The NEW waiting to exchange thread...

Chemistry777

Hope not trakky, ours just has.  Our buyers pulled out on Tuesday after 12 weeks just before exchange.  Now our forward purchase has gone up in smoke.  Over 2k invested and nothing to show for it.   House re-listed but our estate agent is already suggesting market has turned due to recent events and the news and can expect £15k less.  Gutted.

jak

Thanks guys. I hope you aren't far behind me! Oh NO @Chemistry777 what a nightmare!

clairepostin

GAMBITv5 said:

clairepostin said:

GAMBITv5 said:

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

Yay fabulous. Still waiting here, fingers crossed. 

No news is usually good news in my experience!

Thank you! Just got the text, valuation accepted and mortgage offer issued. Phew!

 

Adam16

And….also still waiting to exchange. 

This marriage certificate holding up the top of the chain is something to do with anti-money laundering. 

Why that wasn’t picked up by their solicitors right at the start of the process I don’t know… and also why the they’ve posted it rather than delivered it in person is beyond me! Considering its a really important document, and holding up the whole chain! 

7 months in. This is getting tiring now haha. 

Adam16

RM_2013 said:

Adam16 said:

Hoping we “might” exchange today. 

Apparently a single enquiry, something to do with a marriage certificate that was posted (why not just drop it off?!), is holding the chain up.

Touching lots of wood and crossing my fingers - our mortgage offer expires soon, and we’ll be up the creek without a paddle if it does expire because of all the mortgage deals being pulled!   

Fingers crossed for you.  I’m feeling very twitched about the interest rates impacting the deals that our FTB will get and the vendors onward purchase 

I think the BOE stepping in today will help to calm the long term mortgage markets. Those are all based on security of long term debt, and thus the steps being taken should ease that. 

RM_2013

Chemistry777 said:

Hope not trakky, ours just has.  Our buyers pulled out on Tuesday after 12 weeks just before exchange.  Now our forward purchase has gone up in smoke.  Over 2k invested and nothing to show for it.   House re-listed but our estate agent is already suggesting market has turned due to recent events and the news and can expect £15k less.  Gutted.

Im so sorry that’s awful.  Did your buyers give a reason for pulling out? What is happening about onward purchase? Likelihood is they would have to reduce price if they re-list also so could you make offer again if you get another buyer? 

TheBlueVoice

Hi!

Not done this house buying/selling thing in 20+ years and what a time to start, eek!

Journey so far:

08/09/22	Saw a house listed and viewed it that evening
09/09/22	Made offer first thing
12/09/22	Purchase Offer accepted!
12/09/22	Viewings
13/09/22	More viewings
14/09/22	Accepted an offer on my house
15/09/22	Solicitors instructed
15/09/22	Mortgage application made
16/09/22	Memorandum of sale email for purchase house received
16/09/22	Confirmation email sale of my house received
16/09/22	Solicitor documents received
19/09/22	Mortgage offer received
20/09/22	Surveyor instructed
20/09/22	Documents returned to solicitor
21/09/22	Surveyor confirmed for 28/09/22

Survey due today, hopefully 3 working day processing. Hope there's no bad news in it!

BSW89

Has anyone got any tips for dealing with exchange related stress and keeping things in perspective?

We now have 13 days until our buyer's mortgage offer expires and all our estate agents can tell us is that they can't get hold of the buyer's solicitor. I have asked repeatedly whether the buyer has at least applied for an extension but am not getting an answer (via email; OH called the estate agent at 4pm but the sales progression man had gone home and his colleague didn't know). Not heard from our solicitor for 2 weeks. 

I was remaining calm but just reached the edge of my tether and got upset. I am so annoyed and fed up with estate agents and solicitors!

RM_2013

BSW89 said:

Has anyone got any tips for dealing with exchange related stress and keeping things in perspective?

We now have 13 days until our buyer's mortgage offer expires and all our estate agents can tell us is that they can't get hold of the buyer's solicitor. I have asked repeatedly whether the buyer has at least applied for an extension but am not getting an answer (via email; OH called the estate agent at 4pm but the sales progression man had gone home and his colleague didn't know). Not heard from our solicitor for 2 weeks. 

I was remaining calm but just reached the edge of my tether and got upset. I am so annoyed and fed up with estate agents and solicitors!

I am completely with you on managing stress levels.  We’ve had weeks of stress with 1st buyer pulling out, then stressing about surveys, large downvalue on the house we are buying and a vendor that hasn’t found anywhere to live.
my husband is very much an optimistic “what will be will be” type person whereas I like to know what is happening and when down to every last detail.  I’ve not coped well and I’ve been a nightmare to live with.

im trying to focus on other things - for example my usual fitness regime (I train usually 4/5 times a week) has gone out of the window.  I need to work on getting this back as it will be a good focus for me.

i hope you can get some more information tomorrow

trakky14

Chemistry777 said:

Hope not trakky, ours just has.  Our buyers pulled out on Tuesday after 12 weeks just before exchange.  Now our forward purchase has gone up in smoke.  Over 2k invested and nothing to show for it.   House re-listed but our estate agent is already suggesting market has turned due to recent events and the news and can expect £15k less.  Gutted.

Oh no!! I'm so sorry to hear this 😭

We've been waiting to exchange officially for 3 weeks...no news from our buyers solicitors at all other than 'they are working with the lenders solicitor' then today our estate agent drops into conversation that they had requested an amended local authority search a while ago and they were now waiting for that! Possibly next week?! So cross we were never told, our vendors are going mad with the lack of progress. I hope they don't pull out of the Sale. 

I did look into complaining to the legal ombudsman about out buyers solicitors as they've been shocking but apparently you can only complain about your own solicitors so nothing we can do 😢