The NEW waiting to exchange thread...

CRISPIANNE3

According to the thoughts of Moving with Charlie from You Tube he advised do not exchange yet and wait 7 days. 

We are probably paying too much for our purchase but we love the house and plan on staying there. 

ambles

Hi all, FTB here

25/08/2022 - Offer accepted
30/08/2022 - Mortgage application submitted
05/09/2022 - Mortgage offer received
07/09/2022 - Memorandum of sale received from EA, solicitor instructed
15/09/2022 - Home buyers survey completed
23/09/2022 - Home buyers survey report received, all fine
26/09/2022 - Local searches back, all fine
30/09/2022 - Met the solicitor to go through the searches, pre-signed the contract and land registry. She was checking through her emails and noticed that she'd not heard back from the sellers solicitor about the enquiries since 03/09/2022.

So it's all ready on my end more or less, just waiting to hear back from the seller's solicitor.

jak

4 sleeps til completion... Well, I Say sleeps... This is so stressful. I just want those keys now! I'll update on Friday. Good luck to everyone still waiting to exchange xx

Jbon88

My timeline is:
23rd May offer accepted
2nd June Mortgage application in
23rd June Mortgage valuation - property downvalued
24th June new price negotiated 
30th June draft contracts received / searches sent off for
8th July Mortgage offer agreed
initial enquiries 
8th September Searches back 
27th September enquiries ‘satisfied’

now waiting to exchange and hoping to compete on 7th Oct.  

Phoned up solicitor’s today and they said they hadn’t actually had what they needed from the enquiries - good thing I checked. They’ve been really slow and charge an expedition fee if exchange is less than 3 working days from completion. 

If they try and charge me that fee I’ll be having strong words! 

A__L

Jbon88 said:

My timeline is:
23rd May offer accepted
2nd June Mortgage application in
23rd June Mortgage valuation - property downvalued
24th June new price negotiated 
30th June draft contracts received / searches sent off for
8th July Mortgage offer agreed
initial enquiries 
8th September Searches back 
27th September enquiries ‘satisfied’

now waiting to exchange and hoping to compete on 7th Oct.  

Phoned up solicitor’s today and they said they hadn’t actually had what they needed from the enquiries - good thing I checked. They’ve been really slow and charge an expedition fee if exchange is less than 3 working days from completion. 

If they try and charge me that fee I’ll be having strong words! 

What process did you have to go through to renegotiate the price after the down value? Did the bank need to submit the application all over again? We are first time buyers and haven't gone to valuation yet and are worried about an undervaluation due to the current situation. 

A__L

CRISPIANNE3 said:

According to the thoughts of Moving with Charlie from You Tube he advised do not exchange yet and wait 7 days. 

We are probably paying too much for our purchase but we love the house and plan on staying there. 

I've been hooked on his videos. We're first time buyers and getting quite worried as the mortgage process is taking so long and we just want an answer. 

James_D

James_D said:

James_D said:

Hi everyone! FTBs here. We've found this a really useful thread and so thought I'd contribute with our own ongoing timeline. Also in the event it goes wrong along the way, perhaps someone can give advice!

So far :
4 April 2022 - First viewing, offer made
5 April 2022 - Offer accepted
5 April 2022 - Solicitors instructed (told pens down pending mortgage offer)
5 April 2022 - Mortgage application went in
19 April 2022 - Valuation confirms offer level acceptable
28 April 2022 - Mortgage application query (dealt with by broker)
5 May 2022 - Mortgage offer
5 May 2022 - Homebuyer's survey booked
9 May 2022 - Solicitors start work

To come : 
12 May 2022 - Homebuyers survey
21 May 2022 - Second viewing
Beyond - Everything else.

The only frustrating thing to report so far is the vendor taking their time about finding a conveyancer to instruct - which of course means there is only so much work our solicitors can do for now.

The EA said the vendor made an offer which has been accepted on a vacant leasehold flat. They expect that the landlord (a property management company) will not want to wait around too long for the process to kick off since it is sat vacant (used to be a rental). I guess in theory it should be a relatively straightforward process, since the vendor is not going to be waiting on anyone else finding somewhere to move and we are FTBs??

Having read through this thread though, not getting too excited until those keys are firmly within our grasp .. (!)

Me again. I've been following this thread for months now alongside our own endeavours to buy our first house. After having our offer accepted back on 4 April, yesterday (7 September 2022) we finally exchanged. 

What I found interesting (and pretty frustrating) is that the elderly lady, whilst letting us in for a final viewing and showing us around the home we are buying from her without her EA (apparently because everyone was on leave .. ?!) told us that when she bought the house in 1995, it had taken her two weeks from having her offer accepted to her moving in. How things have changed ..

We are supposed to be completing 4 October. Interesting symmetry given that we made our offer 4 April - exactly 6 months! 

I won't be celebrating until those keys are firmly in our grasp. Wish us luck!

Hi! So today is our completion day.

Between now and my last post, we've saved about £11k on stamp duty, and our lender just yesterday sent funds to our solicitors in anticipation of today's transfer. Oh and we have a new King. What a month! 

Everything seems to be teed up and ready to go, so I've got the week off and I'm ready to pick up our keys from the estate agent later today. We're so excited!!

Prc97

FTB so bare with me!

According to our seller's (i have direct contact with them) everyone in the chain is ready to exchange... so why haven't we exchanged ??? 

Do I need to do anything? I have emailed my solicitors asking to push for exchange by the end of the week, but is there anything we should be doing? I feel like I'm just sitting in Limbo!!

Adam16

James_D said:

James_D said:

James_D said:

Hi everyone! FTBs here. We've found this a really useful thread and so thought I'd contribute with our own ongoing timeline. Also in the event it goes wrong along the way, perhaps someone can give advice!

So far :
4 April 2022 - First viewing, offer made
5 April 2022 - Offer accepted
5 April 2022 - Solicitors instructed (told pens down pending mortgage offer)
5 April 2022 - Mortgage application went in
19 April 2022 - Valuation confirms offer level acceptable
28 April 2022 - Mortgage application query (dealt with by broker)
5 May 2022 - Mortgage offer
5 May 2022 - Homebuyer's survey booked
9 May 2022 - Solicitors start work

To come : 
12 May 2022 - Homebuyers survey
21 May 2022 - Second viewing
Beyond - Everything else.

The only frustrating thing to report so far is the vendor taking their time about finding a conveyancer to instruct - which of course means there is only so much work our solicitors can do for now.

The EA said the vendor made an offer which has been accepted on a vacant leasehold flat. They expect that the landlord (a property management company) will not want to wait around too long for the process to kick off since it is sat vacant (used to be a rental). I guess in theory it should be a relatively straightforward process, since the vendor is not going to be waiting on anyone else finding somewhere to move and we are FTBs??

Having read through this thread though, not getting too excited until those keys are firmly within our grasp .. (!)

Me again. I've been following this thread for months now alongside our own endeavours to buy our first house. After having our offer accepted back on 4 April, yesterday (7 September 2022) we finally exchanged. 

What I found interesting (and pretty frustrating) is that the elderly lady, whilst letting us in for a final viewing and showing us around the home we are buying from her without her EA (apparently because everyone was on leave .. ?!) told us that when she bought the house in 1995, it had taken her two weeks from having her offer accepted to her moving in. How things have changed ..

We are supposed to be completing 4 October. Interesting symmetry given that we made our offer 4 April - exactly 6 months! 

I won't be celebrating until those keys are firmly in our grasp. Wish us luck!

Hi! So today is our completion day.

Between now and my last post, we've saved about £11k on stamp duty, and our lender just yesterday sent funds to our solicitors in anticipation of today's transfer. Oh and we have a new King. What a month! 

Everything seems to be teed up and ready to go, so I've got the week off and I'm ready to pick up our keys from the estate agent later today. We're so excited!!

Congrats! Enjoy it - what a bonus with the stamp duty too! 

Adam16

Prc97 said:

FTB so bare with me!

According to our seller's (i have direct contact with them) everyone in the chain is ready to exchange... so why haven't we exchanged ??? 

Do I need to do anything? I have emailed my solicitors asking to push for exchange by the end of the week, but is there anything we should be doing? I feel like I'm just sitting in Limbo!!

If I’ve learnt one thing in the past 7 months, it’s don’t stress about it too much. 

For example, we haven’t exchanged yet (even though everyone in the chain is ready) because our solicitor hasn’t yet received mortgage funds from the bank. Given everything going on at the minute, they refused to let us exchange until they had the funds - just in case something happened with the bank, and we’d be liable to lose our deposit if we failed to complete. 

Relax, send a chaser to your solicitor, and give them a couple of days to get back to you.