyers                           19/05

We exchanged names and numbers with our buyers and the people we're buying from. We've been in contact with both throughout this to try and speed things up. TBH our solicitors seem to be on the ball with everything and we've got a bit of a complicated buying selling process as I am selling my ex marital home which is in mine and my exs name. And buying a home with my new partner. So i've had to jump through all sorts of hoops getting permissions from ex for me to go ahead and sell (he doesn't have a problem with this but we are opposite ends of the country so a bit of a pain!). I'm hoping it is only another month or so to exchange...i'm not sure what else it to be done aside from the valuation from our mortgage company and searches etc on the solicitors end.

My buyers are cash buyers. And the couple selling to us are buying cash so there is no chain really aside from us three transactions. Anyone have any idea how long it could take to get to exchange from here? I don't really know what else we're waiting on tbh...i might go back and actually read the pack the solicitors gave us to let us know of the process  

Congrats to all who've exchanged since I was last on...I hope we're not too far behind you!

I was answering enquiries up to three pm yesterday as the search came back that our buyer was waiting for 😳😳😳

BUT we did it!!! we exchanged and completed today! Took less than ten weeks by my maths!

Can not believe how quickly it all happened from us thinking we'd be waiting until July to three days to pack up and move out the house. I'm still in disbelief even as I type this from my new house... absolutely exhausted and I don't think that huge rush at the end to get done is for everyone....we will be catching up on sleep I think for the next few week. And trust me to move on the hottest day of the year so far 🤣🙈🔥🔥🔥🥵🥵🥵
🏡🔑🥂🍾

clockworkplanet

Partner and I are FTBs. We’ve been searching for a house since March 2021. We had several offers on several houses rejected until earlier this year. Our timeline so far:

19/02    Viewed property

21/02    Offer made

             EA asks for best and final offers

22/02    Increased offer

             Offer accepted

28/02    Instructed conveyancing solicitor

03/03    Started mortgage application process via broker

13/05    Searches ordered

26/05    Mortgage offer received

10/06    Searches completed

13/06    Attempt to book building survey

Conveyancing has gone fairly smoothly so far, although our solicitors aren’t good at chasing the other side or keeping us informed. Several times we’ve called sols to ask what’s happening to be told they were waiting to receive memo of sale or title plan etc but they haven’t actually chased and they’re perfectly happy to do nothing for weeks on end. So, we’ve had to be pro-active in chasing missing documents from the other side through the sales progressor. Searches came back within the timescales we were given.

Mortgage application felt like a nightmare, broker had problems confirming my partner’s identity due to a bank error and then we had requests for bank statement after bank statement, followed by more statements! Then we received the offer one day out of the blue! Never been so relieved!

Tried to take a logical approach to choosing a RICS surveyor as there was lots of choice, so called up ones on our shortlist for quotes to get a feel for whether we thought they would be easy to work with and answer any questions we might have, as it’s our first time buying and we’re both paranoid about it being a money pit! However, our first choice fell through due to illness and our second choice now isn’t answering phone or emails (although apparently not too busy to update their socials), feel like I may as well have just jabbed a finger at the phone book (I mean, obviously wasn’t using an actual phone book…).

Fingers crossed for completion sometime in July but I’ll also take shortly before Christmas if it means I can get out of rented!! Dreaming of my own garden and a day when I don’t have to share bins with 60 people who don’t know how to use bins!

 

Good luck to all of you in the middle of it right now!

HWBY

AJ1666 said:

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.

If we end up needing to get a new mortgage, we're going to start the process over and look for a house in a cheaper area to offset the increase in monthly costs. As much as I like the current one, I'm not in love with it, and am sure I'll find a house I like just as much or better the next town over. I'm not willing to pay thousands more over the next five years because a stranger wants to faff about!

hpsauce86

Well after much chasing we have heard that the vendor still has several outstanding enquiries on her new build purchase. So now they are saying we won’t exchange or complete until next month, which will probably leave us with paying rent and mortgage at the same time. Our mortgage offer runs out end of August so I really am praying it all goes through by then. Never thought after being told it would be a quick sale that we’d still be in the same place as we were 4 months ago, no further along in the process at all. Have sent a stern email to everyone saying unless the sale goes through next month then we will be forced to pull out. So upset 😭 was really trying to stay hopeful that it’d go through this month but apparently 2 enquiries means another month delay. 

Zerforax

We're about 3 weeks into the process of buying a house.

Now just had a call from a previous house we had offered but they took off the market at the start of May.

Mkk298

hpsauce86 said:

Well after much chasing we have heard that the vendor still has several outstanding enquiries on her new build purchase. So now they are saying we won’t exchange or complete until next month, which will probably leave us with paying rent and mortgage at the same time. Our mortgage offer runs out end of August so I really am praying it all goes through by then. Never thought after being told it would be a quick sale that we’d still be in the same place as we were 4 months ago, no further along in the process at all. Have sent a stern email to everyone saying unless the sale goes through next month then we will be forced to pull out. So upset 😭 was really trying to stay hopeful that it’d go through this month but apparently 2 enquiries means another month delay. 

Really feel for you. You seem to have had some really bad luck!

Megaross

Timeline for me
Oct 20 - List property for Sale
Feb 21 - Sell it
March 21 - Find onwards purchase
May 21 - Conveyancing completed for both
June 21 - Failed exchange and completion, all boxed up, beginning of protracted issues with a septic tank permit down the chain
Aug 21 - Give in a prepare to sell my property and move into rented, find out buyer decided not to proceed but hadn't told his solicitor or his grandmother who was buying him the property in cash (some people...)
Sep 21 - Sell property no onward chain
Jan 22 - Move out, things in storage, move in with a friend
Feb 22 - Finally Sell property
Mar 22 - Seller of the problematic property drops out, the permit was due to be granted within the next 2 weeks (Environment agency timeline was 4 months on application). My sellers ask for a sizable amount more money or they'll relist - forced to pay it due to lack of any other suitable housing on the market. Pay to renew searches, pay to renew mortgage (already paid extra legal fees due to the timeframes) now the barrel is dry as a dry thing
June 22 - Told we're ready to exchange, due to my mortgage being due to expire on the 1st of July we must now complete and exchange same day.

Awaiting the chain to agree to this now. It's a tense time eh? Got a slug left in a bottle of very expensive cognac I've been saving for that agreement bit, lets hope I get to taste it soon...

esubbs

Tentatively stepping back in here...
We completed on the sale of our property last December and have been living with my parents ever since, while continuing the search for a purchase. Fingers crossed we have finally found one.

8th June - property marketed. Called EA to book a viewing to be told as the viewings were being done by themselves all slots that week filled already. 
9th June - EA rang back to say they had a cancellation if we wanted it.
10th June - Viewing, we were the second of the day. Offered on the way home from viewing. Three offers put forward to the vendor at lunchtime who accepted ours over a cash buyer based on us being more agreeable (apparently the cash buyer did nothing but complain the whole way round the viewing and has made a name for himself as a difficult customer) and able to move quickly. Remaining viewings cancelled and property marked as SSTC as we already had proof of funds and ID ready.
13th June - solicitor instructed, Memo of sale issued and full mortgage application submitted.
16th June - desktop mortgage valuation undertaken
20th June - Mortgage approved by underwriters, offer pending valuation report...

And so we wait. I know we're still very early days yet but it seems a long time coming after we initially put our previous property up for sale and started searching for a new home in March of last year. The vendor has already moved out due to health issues and there is no chain, 8 year old house she has owned since new. Theoretically it should be a fairly straightforward one but you know what happens to those!

honeyimhome

Hi all. So glad i found this thread as it's nice to know other people are feeling the same way I am!
We are FTB.

Offer accepted on 16/04
Solicitors appointed 20/04
mortgage application done 28/04
mortgage offer received 06/05
Searches ordered 
Searches back 17/05
Survey done 24/05

Our solicitor then left the company on a random Wednesday with two days notice to us. They said they would appoint a new solicitor to us the following week, however after not hearing anything it turns out she never started. We waited 3 weeks altogether for a new solicitor, who finally raised the enquiries on 12/06 and requested the management pack (I've read this can take ages!!! )
Now waiting for the enquiries to be responded to so that we can sign contracts and proceed...