The NEW waiting to exchange thread...

Chloe010

We’re back on track and the chain is waiting for us now (despite upward and downward chain dragging their heels for 10 weeks, they’re now chasing us daily). 

Our conveyancer has found an issue which needs declaring to the lender (NatWest) for valuation consideration and approval. Does anyone know how long this takes? Our mortgage offer was issued in less than a week back in April but I’m not sure if we’re looking at weeks or days of delay!

honeyimhome

salduck said:

honeyimhome said:

salduck said:

Im trying so hard to not get impatient! 
Offer accepted 24/4 Mortgage offer through on 20th May. Solicitor has said all searches etc were complete when i spoke with them 3 weeks ago- We were awaiting the leaseholder pack. Emailed Monday for update-, chased on Thursday- Still no response! Phone call Monday i think! 

I know im only 9 weeks out but i have to hand in notice on rental property on 28th of A month and was hoping that would be june for a mid july completion! Looking more likely to be July now if things havent moved!

I did email estate agents too who said they couldnt do anything! 

Will see what Monday brings!

I feel your pain I am a week ahead of you and also waiting for the management pack. Supposedly a 14 day turn around so should be here today… I will be emailing also!!!!

I spoke to mine today! Allegedly it can take upwards of 3 months!!!! im 9 weeks in so am literally playing a waiting game now!

3 months!!!! I haven’t heard from mine yet. Will ask today for an update. Surely there must be a way to get it quicker!

mojo293

I'm roughly 3-4 weeks into the process of selling my house and buying the next one, and so far things seem to have gone ok.

27/05/22 - Accepted Offer on my house (Freehold) - Buyer is mortgaged with nothing to sell;
30/05/22 - Instructed Solicitors (recommended by EA) to commence work on sale;
06/06/22 - Offer accepted on next house (Leasehold) - Sellers are commited to selling, even if their next purchase is delayed or falls through (they will rent), and advised offer accepted on condition of being able to complete by end of August (for kids starting new schools), All parties suggest this is achievable with aim of 8-12 weeks average timescale;
06/06/22 - Mortgage Application submitted;
08/06/22 - Solicitors confirm work staretd on purchase of next house;
08/06/22 - Fixtures & Fittings and PIF forms recieved and returned to Solicitor;
13/06/22 - Copy of Lease and F&F/PIF recieved from Solicitors (from vendors);
13/06/22 - Draft Contract receved from Vendors Solicitor;
15/06/22 - Mortgage Offer issued, New house valuation carried out (desktop valuation)
16/06/22 - Draft Contract sent to buyer solicitor;
21/06/22 - Mortgage Offer received;
23/06/22 - EA confirmed my buyers valuation had also been carried out (desktop valuation);
24/06/22 - My Solicitor confirms cost to get a freehold purchase valuation and price quoted to vendors in 2016 to purchase the freehold. I can request/approach to buy 'informally' at any point, but to go 'formal route' I have to have been leaseholder for min. 2 years;

Last I heard from the after sales person at the EA was that searches were well underway on both properties, so guess subject to this phase, the next I hopefully hear is a potential exchange date?

So, with a fair wind and everything going as it (hopefully) should, we are currently aiming for an exchange/completion of around early August, I believe, but hopefully no later than my vendors deadline of the end of August.

Last houses I sold/bought back in 2009 took 8-9 weeks in total, but both were Freehold.

mpa91

Has anyone had any experience of obtaining a Deed of Covenant? I understand this is now the only item outstanding for our sale (good to go on purchase). I assume it is provided by the freeholder, and I'm hoping that as a HA they have a standardised template that can be shared relatively quickly. Or is that wishful thinking? 

honeyimhome

Our management pack has now been received after two weeks but our solicitor doesn’t have time to look at our report this week 😫 they say they will look over it next week… feeling fed up

Megaross

Looking promising to exchange and complete Thursday, still waiting on confirmation from the sellers solicitors he's happy with the replies but looking positive. Will 15 months of life shortening, bank lightening hell come to fruition...

pipscat

Megaross said:

Looking promising to exchange and complete Thursday, still waiting on confirmation from the sellers solicitors he's happy with the replies but looking positive. Will 15 months of life shortening, bank lightening hell come to fruition...

Hope it all goes well. We're due to exchange this week with a completion date agreed for Monday! Although we've not been waiting near as long as you have! They are right when you say it's one of the most stressful things you can do.

hpsauce86

Good luck @Megaross

Still nothing here. Estate agent said there’s something with the access they need to sort out (for the vendors new build purchase).

Missed the boat to hand in notice so I’m going to let it rattle on or we’ll have a 6 week overlap on our rental and the new house which I’ve been trying to avoid. 

ShilvaA

We are ready to exchange…. Solicitor has our deposit and fees.

We got an email from our solicitor saying that our vendor's solicitor is hoping to be in a position the exchange this week. We all previously agreed completion on the 18th July.

Fingers crossed…. Our mortgage offer runs out on the 8th August…. It’s all or nothing, we cannot get a mortgage to lend us this amount now because my overtime has dried up (which is typical through March-September) and even if they could lend us that much…. With Interest rates up, it would apparently cost us an extra £260 a month if we re-applied.

I am religiously checking my emails! 

EssexJay

So I am 6 weeks into a no chain buy as a FTB and my solicitor is beyond belief when it comes to communication. In 6 weeks I have called twice and replied to 3 emails requesting documents. This she classes as being impatient and chasing her to much. Last week i called as the seller is signing there contract today and i asked what the outstanding queries are, I was told ''I dont know without looking at your file''. I mean forgive me if I am wrong, but it is possible to go and get a file ?

Anyway, the seller wants to complete on 19/08 and we are desperate for that date as it will give us a week to get our rental up to scratch in between. I just dont understand how solicitors charge good money for the work but have no ability to communicate with clients, its like a surgeon saying ''Im going to open you up and do this, this and this but i cant answer any questions for you as i dont have your file infront of me'', ild be out that office in double time.