The NEW waiting to exchange thread...

trakky14

Richiem1987 said:

Had another update today. 

LMS have finally re-instated my mortgage offer on the portal, and my solicitor has now requested funds from NatWest. I haven't had confirmation yet from them, but I am hoping to get that tomorrow, then hopefully exchange tomorrow afternoon, or semi-worst case, same day exchange and completion on Friday, but I doubt vendors will agree to that, and worst case, it gets delayed into next week (which would be the 4th time it has been delayed). I just hope the vendors have at least booked removals despite the delay on exchanging. 

I am expecting the worst

Hard not to isn't it?! Fingers crossed 

hpsauce86

Richiem1987 said:

Had another update today. 

LMS have finally re-instated my mortgage offer on the portal, and my solicitor has now requested funds from NatWest. I haven't had confirmation yet from them, but I am hoping to get that tomorrow, then hopefully exchange tomorrow afternoon, or semi-worst case, same day exchange and completion on Friday, but I doubt vendors will agree to that, and worst case, it gets delayed into next week (which would be the 4th time it has been delayed). I just hope the vendors have at least booked removals despite the delay on exchanging. 

I am expecting the worst

Not to be negative but it takes 5 working days to receive funds from NatWest after they are requested. So you’re looking at another week for completion. Just had the exact conversation with our solicitor 🥲

Richiem1987

hpsauce86 said:

Richiem1987 said:

Had another update today. 

LMS have finally re-instated my mortgage offer on the portal, and my solicitor has now requested funds from NatWest. I haven't had confirmation yet from them, but I am hoping to get that tomorrow, then hopefully exchange tomorrow afternoon, or semi-worst case, same day exchange and completion on Friday, but I doubt vendors will agree to that, and worst case, it gets delayed into next week (which would be the 4th time it has been delayed). I just hope the vendors have at least booked removals despite the delay on exchanging. 

I am expecting the worst

Not to be negative but it takes 5 working days to receive funds from NatWest after they are requested. So you’re looking at another week for completion. Just had the exact conversation with our solicitor 🥲

Yeah, we did give them 5 days  but they lost the offer. Discussing now with solicitor for a new completion date for the 4th time. Unfortunately if completion happens next Friday, I cannot collect keys until Tuesday afternoon due to work commitments but I just want it done. I am in military single living accommodation for now.

RyanPugh

RyanPugh said:

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)
30/08/22 - Enquiries raised with seller's solicitor
31/08/22 - Survey returned
01/09/22 - Management Pack, Searches, Mortgage Offer all received by our solicitor

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!

Since 2 days ago, we've received our survey, and as of today our solicitor has received our mortgage offer, searches and management pack, and has began raising queries.

The answer is likely "how long is a piece of string" but any ideas how long we should expect to wait until a potential exchange/completion date? There is no chain either side.

hpsauce86

Richiem1987 said:

hpsauce86 said:

Richiem1987 said:

Had another update today. 

LMS have finally re-instated my mortgage offer on the portal, and my solicitor has now requested funds from NatWest. I haven't had confirmation yet from them, but I am hoping to get that tomorrow, then hopefully exchange tomorrow afternoon, or semi-worst case, same day exchange and completion on Friday, but I doubt vendors will agree to that, and worst case, it gets delayed into next week (which would be the 4th time it has been delayed). I just hope the vendors have at least booked removals despite the delay on exchanging. 

I am expecting the worst

Not to be negative but it takes 5 working days to receive funds from NatWest after they are requested. So you’re looking at another week for completion. Just had the exact conversation with our solicitor 🥲

Yeah, we did give them 5 days  but they lost the offer. Discussing now with solicitor for a new completion date for the 4th time. Unfortunately if completion happens next Friday, I cannot collect keys until Tuesday afternoon due to work commitments but I just want it done. I am in military single living accommodation for now.

Fingers crossed for you! We were hoping for the 7th but our vendors solicitors have to review the transfer deed, so missed the window for that. Bit of a joke on their part as they think our mortgage expires on the 8th. Not quite sure what they think will happen. Going to wait until Monday to tell them we have an extension, but will have to complete on the 13th now as our solicitor booked leave for the 3rd time in 2 months 😫

hpsauce86

RyanPugh said:

RyanPugh said:

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)
30/08/22 - Enquiries raised with seller's solicitor
31/08/22 - Survey returned
01/09/22 - Management Pack, Searches, Mortgage Offer all received by our solicitor

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!

Since 2 days ago, we've received our survey, and as of today our solicitor has received our mortgage offer, searches and management pack, and has began raising queries.

The answer is likely "how long is a piece of string" but any ideas how long we should expect to wait until a potential exchange/completion date? There is no chain either side.

Leaseholds will take a while longer, there’s no real time line. Ours were done in a couple of weeks for a freehold, but that was quick I think! You’re only a couple of months in and most house purchases are taking 5 months at the moment, but hopefully it’ll be quicker.

trakky14

At least another month....i think most sales are at least 4 months at the moment!

Richiem1987

hpsauce86 said:

Richiem1987 said:

hpsauce86 said:

Richiem1987 said:

Had another update today. 

LMS have finally re-instated my mortgage offer on the portal, and my solicitor has now requested funds from NatWest. I haven't had confirmation yet from them, but I am hoping to get that tomorrow, then hopefully exchange tomorrow afternoon, or semi-worst case, same day exchange and completion on Friday, but I doubt vendors will agree to that, and worst case, it gets delayed into next week (which would be the 4th time it has been delayed). I just hope the vendors have at least booked removals despite the delay on exchanging. 

I am expecting the worst

Not to be negative but it takes 5 working days to receive funds from NatWest after they are requested. So you’re looking at another week for completion. Just had the exact conversation with our solicitor 🥲

Yeah, we did give them 5 days  but they lost the offer. Discussing now with solicitor for a new completion date for the 4th time. Unfortunately if completion happens next Friday, I cannot collect keys until Tuesday afternoon due to work commitments but I just want it done. I am in military single living accommodation for now.

Fingers crossed for you! We were hoping for the 7th but our vendors solicitors have to review the transfer deed, so missed the window for that. Bit of a joke on their part as they think our mortgage expires on the 8th. Not quite sure what they think will happen. Going to wait until Monday to tell them we have an extension, but will have to complete on the 13th now as our solicitor booked leave for the 3rd time in 2 months 😫

Thanks. It seems my Buying Agent (yes more cost but worth it for the service they provide) has done a good job with the communication. The Vendors were warned if they pushed back completion and set a date, we may come a cropper again, so they are moving house contents into a storage unit tomorrow and staying with friends for a few days until a simutanious exchange and completion takes place. Could be late tomorrow, could be end of next week, who knows. EA are also happy if it may take a few days to pick up the keys. Exchagne and completion now open ended, will happen when the funds are all in place. 

trakky14

Richiem1987 said:

hpsauce86 said:

Richiem1987 said:

hpsauce86 said:

Richiem1987 said:

Had another update today. 

LMS have finally re-instated my mortgage offer on the portal, and my solicitor has now requested funds from NatWest. I haven't had confirmation yet from them, but I am hoping to get that tomorrow, then hopefully exchange tomorrow afternoon, or semi-worst case, same day exchange and completion on Friday, but I doubt vendors will agree to that, and worst case, it gets delayed into next week (which would be the 4th time it has been delayed). I just hope the vendors have at least booked removals despite the delay on exchanging. 

I am expecting the worst

Not to be negative but it takes 5 working days to receive funds from NatWest after they are requested. So you’re looking at another week for completion. Just had the exact conversation with our solicitor 🥲

Yeah, we did give them 5 days  but they lost the offer. Discussing now with solicitor for a new completion date for the 4th time. Unfortunately if completion happens next Friday, I cannot collect keys until Tuesday afternoon due to work commitments but I just want it done. I am in military single living accommodation for now.

Fingers crossed for you! We were hoping for the 7th but our vendors solicitors have to review the transfer deed, so missed the window for that. Bit of a joke on their part as they think our mortgage expires on the 8th. Not quite sure what they think will happen. Going to wait until Monday to tell them we have an extension, but will have to complete on the 13th now as our solicitor booked leave for the 3rd time in 2 months 😫

Thanks. It seems my Buying Agent (yes more cost but worth it for the service they provide) has done a good job with the communication. The Vendors were warned if they pushed back completion and set a date, we may come a cropper again, so they are moving house contents into a storage unit tomorrow and staying with friends for a few days until a simutanious exchange and completion takes place. Could be late tomorrow, could be end of next week, who knows. EA are also happy if it may take a few days to pick up the keys. Exchagne and completion now open ended, will happen when the funds are all in place. 

Well that is slightly more positive as it reduces the chance of them not getting movers on the day you want! 

We are stuck in limbo, our solicitor has had to notify our lender of the historic underpinning so we wait...surveyor and insurance are not concerned so hopefully all ok as it was done as part of the barn conversion 17yrs ago. In the meantime we've been told vendors solicitors are on holiday next week and the locum probably won't be able to deal with the exchange/completion so it looks like we wont be going anywhere for at least another week....argh!!!

nicky73

I had an offer on my house at the beginning of May and was lucky to have my offer accepted for onward purchase a week later. 

There are 4 in the chain. A buyer moving from rented, my buyer, me and my vendor who is moving into a new build (already built so ready to move into). 

It’s dragging on and I’m so frustrated and a nervous wreck. 

With the sale, my buyers are ready to exchange and have been for 6 weeks. We’ve both been told their buyer is almost ready for over a month. 

I’ve met my buyers as they came over to measure up a while ago and now keep bumping into them. A couple of days ago they told me their buyer is now asking why they are moving and is querying their offer price! They are holding firm for now but have told me they can reduce the price they accept to push the sale through - they need to move as need more space and say they are packed and ready to go! 

I’ve let the estate agent (who is selling both my buyers and my house) know that their buyer is mentioning price now and they are speaking to them / their solicitor to see what’s happening and I’m waiting to hear. Obviously I haven’t told the estate agent that my buyer has some flexibility on price. 

My purchase is also dragging on so I have said I’ll move to stay with family to complete my sale. My solicitor has chased outstanding enquiries again and stressed the need for some urgency as my mortgage offer runs out this month. They have been aware of this timescale since May. The vendors blame their solicitor for delays and the solicitor blames the vendors. I suspect it’s a bit of both and their estate agent is so blasé about the whole thing I wonder how they get any sales across the line. 

Hoping to hear something / anything today.