The NEW waiting to exchange thread...

MrCarrot

We are very close to exchange and then my buyer's mortgage offer expired and the lender would not extend it.  They've re-applied and it's been 5 weeks and still nothing yet :-(

alibean121

I've given my consent to exchange this morning.... would be completion on Thursday. Cue the very nervous waiting.

alibean121

thebratprince said:

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.

Oh no!! Fingers and toes firmly crossed!!

clairepostin

Hi everyone, I have been lurking on here, loads of great info, thank you.

We are currently awaiting a mortgage offer from Nationwide, they (via Countrywide). This morning they have been to the property to value it. 

Does anyone who may have been in the same position recently know how long I should expect to wait to see if the valuation stacks up and a mortgage offer is on the table?

alibean121

Oooooh just had a text from my mortgage co that the funds are approved for release on Wednesday. I feel like things are happening!!

GAMBITv5

clairepostin said:

Hi everyone, I have been lurking on here, loads of great info, thank you.

We are currently awaiting a mortgage offer from Nationwide, they (via Countrywide). This morning they have been to the property to value it. 

Does anyone who may have been in the same position recently know how long I should expect to wait to see if the valuation stacks up and a mortgage offer is on the table?

In exactly the same boat (perhaps you're the one buying my property) as i had countrywide value my property today... Nationwide have been to value the property I'm buying today (also countrywide) so will let you know when I hear something

clairepostin

GAMBITv5 said:

clairepostin said:

Hi everyone, I have been lurking on here, loads of great info, thank you.

We are currently awaiting a mortgage offer from Nationwide, they (via Countrywide). This morning they have been to the property to value it. 

Does anyone who may have been in the same position recently know how long I should expect to wait to see if the valuation stacks up and a mortgage offer is on the table?

In exactly the same boat (perhaps you're the one buying my property) as i had countrywide value my property today... Nationwide have been to value the property I'm buying today (also countrywide) so will let you know when I hear something

Thank you, appreciated. Although I don’t think you are my vendor as it’s the top of the chain

Good luck with your move, I’ll report back too.

mojo293

Solicitor just rang and we have exchanged contracts!!

BSW89

mojo293 said:

Solicitor just rang and we have exchanged contracts!!

Congratulations!! You must be so relieved 

BSW89

trakky14 said:

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!!!

What I mean is the buyer would only have applied in June, presumably approved in July, but then it's already expiring in October (we've had this confirmed). It seems her lender doesn't give people very long to get a chain completed and all the conveyancing done. 

Today's update on ours is that our buyer's solicitor has gone on holiday until Wednesday and apparently no-one else at her firm can help. #remaincalm