The NEW waiting to exchange thread...

Ksw3

I'm so sorry HWBY. Can we cry together?

We had our offer accepted in April. Just found out there's an issue with probate (don't wish to say more in fear that it's outing). It could take many months to resolve.

It's taken us many years to save for a deposit and a few more to get an offer accepted having been constantly outbid. Our mortgage expires soon and interest rates keep on climbing. If we have to re-apply that's an extra £200+ a month.

The cost of living crisis keeps swirling around my head and is not helping at all. Even if we pull out we will still face raising rates and the pain of trying to fit viewings in around work and the disappointment of missing out to higher bids on another 10 or so houses. It feels like we are buying at the highest asking price with soon the highest interest rates (in recent years). It doesn't feel very fair.

HWBY

Ksw3 said:

I'm so sorry HWBY. Can we cry together?

We had our offer accepted in April. Just found out there's an issue with probate (don't wish to say more in fear that it's outing). It could take many months to resolve.

It's taken us many years to save for a deposit and a few more to get an offer accepted having been constantly outbid. Our mortgage expires soon and interest rates keep on climbing. If we have to re-apply that's an extra £200+ a month.

The cost of living crisis keeps swirling around my head and is not helping at all. Even if we pull out we will still face raising rates and the pain of trying to fit viewings in around work and the disappointment of missing out to higher bids on another 10 or so houses. It feels like we are buying at the highest asking price with soon the highest interest rates (in recent years). It doesn't feel very fair.

Yes, let's cry together! That sounds awful. The interest rates are swirling round our heads too - we've already decided that if we need to apply for a new mortgage we'll pull out, take a month or two off, and start looking for somewhere else cheaper. We can't justify the increased mortgage on that price of property with everything else going on.

It's not fair at all. We work hard, save up, do everything that we're meant to... and lose out through no fault of our own. 

What are you thinking of doing? Applying for a new mortgage and waiting? Or starting the search again?

hpsauce86

HWBY said:

Been sick with anxiety all week, and it's starting to look like our mortgage offer will expire on the 7th October before we even exchange. I've heard lenders are refusing to extend offers in light of interest rates increasing so much.

Offer was accepted 2nd March, initially aiming for May, didn't happen. Then June, then July... We started insisting it had to be August, because my wife starts a new job and we need to move. And still nothing...

Last week it was revealed that our vendors' solicitor is leaving the firm and no one has been able to get in touch with her. Our vendor has no idea where things are with their onward purchase because they've been unable to get through to their own solicitor for weeks. Their estate agents has collapsed and disappeared.

Vendors' firm has now told our solicitor that they need another week to transfer the case internally before continuing. I know that our part is all done, they just need to review some forms from the Land Registry and we're ready to exchange. But we have no idea what's going on up the chain.

It's a chain of three people! What's the delay?! How can solicitors be allowed to blank their clients and work for months and continue on scott-free?!

To top it off, our landlady said today she wants us to either sign a new tenancy agreement or leave after our contract ends on the 12th October, putting us in another serious bind. We don't have any friends or family to stay with, and obviously don't want to sign another rental contract while still hoping this transaction might complete. We're stuck.

I'm just so tired of this whole thing. I've been anxious for months but just sat right, telling myself it'll get done... And now it looks like it won't and we have nowhere to live. Any other mortgage will cost us hundreds more a month. We've been bent over raw about the whole thing and the feelings of powerlessness and lack of control is stopping me from sleeping and concentrating at work. I just hate it.

You can get a mortgage extension of 4 weeks. Unless your situation has changed in terms of work etc. You just need to contact the lender or your broker when you have less than 4 weeks left on your current offer. 

We got ours extended with NatWest as our vendors solicitor is taking the Michael. We had our offer accepted 5th February. Infuriating!

Ksw3

Our mortgage is with Barclays and they don't tend to offer extensions especially if you haven't exchanged 

We had got to the point of thinking we would take a month or so out of looking when we found out we got this house. I think it's a very sensible idea when it all feels a bit much. I worry I'll get in to the mentality of any house will do and then buying a house made of cardboard built on a coal mine just so I have something.

We have asked for more information about the probate situation as the estate agent who informed us is a bit clueless and often just plain wrong. I've been trying to get hold of the solicitors for the last month but no-one answers their emails, or their voicemails or the phone. I think we will wait until the mortgage expires and then look at everything again before deciding. 

I really hope things work out. It must be awful and at times all consuming. I hope there are moments of relief however short. 

hpsauce86

Ksw3 said:

Our mortgage is with Barclays and they don't tend to offer extensions especially if you haven't exchanged 

We had got to the point of thinking we would take a month or so out of looking when we found out we got this house. I think it's a very sensible idea when it all feels a bit much. I worry I'll get in to the mentality of any house will do and then buying a house made of cardboard built on a coal mine just so I have something.

We have asked for more information about the probate situation as the estate agent who informed us is a bit clueless and often just plain wrong. I've been trying to get hold of the solicitors for the last month but no-one answers their emails, or their voicemails or the phone. I think we will wait until the mortgage expires and then look at everything again before deciding. 

I really hope things work out. It must be awful and at times all consuming. I hope there are moments of relief however short. 

I’m not sure that’s true. We haven’t exchanged. Ask king street on here. Definitely worth asking anyway! 

Yeah it’s a rubbish situation, buying a home is hard. We’ve been trying to buy for 5 years and this is the first we have had an offer accepted on. I definitely feel your pain! 

noscrazy

·        21/06/2022 - Offer accepted

·        21/06/2022 - Mortgage application submitted

·        23/06/2022 - Underwriting agreed subject to valuation

·        30/06/2022 - Valuation

·        15/07/2022 - Mortgage offer

·        16/07/2022 - Searches ordered

·        22/07/2022 - Searches completed

·        22/07/2022 - Enquiries submitted

·        26/07/2022 - Survey

·        28/07/2022 – Informed only one enquiry left and we should start prepping for our deposit to be transferred over

·        29/07/2022 – Enquiries completed. LISA fund withdrawal started, given mortgage deeds, transfer deeds and contract to sign. Informed vendor is on holiday for next week or 2 and then we will be ready to exchange/complete. No official exchange date given just yet.

·        02/08/2022 – Survey received, everything seems OK and we are still proceeding

·        04/08/2022 – All signed documents returned to my solicitor

·        12/08/2022 – Agreed completion date proposed of 26th August – Yay!

·        18/08/2022 – Officially exchanged today, with completion still agreed for 26th Aug

·        26/08/2022 – Completed at 12PM!! Wooooo!

SandyN21

noscrazy said:

·        21/06/2022 - Offer accepted

·        21/06/2022 - Mortgage application submitted

·        23/06/2022 - Underwriting agreed subject to valuation

·        30/06/2022 - Valuation

·        15/07/2022 - Mortgage offer

·        16/07/2022 - Searches ordered

·        22/07/2022 - Searches completed

·        22/07/2022 - Enquiries submitted

·        26/07/2022 - Survey

·        28/07/2022 – Informed only one enquiry left and we should start prepping for our deposit to be transferred over

·        29/07/2022 – Enquiries completed. LISA fund withdrawal started, given mortgage deeds, transfer deeds and contract to sign. Informed vendor is on holiday for next week or 2 and then we will be ready to exchange/complete. No official exchange date given just yet.

·        02/08/2022 – Survey received, everything seems OK and we are still proceeding

·        04/08/2022 – All signed documents returned to my solicitor

·        12/08/2022 – Agreed completion date proposed of 26th August – Yay!

·        18/08/2022 – Officially exchanged today, with completion still agreed for 26th Aug

·        26/08/2022 – Completed at 12PM!! Wooooo!

Wow - that was quick.  Congrats

mojo293

Hoping for some good news this week on my buyers mortgage offer, and any remaining enquiries, and hopefully we can start looking at Exchange/Completion dates. Some point next week would work for me! 

euphoriik

Completion day anxiety! My mortgage application with NatWest says that my mortgage is now live, got an email from my solicitor saying they haven’t yet received the funds, can’t wait until this is all done! 😖

RyanPugh

Current state of affairs for me and my partner (FTB Leasehold)
23/07/22 - Offer accepted & DIP submitted with mortgage advisor
27/07/22 - Mortgage Application submitted
02/08/22 - Initial conveyancing paperwork
03/08/22 - Searches ordered
08/08/22 - Mortgage valuation
10/08/22 - Draft contract papers received
12/08/22 - Mortgage offer (lender undervalued the property so we had to meet in the middle with the buyer and agreed a slightly lower price)
22/08/22 - Received title plan, SDLT declaration, Fixtures & Fittings etc.
23/08/22 - Level 3 Survey (awaiting report)

Seems like the things holding us up at the moment is local authority searches & the management pack - good old councils!

Agent said he'd be disappointed if we haven't completed by mid-October at the latest - both us and the vendor are looking for a quick transaction (no chain either side), we're just itching to move in!