The NEW waiting to exchange thread...

julicorn

RM_2013 said:

julicorn said:

julicorn said:

We're attempting to exchange on our sale towards the end of this week, only completing just before Christmas though. 

In the meantime, we're waiting for the conveyancing on our new purchase to catch up. It would be great if we could complete on the same day as we're moving out of our current home, but will see (current plan B is to annoy friends and family for a few weeks over Christmas and then airbnb, with our belongings in storage). 

"Towards the end of the week" ended up being a bit overly optimistic on my part, but we're hoping to exchange on our sale this coming week, with the completion date being the 21st of December. 

The purchase is pretty much ticking along as well - we got our searches back on Wednesday (all looking pretty good), are expecting our survey report Monday or Tuesday, and had to submit a couple of extra documents / responses for the mortgage application, so hoping that'll come back positive as well this coming week. So we're still hopeful on the 'catching up' plan at the moment, but one thing after the other I guess. 

If the searches are back and if not too many enquiries then you might manage to tie your sale abs purchase up at the same time.  Although guess it depends whether your vendors want to move so close to Christmas!  Fingers crossed everything keeps moving smoothly for you 

Thank you so much - the house will be empty then, it's currently tenanted but the tenants are already in the process of moving out (their new tenancy has already started), with their last day being the 30th of November. So it's really just a case of making sure the mortgage is sorted and all the legal work completed by then Looks like the contract in itself is approved already, the title checks came back positive, so I'm just hoping that the enquiries are straightforward. 

julicorn

RM_2013 said:

Really hoping that this new week brings some dates.  As far as I am aware my solicitor has had the enquiries back for our purchase and was reviewing them - there were only 6 raised so hopefully no hold ups.  In our sale there was just 1 additional query raised which has apparently been answered already by the solicitor but buyers solicitor have queried the same thing again.
As I’ve had a few days off work I’ve been trying to get a few things done so I’ve removed some pictures/shelves etc and filled and painted the holes so the walls look better.
we’ve also ordered a new bed as we’ve never had room for a king size in our current bedroom. We’ve arranged delivery to my parents address just in case!! 

That sounds really positive, I hope you get to align on exchange and completion dates super soon! And yay for the new and bigger bed, that's going to be great We'll need a new bed too because we had a loft bed (double size of course) in the last two flats and are finally ready for a 'normal' grown-up bed, haha!

Choirgrl

Tentatively joining this thread, having had an email from the EA progression manager last week saying “looks like we could soon be in a position to exchange “. I know that it’s the solicitor that’s the definitive source on exchange readiness, but I think the EA is probably right. 

Mortgage is sorted. Survey is done with nothing unexpected. Searches are all back with nothing concerning. Draft contract received from vendor’s solicitor along with TA6, TA10 and all the certificates/warranties etc. Queries were sent to vendor’s solicitor on Thursday - only three and all very basic. So far both solicitors have been super on it and responsive, so unless that changes or an unexpected problem crawls out of the woodwork, it’s possible we could be looking at everything being wrapped up before Christmas.

Unlike those of you who’ve had processes dragging on for months, I’m in the fortunate, but mildly head-spinning, position of things moving at a real clip - it’s only four weeks since I made the offer. There’s no chain (I’m currently renting, they are moving into a place they’ve built themselves) and they are motivated and prepared sellers (house first went on the market in May and they lost two buyers before me) so I hoped things wouldn’t be too drawn out, but I’d been anticipating mid - January rather than the possibility of mid-December.

I hope everyone waiting for news and dates gets them soon.

RM_2013

@Choirgrl
fingers crossed for a smooth move for you.  Really hoping we can move before Christmas too 

sophieo16

We finally have a completion day on the sale of my partners' house of 22nd November!! I'm just so relieved we finally got the answers needed from the Management Company. 

If anyone on here is buying or selling a house that has a management company of any sort attached to it, get your solicitor to reach out to them ASAP in the process! What a nightmare they have been. 

Now to get our purchase finalised...

I hope more people receive some nice news this week, either exchange/completion date or progress at least! 

RM_2013

@sophieo16 great news about your sale - hope your purchase is smooth sailing.  How far along in the process are you?

RM_2013

New week but no updates today - how’s everyone else getting on? 

julicorn

RM_2013 said:

New week but no updates today - how’s everyone else getting on? 

nothing here either. I was hoping we might get our survey report back today, but I reckon it'll probably be tomorrow now. 
We commissioned a valuation as part of that as well, because our lender undervalued the house by £50k, but that was based on a desktop valuation only. Not mega surprising because it's quite an unusual property for the area (which I guess a computer wouldn't really factor in), but I'm curious to see what the surveyor thinks. 

RM_2013

julicorn said:

RM_2013 said:

New week but no updates today - how’s everyone else getting on? 

nothing here either. I was hoping we might get our survey report back today, but I reckon it'll probably be tomorrow now. 
We commissioned a valuation as part of that as well, because our lender undervalued the house by £50k, but that was based on a desktop valuation only. Not mega surprising because it's quite an unusual property for the area (which I guess a computer wouldn't really factor in), but I'm curious to see what the surveyor thinks. 

Fingers crossed the survey and valuation come back soon.  Did you re negotiate the down value with the vendor? Or will you if the survey picks up any serious issues? Surprising that they only did a desk top valuation of its an unusual property for the area.

julicorn

RM_2013 said:

julicorn said:

RM_2013 said:

New week but no updates today - how’s everyone else getting on? 

nothing here either. I was hoping we might get our survey report back today, but I reckon it'll probably be tomorrow now. 
We commissioned a valuation as part of that as well, because our lender undervalued the house by £50k, but that was based on a desktop valuation only. Not mega surprising because it's quite an unusual property for the area (which I guess a computer wouldn't really factor in), but I'm curious to see what the surveyor thinks. 

Fingers crossed the survey and valuation come back soon.  Did you re negotiate the down value with the vendor? Or will you if the survey picks up any serious issues? Surprising that they only did a desk top valuation of its an unusual property for the area.

We haven't yet, waiting to see what this valuation comes back with. I don't think we really have a leg to stand on when the desktop valuation is based on the properties nearby that are nothing like the one we're buying (it's on a street with mostly fairly run-down 1930s houses, and this one was only built in 2017, very energy efficient, solar panels, quite interesting architecturally... quite a different type of property, really). 
They did a desk top valuation because our LTV is quite low, even at the lower valuation it's still under 60%. So it's very low risk for the lender, which means they didn't feel the need to send someone out in person.