The NEW waiting to exchange thread...

PixelPatch

dfwprincess said:

We managed to exchange! And we’re completing today too

After the way things was left yesterday, I did not see it happening today I really thought it would be delayed so yay! Can’t believe it’s finally happening 

Yay! So happy to see you exchanged and completed in time!

Hope the move went ok!

trakky14

BSW89 said:

Hi all, 

We are waiting to exchange and trying not to panic...

We're in the middle of a relatively short chain involving 4 properties. Our buyer's mortgage offer expires in 2 weeks and everyone is ready to go except for one outstanding issue - our buyer's lender has instructed it's own solicitor who hasn't responded to the pack of stuff the main solicitor has forwarded. Our solicitor (very good) and estate agent are now chasing for updates almost daily (mostly because we are chasing them!) but I don't think there's much else we can do.

I am very concerned our buyer's mortgage offer will expire and because rates have increased, she will decide she can't afford to buy our property anymore and the whole thing will collapse, while rates are just going up up up...

Feeling quite stressed at the moment!!

We are in a similar situation, chain of 4...our buyers lender has separate solicitors too who made additional enquiries over 3 weeks ago. We replied to them via our solicitor immediately. We've now been waiting over 3 weeks for them to give the ok or basically say anything...and we are still waiting. Our estate agent is chasing our buyers solicitors, our buyers are chasing thier solicitors...but it sounds like the lender solicitors are seemingly uncontactable and nobody can get an answer from them. We were meant to exchange and complete weeks ago and we are now at serious risk of losing our purchase because of the lack of information. I can't give you any advice because it's a horrible situation that we seem unable to do anything about. Our own solicitors have obviously also tried to find out anything...they said they have 2 other clients in the same situation...lenders are being particularly careful at the moment and we are basically all sat waiting. I hope you get an answer quicker than we have 

BSW89

trakky14 said:

BSW89 said:

Hi all, 

We are waiting to exchange and trying not to panic...

We're in the middle of a relatively short chain involving 4 properties. Our buyer's mortgage offer expires in 2 weeks and everyone is ready to go except for one outstanding issue - our buyer's lender has instructed it's own solicitor who hasn't responded to the pack of stuff the main solicitor has forwarded. Our solicitor (very good) and estate agent are now chasing for updates almost daily (mostly because we are chasing them!) but I don't think there's much else we can do.

I am very concerned our buyer's mortgage offer will expire and because rates have increased, she will decide she can't afford to buy our property anymore and the whole thing will collapse, while rates are just going up up up...

Feeling quite stressed at the moment!!

We are in a similar situation, chain of 4...our buyers lender has separate solicitors too who made additional enquiries over 3 weeks ago. We replied to them via our solicitor immediately. We've now been waiting over 3 weeks for them to give the ok or basically say anything...and we are still waiting. Our estate agent is chasing our buyers solicitors, our buyers are chasing thier solicitors...but it sounds like the lender solicitors are seemingly uncontactable and nobody can get an answer from them. We were meant to exchange and complete weeks ago and we are now at serious risk of losing our purchase because of the lack of information. I can't give you any advice because it's a horrible situation that we seem unable to do anything about. Our own solicitors have obviously also tried to find out anything...they said they have 2 other clients in the same situation...lenders are being particularly careful at the moment and we are basically all sat waiting. I hope you get an answer quicker than we have 

Oh no this sounds like a disaster! Sorry to hear you're going through similar

We only accepted the buyer's offer in June so presumably the buyer's mortgage offer was only valid for 3 months, which doesn't seem to give much wiggle room for delays.

Snookie12cat

We are due to exchange and complete this week and absolutely terrified it will all fall to pieces 😱 wish me luck!

jaelato1

We are completing today after 7 months of waiting 

thebratprince

We're 3rd from the top in a chain of 5, selling a house with a HTB equity loan to redeem as part of our sale - our timeline:

A couple of weeks ago things were going well, all parties nearly ready to exchange, feeling good.

We then find out, after waiting for weeks, that our buyer's solicitor hasn't been working on our transaction at all due to a large backlog or work - despite knowing that our HTB authority to complete expires on 23rd September and will need renewing.

After being demanded to work by the rest of the chain, our buyer's solicitor sends in 3 new enquiries at random on the 21st September, delaying exchange and ensuring our HTB paperwork expires

We apply to renew the paperwork.

Our buyer's solicitor then drops a BOMBSHELL - they MUST complete by Friday 30th September because their mortgage offer is due to expire. They apparently can't have an extension.  They did not inform anyone in the chain of this until Friday 23rd September, despite them being the main reason we haven't completed yet in the first place.

Cue - a total scramble to push through our HTB paperwork in time for potential exchange and completion on the SAME DAY this Friday. A chain of 5. Simultaneous exchange and completion. At 5 working days' notice. Our solicitor was also on holiday till today, to boot.

If we can't exchange this week, our buyer will have to drop out since their offer will expire. Our seller will probably drop out too, collapsing the chain at either end. We're essentially doomed if we can't get this HTB paperwork through in time.

Send a little prayer our way, please.

thebratprince

BSW89 said:

Hi all, 

We are waiting to exchange and trying not to panic...

We're in the middle of a relatively short chain involving 4 properties. Our buyer's mortgage offer expires in 2 weeks and everyone is ready to go except for one outstanding issue - our buyer's lender has instructed it's own solicitor who hasn't responded to the pack of stuff the main solicitor has forwarded. Our solicitor (very good) and estate agent are now chasing for updates almost daily (mostly because we are chasing them!) but I don't think there's much else we can do.

I am very concerned our buyer's mortgage offer will expire and because rates have increased, she will decide she can't afford to buy our property anymore and the whole thing will collapse, while rates are just going up up up...

Feeling quite stressed at the moment!!

Ugh, I feel your stress! Our buyer's offer expires this Friday and we still haven't exchanged. Apparently because of the rising rates, lenders are very reluctant to extend any offers, so it's likely people will just have to re-apply once they reach their expiry date. I also worry our buyer will simply pull out rather than apply for another mortgage.

Best of luck to you.

trakky14

BSW89 said:

trakky14 said:

BSW89 said:

Hi all, 

We are waiting to exchange and trying not to panic...

We're in the middle of a relatively short chain involving 4 properties. Our buyer's mortgage offer expires in 2 weeks and everyone is ready to go except for one outstanding issue - our buyer's lender has instructed it's own solicitor who hasn't responded to the pack of stuff the main solicitor has forwarded. Our solicitor (very good) and estate agent are now chasing for updates almost daily (mostly because we are chasing them!) but I don't think there's much else we can do.

I am very concerned our buyer's mortgage offer will expire and because rates have increased, she will decide she can't afford to buy our property anymore and the whole thing will collapse, while rates are just going up up up...

Feeling quite stressed at the moment!!

We are in a similar situation, chain of 4...our buyers lender has separate solicitors too who made additional enquiries over 3 weeks ago. We replied to them via our solicitor immediately. We've now been waiting over 3 weeks for them to give the ok or basically say anything...and we are still waiting. Our estate agent is chasing our buyers solicitors, our buyers are chasing thier solicitors...but it sounds like the lender solicitors are seemingly uncontactable and nobody can get an answer from them. We were meant to exchange and complete weeks ago and we are now at serious risk of losing our purchase because of the lack of information. I can't give you any advice because it's a horrible situation that we seem unable to do anything about. Our own solicitors have obviously also tried to find out anything...they said they have 2 other clients in the same situation...lenders are being particularly careful at the moment and we are basically all sat waiting. I hope you get an answer quicker than we have 

Oh no this sounds like a disaster! Sorry to hear you're going through similar

We only accepted the buyer's offer in June so presumably the buyer's mortgage offer was only valid for 3 months, which doesn't seem to give much wiggle room for delays.

Not necessarily ours was 6 months. Also it depends when people get the full offer because ours took a good month or more to be approved...so it may be they didn't get their offer till July/August as they are much slower at the moment. 

Todays update...still waiting for lenders solicitors to decide! Argh!!!

Adam16

Congrats to everyone having exchanged and completed recently. Seems to have been another spate of a few! 

We are still waiting on exchange. Had an update from our agent last Friday saying the top of the chain had finally sent back answers to the last enquiries to our vendor, and they are working towards exchange this Friday. 

Not got my hopes up, but its a step forward. 

3 weeks until our mortgage offer is due up, and the rate doubles - getting nervous considering interest rates are mooted to shoot up again soon in response to the collapse of the pound. 

mojo293

Had an eamil from my mortgage company first thing, saying my solicitor had requested release of funds which should be available today, so just waiting for the word now to say we've exchanged, with completion having already been agreed for tomorrow.