The NEW waiting to exchange thread...

RM_2013

Giggidy said:

RM_2013 said:

Giggidy said:

jmo81 said:

Anyone else googling 'what can go wrong between exchange and completion'?

I won't believe it 'til the keys are in my hands

Yip, finally exchanged yesterday and can't let myself get excited for even one minute until we get those keys. So worried that something might go wrong, so much more to lose but rare thankfully.

When do you complete?

You’re on the home stretch now.  There’s a much lower risk of things going wrong without big cost implications - how long until you complete? 

Thank you! Thankfully not an overly long wait, we should complete on the 19th October. Eek!

How is yours progressing?

Great news!
nothung much happening this week as we are waiting for the last of the searches to be returned - due back around 21st after this they will raise enquiries and the solicitors have said that subject to number and speed of enquiries we could complete before Christmas - fingers crossed!
our buyers have had searches done and enquires so sound like they are almost ready 

Grf4ul3

I'm extremely anxious. Was meant to exchange yesterday. My solicitor and the buyer's had said it was their intention to do it yesterday, and both buyer and I had given our authority. then radio silence from the buyer's solicitor until about 5pm, when they said they had been unable to exchange because the buyer's remortgage had not completed as expected; but they were hopeful to be able to exchange on Monday.

I know based on the words alone, I should not worry. But I can't help but imagine the worst, what if their remortgage was declined and they are now trying to delay things in order to try and find a solution....

Don't know how I am going to deal with another weekend of uncertainty.

trakky14

Grf4ul3 said:

I'm extremely anxious. Was meant to exchange yesterday. My solicitor and the buyer's had said it was their intention to do it yesterday, and both buyer and I had given our authority. then radio silence from the buyer's solicitor until about 5pm, when they said they had been unable to exchange because the buyer's remortgage had not completed as expected; but they were hopeful to be able to exchange on Monday.

I know based on the words alone, I should not worry. But I can't help but imagine the worst, what if their remortgage was declined and they are now trying to delay things in order to try and find a solution....

Don't know how I am going to deal with another weekend of uncertainty.

Do you mean confirmation that the buyers mortgage would be released for completion (whenever that is) because usually what happens is the solicitors contact the mortgage companies and check they are ok with the completion date planned...when is completion planned for? The bottom of the chain then sends the deposit via their solicitor which then prompts the exchange of contracts. Completion money will be ordered in time for completion. So perhaps they didn't get authorisation from the lender yet for the agreed completion date? Or the deposit money hasn't been given yet? Neither are reasons to panic if the mortgage has been approved at an earlier date.

We had to wait 4 days for our buyers buyers lender to confirm the date for completion was ok (28th) as soon as they got that then contracts were exchanged. Completion money will come on the 28th. Sometimes it takes a few days for the lenders to confirm but as long as they have their mortgage offer prior to this it should be fine! We had a 4 week wait for agreement on dates for completion because our buyers lender was raising additional enquiries...now that was stressful!!

Grf4ul3

trakky14 said:

Grf4ul3 said:

I'm extremely anxious. Was meant to exchange yesterday. My solicitor and the buyer's had said it was their intention to do it yesterday, and both buyer and I had given our authority. then radio silence from the buyer's solicitor until about 5pm, when they said they had been unable to exchange because the buyer's remortgage had not completed as expected; but they were hopeful to be able to exchange on Monday.

I know based on the words alone, I should not worry. But I can't help but imagine the worst, what if their remortgage was declined and they are now trying to delay things in order to try and find a solution....

Don't know how I am going to deal with another weekend of uncertainty.

Do you mean confirmation that the buyers mortgage would be released for completion (whenever that is) because usually what happens is the solicitors contact the mortgage companies and check they are ok with the completion date planned...when is completion planned for? The bottom of the chain then sends the deposit via their solicitor which then prompts the exchange of contracts. Completion money will be ordered in time for completion. So perhaps they didn't get authorisation from the lender yet for the agreed completion date? Or the deposit money hasn't been given yet? Neither are reasons to panic if the mortgage has been approved at an earlier date.

We had to wait 4 days for our buyers buyers lender to confirm the date for completion was ok (28th) as soon as they got that then contracts were exchanged. Completion money will come on the 28th. Sometimes it takes a few days for the lenders to confirm but as long as they have their mortgage offer prior to this it should be fine! We had a 4 week wait for agreement on dates for completion because our buyers lender was raising additional enquiries...now that was stressful!!

Hmm.. the buyer's solicitor told the buyer that they needed the remortgage funds to clear into their (solicitor's) account before exchanging contracts? So I assumed it was to do with that?

trakky14

Grf4ul3 said:

trakky14 said:

Grf4ul3 said:

I'm extremely anxious. Was meant to exchange yesterday. My solicitor and the buyer's had said it was their intention to do it yesterday, and both buyer and I had given our authority. then radio silence from the buyer's solicitor until about 5pm, when they said they had been unable to exchange because the buyer's remortgage had not completed as expected; but they were hopeful to be able to exchange on Monday.

I know based on the words alone, I should not worry. But I can't help but imagine the worst, what if their remortgage was declined and they are now trying to delay things in order to try and find a solution....

Don't know how I am going to deal with another weekend of uncertainty.

Do you mean confirmation that the buyers mortgage would be released for completion (whenever that is) because usually what happens is the solicitors contact the mortgage companies and check they are ok with the completion date planned...when is completion planned for? The bottom of the chain then sends the deposit via their solicitor which then prompts the exchange of contracts. Completion money will be ordered in time for completion. So perhaps they didn't get authorisation from the lender yet for the agreed completion date? Or the deposit money hasn't been given yet? Neither are reasons to panic if the mortgage has been approved at an earlier date.

We had to wait 4 days for our buyers buyers lender to confirm the date for completion was ok (28th) as soon as they got that then contracts were exchanged. Completion money will come on the 28th. Sometimes it takes a few days for the lenders to confirm but as long as they have their mortgage offer prior to this it should be fine! We had a 4 week wait for agreement on dates for completion because our buyers lender was raising additional enquiries...now that was stressful!!

Hmm.. the buyer's solicitor told the buyer that they needed the remortgage funds to clear into their (solicitor's) account before exchanging contracts? So I assumed it was to do with that?

Ah I've no idea how it works with a remortgage but would imagine the funds only come on completion like any other sale

rickyroma

jmo81 said:

Anyone else googling 'what can go wrong between exchange and completion'?

I won't believe it 'til the keys are in my hands

Oh yeah... Even as dark as researching the responsibilities/liabilities on the surviving buyer if their partner died 😳
We were fine in the end as I'm sure you will be too👍

trakky14

rickyroma said:

jmo81 said:

Anyone else googling 'what can go wrong between exchange and completion'?

I won't believe it 'til the keys are in my hands

Oh yeah... Even as dark as researching the responsibilities/liabilities on the surviving buyer if their partner died 😳
We were fine in the end as I'm sure you will be too👍

😂 oh god that is dark!! We've got another 10 days till we complete...everyone better look after themselves! 

RM_2013

Feels like it’s been a week of no progress.  No updates this week but haven’t chased solicitors as they are awaiting local search which isn’t due back until around 21st. 

Feeling impatient and just want to move house now!
i don’t want to tempt fate by packing or buying anything for the new house yet so as I’ve been off work this week I’ve been tidying the garden ready for winter and started de cluttering wardrobes and cupboards - we have already sorted out the loft and the garage

heres hoping we hear something next week 

jmo81

rickyroma said:

jmo81 said:

Anyone else googling 'what can go wrong between exchange and completion'?

I won't believe it 'til the keys are in my hands

Oh yeah... Even as dark as researching the responsibilities/liabilities on the surviving buyer if their partner died 😳
We were fine in the end as I'm sure you will be too👍

Blimey, well, prepare for everything! My sol confirmed on friday that she has all the funds so I'm ready to collect keys tomorrow. 

3 months in total, felt like about a year

RM_2013

jmo81 said:

rickyroma said:

jmo81 said:

Anyone else googling 'what can go wrong between exchange and completion'?

I won't believe it 'til the keys are in my hands

Oh yeah... Even as dark as researching the responsibilities/liabilities on the surviving buyer if their partner died 😳
We were fine in the end as I'm sure you will be too👍

Blimey, well, prepare for everything! My sol confirmed on friday that she has all the funds so I'm ready to collect keys tomorrow. 

3 months in total, felt like about a year

Great news hope the move goes well