The NEW waiting to exchange thread...

Adam16

Just had the email that our completion date has been agreed, and mortgage funds being drawn down. 

Not exchanged yet, but hoping it will be today! 

Ahhh, so close! 

pollyp123

trakky14 said:

We are about to head into week 4 of "about to exchange contracts"...honestly this is the worst experience we've ever had. Still waiting for our buyers lender's solicitor to give the green light after they asked for more info 4 weeks ago...you couldn't make this up. We should have moved 3 weeks ago....nobody can tell us anything other than "the lender is satisfied with replies and we wait their authorisation to proceed"....

I'm on week 9 of exchanging any day now. It's a buy to let and the house is empty so doesn't affect me much in terms of living arrangements but stressful none the less.
On week 7 we put the house on the market and we'll be accepting a new offer next week (sadly quite a bit below the current offer). Hopefully this will get the current buyer to exchange quicker.

RM_2013

Adam16 said:

Just had the email that our completion date has been agreed, and mortgage funds being drawn down. 

Not exchanged yet, but hoping it will be today! 

Ahhh, so close! 

Fingers crossed for you 

linz

Been following this thread since May and feel I can now contribute !

(Not a FTB but moving out of rental, vendor moving into empty property)

6 May - Viewed property and put in an offer which was accepted
9 May - Mortgage offer in principle received, appointed solicitor
16 May - Searches commenced
23 May - Valuation
24 May - Mortgage offer received
31 May - Survey
1 July - Draft contract received and searches complete
Late Aug - Enquiries satisfied
8 Sept - Conveyancer dealing with the sale changed. The previous one was useless, like trying to staple jelly to the wall trying to get hold of him. The second one was brilliant.
13 Sept - Deposit requested, then a bit of to & fro regarding exchange/completion dates as sellers onward purchase not quite ready to go so she's breaking the chain and moving in with family
29 Sept - Exchanged contracts

Completing on 6 Oct. Cannot wait to get out of rental & into my own place again.

Good luck to all still waiting!

Adam16

And…we’ve not exchanged. 

Apparently we can’t until our lender has confirmed release of funds. 

Understand the reason for this, as otherwise we could exchange and if there were any issues getting the mortgage funds we’d be liable and potentially lose our deposit if we fail to complete. 

The whole chain is agreed, everyone has booked removals, and looks like we’ll be exchanging the day before or simultaneous with completion next week. 

Anyway we went out for dinner last night to celebrate as though we’d exchanged, and we’ll do some new house shopping this weekend to relax and enjoy ourselves. Staying positive, and hopefully next week all will go to plan! 

housebuyer143

Adam16 said:

And…we’ve not exchanged. 

Apparently we can’t until our lender has confirmed release of funds. 

Understand the reason for this, as otherwise we could exchange and if there were any issues getting the mortgage funds we’d be liable and potentially lose our deposit if we fail to complete. 

The whole chain is agreed, everyone has booked removals, and looks like we’ll be exchanging the day before or simultaneous with completion next week. 

Anyway we went out for dinner last night to celebrate as though we’d exchanged, and we’ll do some new house shopping this weekend to relax and enjoy ourselves. Staying positive, and hopefully next week all will go to plan! 

I think conveyancers are being more careful in this market are doing it the day before. My sale did just this, waited for the funds to come in to their bank before exchanging. 

Adam16

housebuyer143 said:

Adam16 said:

And…we’ve not exchanged. 

Apparently we can’t until our lender has confirmed release of funds. 

Understand the reason for this, as otherwise we could exchange and if there were any issues getting the mortgage funds we’d be liable and potentially lose our deposit if we fail to complete. 

The whole chain is agreed, everyone has booked removals, and looks like we’ll be exchanging the day before or simultaneous with completion next week. 

Anyway we went out for dinner last night to celebrate as though we’d exchanged, and we’ll do some new house shopping this weekend to relax and enjoy ourselves. Staying positive, and hopefully next week all will go to plan! 

I think conveyancers are being more careful in this market are doing it the day before. My sale did just this, waited for the funds to come in to their bank before exchanging. 

Indeed, 

I’d certainly rather them do that, than risk any legal / financial implications if the bank don’t play ball or release funds quick enough. 

JohnTheSkier

I take it that it's pretty common for the seller's solicitor to drag their feet over the last few enquiries? Was expecting to exchange in September, but seller's solicitor is taking an age to respond depsite lots of chasing.

trakky14

JohnTheSkier said:

I take it that it's pretty common for the seller's solicitor to drag their feet over the last few enquiries? Was expecting to exchange in September, but seller's solicitor is taking an age to respond depsite lots of chasing.

Oh yes..we've been waiting almost 4 weeks for exchanging!! Its infuriating, get your estate agents to chase if the solicitors aren't responding...not that that always does anything...but worth a try 

trakky14

Domaco16 said:

trakky14 said:

We are about to head into week 4 of "about to exchange contracts"...honestly this is the worst experience we've ever had. Still waiting for our buyers lender's solicitor to give the green light after they asked for more info 4 weeks ago...you couldn't make this up. We should have moved 3 weeks ago....nobody can tell us anything other than "the lender is satisfied with replies and we wait their authorisation to proceed"....

We were 4 weeks into ‘this week we will talk about dates’ then blow one - they ‘forgot’ to do a local search so that was another 3 week wait- THEN that came back and they went away for 2 weeks!!! We were livid! X (the most annoying being they were buying to let so not even moving in!) 

God this sounds exactly like our situation 🤣 sounds like another search was sent for too which is due back next week.

I hate this stupid system it only benefits the solicitors and nobody else!