The NEW waiting to exchange thread...

DiyVirgin

@Golden_Glow90 what a pain about not exchanging but relieved for you that the new builder is playing ball and not putting it back on the market.
Hopefully its all gone through this morning 

mojo293

mojo293 said:

Potential issue with my sale, when I chased the EA for an update yesterday. My buyer still hasn't had his mortgage offer through (joint mortgage with him and his wife) from his current lender, and its been about 3 weeks now I believe.

His financial advisor is telling the EA that they don't understand the hold up from the lender, and there are no issues as far as they are aware. There is pressure now coming from the top of the chain, but we also have a slight delay till 2nd August when my final local search is due back. I believe after that, we were aiming to start looking at dates for exchange/completion, so potentially mid-august.

My buyer has approached another lender as a back up, and there is talk this lender may be looking to arrange a valuation survey of my property. But the EA is also suggesting she would make an ultimatum to my buyer that if they don't get things back on track one way or another by the end of this week, we put my property back on the market.

This is obviously the nucelar option, as I don't want to go through the whole listing and viewing thing again, if possible, and doubt we'd get new buyer onboard and sorted quick enough to satisfy my sellers deadline of End of August.

Just got to hope my buyer can either get his existing mortgage application sorted one way or another, or press the button on a new one which can hopefully move quicker, while we have this 2 week delay window waiting for the local search to come back.

I really hope we can avoid going back on the market though. 

Well, the start of week 9 of the process and another week of waiting and my buyer still doesn't have their mortgage offer through from their first or 2nd applications, however their mortgage advisor has told the Estate Agent (acting as go-between) that the 2nd is imminent, and at the final stage of the application. After discussing it, have agreed to give them to the end of this week (as my final search on purchase due tomorrow), but if nothing through by Friday, then reluctantly, the house goes back on the market.

However one good thing, my vendors have said that they still want to sell to me (probably due to how far on I am in the purchase, and to avoid remarketing themselves), and they will wait for me if I have to go back on the market. They initially set the end of August deadline, and have said even if their onward purchase falls through they will rent temporarily to allow time (within reason) for my sale to go through with this or another buyer. I have asked the EA to pass on my thanks for their patience and for potentially allowing me the extra time.

Hopefully though, my buyers mortgage can be approved this week, and things can stay on track for the original deadline by end of August, and everyone in the chain can get the house they want. 

SlinkyWeevil

SlinkyWeevil said:

We can finally join this thread now.  Searches are all done, so just waiting on the vendors solicitors to answer the enquiries.  They insist only on postal contact so please pray for us  . We have emailed the estate agent today and said we would like to complete by 31st August considering this is a no chain purchase of the rental house we’re currently living in.  It’s all dependent on the incompetence of the vendors solicitors (who took 6 weeks to send the draft contracts), but we live in hope! 

Enquiries back, and just received the contract and TR1 form to sign and return.  Name spelt wrong on the contract 🙈, but seems like exchange might be on the horizon! 

GlitteryTantrum

SlinkyWeevil said:

Name spelt wrong on the contract 🙈, but seems like exchange might be on the horizon! 

Same thing happened to me! Got an entirely different middle name added.

@Golden_Glow90 I do hope things are moving finally. Good to hear the builders are being reasonable.

We're supposed to be completing Friday, but one solicitor in the chain just isn't responding. Supposed to exchange today or tomorrow (but then, we were expecting to exchange at the end of last week). Don't dare even start packing until the contracts are exchanged. 

euphoriik

Had an update from the EA, the seller and their solicitor have a phone call tomorrow to help fill in a form, I’m hoping because this is all they seem to have mentioned that everything else enquiries wise is done so hopefully I’ll hear something and be able to plan exchanging soon 🤞🏻

GlitteryTantrum

Just heard from our vendor. Solicitor at the top of the chain isn't ready, it'll be a bit longer (end of next week completion).

RIP my frazzled nerves.

Mary_Alice

My Buyer has just  pulled out due to "the cost of living crisis", It was a cash sale and no chain. we were at the draft contract and enquiry stage so 5 weeks in. I am waiting to hear from EA to go through the options. I had 12 offers made after the viewing as it was a final offer type sale. I presume the EA will go down the list to see if anyone else is till interested and start the clock again. The house is empty but insured its very annoying but at least I am not waiting to move in somewhere myself. will I have to pay my solicitors fees for the work they did so far?

Zerforax

Mary_Alice said:

My Buyer has just  pulled out due to "the cost of living crisis", It was a cash sale and no chain. we were at the draft contract and enquiry stage so 5 weeks in. I am waiting to hear from EA to go through the options. I had 12 offers made after the viewing as it was a final offer type sale. I presume the EA will go down the list to see if anyone else is till interested and start the clock again. The house is empty but insured its very annoying but at least I am not waiting to move in somewhere myself. will I have to pay my solicitors fees for the work they did so far?

Depends on the contract with the solicitors. When our sale fell through, they didn't charge us as we used them on the next sale (and presumably they re-used most of the work).

pipscat

Mary_Alice said:

My Buyer has just  pulled out due to "the cost of living crisis", It was a cash sale and no chain. we were at the draft contract and enquiry stage so 5 weeks in. I am waiting to hear from EA to go through the options. I had 12 offers made after the viewing as it was a final offer type sale. I presume the EA will go down the list to see if anyone else is till interested and start the clock again. The house is empty but insured its very annoying but at least I am not waiting to move in somewhere myself. will I have to pay my solicitors fees for the work they did so far?

We had a buyer pull out (after a couple of weeks) not as far along as you - but the Estate Agent went through our list of offers, as suggested to you and we managed to find another buyer - at the same sale price as our cash buyer. We've been in our new home for 4 weeks now so hope it all works out for you  

Zerforax

Finally some good news! Called the solicitors twice today and the second person gave me the answer I wanted (that they would look at the final stuff today). All enquiries have now been satisfied. Looks like exchange tommorrow morning and completion on Friday is the plan.