The NEW waiting to exchange thread...

RyanPugh

Now seems like the perfect time to rejoin this thread. Our solicitor seems very hopeful of a completion this month. He’s writing up his final report this week and going to send on documents for signature. Our LISA monies from Skipton were requested last week and he’s going to ring them up to get them released sooner.
Our offer was accepted 23rd July, so within 3 months would be a great outcome!
No chain leasehold purchase (FTB)

RM_2013

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!!

Brilliant news fingers crossed you’re not waiting too long to get your keys and hope the move goes smoothly 

dannim12345

Figured I would join this thread. I think it’s just over 2 months since the offer accepted. Our buyer is waiting on us now. 

Our seller was slow to return their paperwork. We are waiting on local searches and for some reason the solicitor can’t access our mortgage offer but we’ve had it for almost 2 months. 

Luckily it’s a short chain - first time buyer, us and probate sell (which is sorted). 

Jbon88

A__L said:

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 - my Mortgage Broker negotiated it through the Estate agents, We met in the middle, I essentially offered what I could afford and luckily the buyers took it. My buying price was 155k down valuation was to 140k and I offered 146k as I had a 20k deposit - my lender wouldn’t lend more than 126k against the value of the property (90% LTV) Didn’t need to reapply but I had a broker who arranged it all as I wasn’t in the country at the time.

I think a large part of it depends on how big your deposit is and what LTV you’re going for. Look at properties sold nearby - if nothing has sold in the region of what you’re offering on the same street recently then I think downvaluations are quite likely 

RM_2013

Just updating here.  We have now received enquiries from our buyers solicitor which we have answered. We are waiting on our searches being completed but vendor still hasn’t found anywhere to buy but saying they would go into rented.  I really hope this is the case as feel our buyers (FTB) will want to move asap 

trakky14

So we are in week 4 of everyone ready to exchange...still waiting on our buyers lenders solicitor to give the go ahead. It's been 4 frustrating weeks and nobody has ever known a situation like it by all accounts...everyone is starting to lose their minds including the various solicitors. 

Latest is..buyers lenders solicitors have had to check something with the valuer. No idea what but they say they want confirmation it won't affect our houses valuation. If it doesn't we can go ahead. I can't stand it, feel physically sick at the thought if it not being sorted, we've  provisionally booked our movers for 3 different dates and looks like we are now going for possible date number 4. 

Never ever again will I do this, I'm done! 

RM_2013

trakky14 said:

So we are in week 4 of everyone ready to exchange...still waiting on our buyers lenders solicitor to give the go ahead. It's been 4 frustrating weeks and nobody has ever known a situation like it by all accounts...everyone is starting to lose their minds including the various solicitors. 

Latest is..buyers lenders solicitors have had to check something with the valuer. No idea what but they say they want confirmation it won't affect our houses valuation. If it doesn't we can go ahead. I can't stand it, feel physically sick at the thought if it not being sorted, we've  provisionally booked our movers for 3 different dates and looks like we are now going for possible date number 4. 

Never ever again will I do this, I'm done! 

Sounds a nightmare.  I’ve already said never again! Hope you get sorted soon 

A__L

Jbon88 said:

A__L said:

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 - my Mortgage Broker negotiated it through the Estate agents, We met in the middle, I essentially offered what I could afford and luckily the buyers took it. My buying price was 155k down valuation was to 140k and I offered 146k as I had a 20k deposit - my lender wouldn’t lend more than 126k against the value of the property (90% LTV) Didn’t need to reapply but I had a broker who arranged it all as I wasn’t in the country at the time.

I think a large part of it depends on how big your deposit is and what LTV you’re going for. Look at properties sold nearby - if nothing has sold in the region of what you’re offering on the same street recently then I think downvaluations are quite likely 

Oh wow. That is amazing news. We are still waiting for the bank (Barclays) to book a valuation but it is so scary right now with all these changes. 

Adam16

Can see our mortgage monies have appeared in our HSBC app, so exchange today and completion tomorrow is looking positive - keeping our hopes up, and fingers and toes crossed! 

RM_2013

Adam16 said:

Can see our mortgage monies have appeared in our HSBC app, so exchange today and completion tomorrow is looking positive - keeping our hopes up, and fingers and toes crossed! 

This all sounds really positive fingers crossed