The NEW waiting to exchange thread...

mojo293

BSW89 said:

mojo293 said:

Solicitor just rang and we have exchanged contracts!!

Congratulations!! You must be so relieved 

Cheers, yes very relieved to get here, though relatively speaking, as stated previously my journey hasn't been that long compared to some (17 weeks), but it still feels like forever.

Fingers crossed everything goes smoothly tomorrow, for everyone in our chain.

GAMBITv5

clairepostin said:

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.

We just had both valuations (buyer and ours) returned same day, mortgage offers issued all round

trakky14

BSW89 said:

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

Of course they are on holiday...I wish I worked in an industry where nothing gets done by anyone if you're on holiday! So frustrating!

3 months is far too short considering the majority of sales are 4-5 months now!

housebuyer143

trakky14 said:

BSW89 said:

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

Of course they are on holiday...I wish I worked in an industry where nothing gets done by anyone if you're on holiday! So frustrating!

3 months is far too short considering the majority of sales are 4-5 months now!

Isn't that most work places? 
I know for mine none of my work gets touched when I am off for a few days so you just have loads of built up work when you are back. If I take 3+ days they need to get someone to do it, otherwise it's just left. Sounds the same here

trakky14

housebuyer143 said:

trakky14 said:

BSW89 said:

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

Of course they are on holiday...I wish I worked in an industry where nothing gets done by anyone if you're on holiday! So frustrating!

3 months is far too short considering the majority of sales are 4-5 months now!

Isn't that most work places? 
I know for mine none of my work gets touched when I am off for a few days so you just have loads of built up work when you are back. If I take 3+ days they need to get someone to do it, otherwise it's just left. Sounds the same here

Nope not Health, Education...we've always had to cover for colleagues if they are off I've never known anything else! 

RM_2013

Congrats to everyone who has managed to exchange.  We are a long way off as our chain isn’t even complete but thought I might find it cathartic to write down things so far as I feel this has been so stressful already.
Husband and I have been together 26 years and we still live in our 2nd home so feel very out of touch with this moving and selling malarkey!! Our 1st house we were FTB and no chain as vendor was moving in with his g/f so fairly stress free.  We then sold to FTB with no chain and we bought from a couple who were in a chain but don’t remember feeling this stressed.  19 years on we are ready to move as selling house will help us clear all our debts, pay off mortgage and leave a decent deposit for a house more suited for us and our 2 teens.

This is timeline so far (congrats if you got this far - I am mostly writing this all down because I’m driving myself insane with the stress) 

27/6/22 listed for sale

31/7/22 viewing and offer made FTB 

2/8/22 offer accepted

13/8/22 viewed property and offer made

16/8/22 offer formally accepted after DIP given to EA

22/8/22 buyers mortgage valuation survey 

22/8/22 buyer pulled out of sale (personal reasons)

22/8/22 property put back up for sale, vendor refused to give us any time and put onward property back up for sale 

23/8/22 viewing and offer made from FTB

24/8/22 offer accepted and our offer on onward property accepted again! 

25/8/22 our mortgage valuation done - downvalued - unable to negotiate but have means to increase deposit 

1/9/22 our mortgage offer received 

20/9/22 buyers mortgage valuation and survey today 

22/9/22 update from solicitors - ours have received draft contract pack from vendors solicitors and our solicitors have sent contract pack to buyers - awaiting searches and enquiries to be raised 

So it’s been a bumpy ride from buyer pulling out, vendor being pretty inflexible and getting a downvalue on our purchase (although we did offer over asking because it really is perfect and we were up against buyers apparently in a better position)

The issue is that apparently our vendors haven’t found an onward purchase - we are pretty invested already and I know against probably advice from some of you sage people on here we perhaps should have waited with mortgage and solicitors a little longer. 

So I desperately want this house as it ticks so many boxes but I’m keeping my options open and continuing to look on rightmove (so far nothing coming up)

Currently very stressed as our buyers homebuyers survey and valuation done last Tues and not heard anything so don’t know if it’s been down valued or any major issues flagged in report (house is 1970’s so won’t be issue free) buyers hadn’t had anything back from surveyor or lender when we spoke to them yesterday 

Phew 😮‍💨 

trakky14

Argh is anyone else now desperately wanting to exchange in light of the news on lenders/interest rates?!! I feel every day that goes past is a greater risk to the whole thing falling apart 😥 Particularly as we are in a situation where we are waiting for our buyers lender's solicitor to give the green light after 3 weeks of waiting to be able to exchange! 

housebuyer143

trakky14 said:

Argh is anyone else now desperately wanting to exchange in light of the news on lenders/interest rates?!! I feel every day that goes past is a greater risk to the whole thing falling apart 😥 Particularly as we are in a situation where we are waiting for our buyers lender's solicitor to give the green light after 3 weeks of waiting to be able to exchange! 

Yes! We are due to complete this week and exchanging soon but buyers solicitor has gone quiet! 
Really filling me with dread. How hard is it to reply 3 days before to confirm everything is ready 

SO_Stress

Hi all, congrats to everyone who has exchanged I have been a lurker for the past week or so and it has really helped me reading about other people's experiences so I feel less alone with all the stress! 

I am in the process of selling a shared ownership flat. This means there are 3 main solicitors involved in the process - mine, the buyer's and the housing association's. It also means I have a deadline to exchange imposed by the housing association - they only give you 3 months from the date of offer to exchange. If you miss the deadline, you have to get a letter from your surveyor to say the valuation still stands. 3 months feels unrealistic and I am about to enter a 2 week extension period granted to me by the housing association after their solicitor took ages to respond to an enquiry.

My new deadline is mid-October for exchange (completion can happen any time after that, no deadline) and I am now desperately pushing to make this exchange deadline. Doesn't help that they buyer's sols are very slow and disorganised.

The amount of stress this is causing me is huge - I find it very difficult to have so little control over something that has such a major impact on my life and I am sure you all feel the same. There is no chain in this transaction - how people sell shared ownership in a chain is beyond me when it is this stressful chain-free. 

If anyone else is currently trying to buy or sell a shared ownership property - solidarity with you! 

alibean121

My solicitor has rung me and we have exchanged today. Completion on Thursday. It’s my first house and I haven’t given notice on my rental yet so luckily I’m not in a mad scramble for removals or anything.

This has been a long journey for me with my offer accepted in Feb. I waited a bit to get the mortgage underway as my chain wasn’t complete, then decided 2 months later that I would get something in place. Had been totally kicking myself for letting some good rates get away but it’s worked out for the best as I got my offer in April and it was due to expire at the start of October. Anything I would have secured in Feb would have expired a long time ago and my rate is now looking very appealing!!

Very excited as I had all but given up on this chain ever limping over the line but we’ve made it!