The NEW waiting to exchange thread...

hpsauce86

Mkk298 said:

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!

Thank you. Yeah it’s a bit of a joke at this point. We really don’t want to lose the house so I guess it’s just a waiting game. At least I’ve managed to get everyone speaking to each other now and two estate agents chasing the developer as the vendors solicitor seems very happy to sit on her hands. Hopefully with the added pressure and our stern email helps get it over the line. Just crazy how we were told it would be a quick sale and here we are. 

4 groups of pals also offered on houses much after us and have all moved in now, adds to the frustration especially when we were looking and offering for 3 years without getting anywhere. Guess it’s just the way the cookie crumbles sometimes! 

Raterfly

Been lurking for a while but can now get involved as think we are nearly there

Selling my house to my son with gifted equity and buying somewhere else for myself

on the purchase
Offer Accepted 25/02
solicitors instructed 26/02
Searches ordered 26/02
Mortgage offer received 02/03
enquiries raised with vendor 04/04
Final property report received 17th May

On the sale (to my son so I thought it would be easy but has caused hte most delays)
offer accepted 20/02
Mortgage offer received 22/03 - took a while as it was gifted equity
solicitors instructed 21/03
Searches requested 04/05 - delayed by over a month as his solicitors sat on the case, waiting for ID check that they didnt inform him of
Searches back  21/05
Enquiries raised with Vendor - 26/05
Report on searches, mortgage and title - 15/06
awaiting contract for signature after some docs are amended by my solicitor 20/06

It feels like the end is in site, my vendors are pushing for exchange for a while and I am glad they have been patient. They are moving back in with family so only 3 in the chain.

nicknameless

hpsauce86 said:

Mkk298 said:

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!

Thank you. Yeah it’s a bit of a joke at this point. We really don’t want to lose the house so I guess it’s just a waiting game. At least I’ve managed to get everyone speaking to each other now and two estate agents chasing the developer as the vendors solicitor seems very happy to sit on her hands. Hopefully with the added pressure and our stern email helps get it over the line. Just crazy how we were told it would be a quick sale and here we are. 

4 groups of pals also offered on houses much after us and have all moved in now, adds to the frustration especially when we were looking and offering for 3 years without getting anywhere. Guess it’s just the way the cookie crumbles sometimes! 

Fingers and toes crossed for you.

SlinkyWeevil

Just to add our two pennies on this, we are right at the start of the process chomping at the bit to get going.  We had an offer accepted 10/05, applied for mortgage same day, and are still waiting on both the mortgage offer and the draft contracts.  Been unable to get anything done without the draft contracts and this is on a no chain purchase of the house we are currently renting.  Infuriating. 

Megaross

Now at a stalemate, my solicitor is insisting same day exchange and completion to mitigate my risk of the mortgage expiring should delays occur.

The solicitor in the middle who has frankly been an !!!!!! the entire way (opinion of me, the sellers and the EA) is insisting on a week between exchange and completion.

Waiting for the solicitors to do battle, imagine it's a bit like tekken over the phone.

Though I make light of it, the amount at stake at this point I cannot even begin to wrap my head around.

Probably out of self defense after what I've been through so far

Lots of chasing to be going on today.

babyblade41

Megaross said:

Now at a stalemate, my solicitor is insisting same day exchange and completion to mitigate my risk of the mortgage expiring should delays occur.

The solicitor in the middle who has frankly been an !!!!!! the entire way (opinion of me, the sellers and the EA) is insisting on a week between exchange and completion.

Waiting for the solicitors to do battle, imagine it's a bit like tekken over the phone.

Though I make light of it, the amount at stake at this point I cannot even begin to wrap my head around.

Probably out of self defense after what I've been through so far

Lots of chasing to be going on today.

I know how stressful it is but there maybe good reason why they can't do same day. exchange & completion 

I know when we move house we always state at the start that we need 2 weeks in-between exchange & completion.

There would be not a chance of doing same day as we have animals that we need to arrange for collection 

Megaross

babyblade41 said:

Megaross said:

Now at a stalemate, my solicitor is insisting same day exchange and completion to mitigate my risk of the mortgage expiring should delays occur.

The solicitor in the middle who has frankly been an !!!!!! the entire way (opinion of me, the sellers and the EA) is insisting on a week between exchange and completion.

Waiting for the solicitors to do battle, imagine it's a bit like tekken over the phone.

Though I make light of it, the amount at stake at this point I cannot even begin to wrap my head around.

Probably out of self defense after what I've been through so far

Lots of chasing to be going on today.

I know how stressful it is but there maybe good reason why they can't do same day. exchange & completion 

I know when we move house we always state at the start that we need 2 weeks in-between exchange & completion.

There would be not a chance of doing same day as we have animals that we need to arrange for collection 

There's a very good reason they can't have time between exchange and completion though.

I don't really want to do it either but unfortunately they've taken so long we are where we are.

It's either go or wait a lot longer for me to get a new mortgage and I'm out several thousand more on top of the thousands I've already hemorrhaged over the past 15 months. That's the reality - we have to just get it done now.

Odds are if I've waited for them for this long I'm not screwing them over on a same day exchange and completion. It's simply a requirement or my mortgage company could get funny and say "Too risky, yoink" and I'm up the creek

AJ1666

Can the mortgage offer expire after exchanging contracts?
At what point is the mortgage locked in and can't expire? 
Is that at the exchange or is it at completion. 

I'm wondering where I need to be. 

julicorn

AJ1666 said:

Can the mortgage offer expire after exchanging contracts?
At what point is the mortgage locked in and can't expire? 
Is that at the exchange or is it at completion. 

I'm wondering where I need to be. 

It's the completion date that matters. 

AJ1666

julicorn said:

AJ1666 said:

Can the mortgage offer expire after exchanging contracts?
At what point is the mortgage locked in and can't expire? 
Is that at the exchange or is it at completion. 

I'm wondering where I need to be. 

It's the completion date that matters. 

I need to complete by October then. Still some time but I'll have to badger my solicitor alot.
Annoyingly they barely respond to emails so I have to keep calling.