The NEW waiting to exchange thread...

RM_2013

donutandbeer said:

Yesterday our solicitor asked the vendor’s solicitor whether they can exchange imminently but they didn’t respond, this was after they said they are ready. I just called the estate agent and they called the vendor’s solicitor, apparently now they say they are looking to exchange today and will be in touch with our solicitor. Unfortunately they have been saying in the last three weeks that they are “looking to exchange this week” too many times, and obviously every week it turned out they were still not ready, so I don’t have much hope for exchanging today. I know it’s going to happen eventually, but I won’t be surprised if they suddenly come up with something else after saying they are ready (which they have also said at least twice in the past). 

Fingers crossed that it actually happens today or this week.  Frustrating when you are waiting on others 

RM_2013

Well I’m in a bit of a grump because final enquiries have stalled because there is an issue with land registry on the leaseshold garage for the freehold house we are buying.  I have posted a separate thread on this but no idea how long this will delay things 

poppysmam

Hi all,

A newbie here! I’ve been reading all of your experiences with great interest. In a nutshell, I am selling my deceased parents house (probate granted back in April, at the end of the selling process now, apparently) I’m currently stuck at final enquiry (FTB want restricted covenant removed from the deeds) which our solicitors have said will be a much too lengthy process and suggested indemnity insurance instead. This was Monday, still no reply. 

Found our solicitors relatively helpful, but EA not the greatest. It was only last week she emailed me to say that the buyers solicitors had everything in place, all enquiries satisfied etc and that it has been noted for completion for November, but now radio silence since the last phone call regarding restricted covenant. It fills me with that dread and what ifs. Sigh. 

I’m beginning to lose all hope of this completing before Christmas now. My brother is still currently living in the house and has an onward purchase (he’s had this since April this year, we had previous buyers pull out) so this really needs to be wrapped up, I’m starting to feel the stress of it all. 

Has anyone had any experience with the enquiry regarding the covenant, before? 

Wishing everyone luck with their (hopefully) quick and smooth exchanges and completions ahead! 

UnderOffer

@poppysmam what’s exactly is the covenant? More details might help others to answer. 

poppysmam

UnderOffer said:

@poppysmam what’s exactly is the covenant? More details might help others to answer. 

Hi UnderOffer,

apologies for the vagueness. I believe it’s a restriction to build on the land. The house was built in the late 90s. Our solicitor says it won’t affect the new buyers at all having it on there and hasn’t affected any previous buyers like my parents. She sounded frustrated when I spoke with her on Monday. I’m wondering if it might be stalling tactics as our buyers have never mentioned anything about this before now. 

donutandbeer

RM_2013 said:

donutandbeer said:

Yesterday our solicitor asked the vendor’s solicitor whether they can exchange imminently but they didn’t respond, this was after they said they are ready. I just called the estate agent and they called the vendor’s solicitor, apparently now they say they are looking to exchange today and will be in touch with our solicitor. Unfortunately they have been saying in the last three weeks that they are “looking to exchange this week” too many times, and obviously every week it turned out they were still not ready, so I don’t have much hope for exchanging today. I know it’s going to happen eventually, but I won’t be surprised if they suddenly come up with something else after saying they are ready (which they have also said at least twice in the past). 

Fingers crossed that it actually happens today or this week.  Frustrating when you are waiting on others 

Our solicitor asked us to authorise the exchange at 3pm. Already thought it wouldn’t happen today since it’s so late. We still haven’t heard back from our solicitor whether we have exchanged successfully or not… 

1616six

RM_2013 said:

Well I’m in a bit of a grump because final enquiries have stalled because there is an issue with land registry on the leaseshold garage for the freehold house we are buying.  I have posted a separate thread on this but no idea how long this will delay things 

What a nightmare! Sorry to hear that. Hopefully it’s something they can deal with quickly for you. Put the pressure on them!

We had an email today from our solicitor to say they’ve requested the mortgage funds today and that she is now sending our final report over, only issue being she’s realised they STILL haven’t responded to 3 enquiries. She did however say it’s time to press on and she’ll forward the response to those when they finally arrive. 

I’ve basically said yes just go go go, if the nature of the enquiries aren’t deal breakers then we just need to get things tied up for a pre end of the month exchange 

julicorn

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. 

Lots of news here today! It's a bit like buses, isn't it?

Some good, some great, some less good... I don't even know where to start, maybe in chronological order of how the day played out

Around mid-day we got the survey report back. It's all looking fab, all in great condition... but the valuation was low. Not as low as the desktop valuation the bank did (£475k), but still £490k, which is quite a chunk under our offer of £525k. 
Called the EA, revised our offer to £490k. He'll pass it on, I expect there to be a bit of back and forth over the price. We shall see. 

We then got a call from our the EA who's managing our sale, and the chain below us are all ready to exchange! Hallelujah. (Bear in mind that we are happy to split our sale and purchase if need be). 
They're now wobbling on dates though - we've been saying 21st December for completion, they now want the week before. We said no, but could do the 19th or 20th. 

We then got an email from our mortgage advisor, the mortgage offer for our has now finally been issued. So that's great news

I passed that on to our solicitor, who then immediately told me that our seller's solicitor has also come back with responses to our enquiries already! She'll review them in the next few days, but at first glance she seems hopeful that they might be satisfactory. So now things are suddenly moving very quickly on our purchase - well, as long as we can agree on price that is!

Absolutely wild ride, but certainly better than that endless wait for updates haha. 

julicorn

RM_2013 said:

Well I’m in a bit of a grump because final enquiries have stalled because there is an issue with land registry on the leaseshold garage for the freehold house we are buying.  I have posted a separate thread on this but no idea how long this will delay things 

So sorry to hear, issues like that are so frustrating!

donutandbeer

donutandbeer said:

RM_2013 said:

donutandbeer said:

Yesterday our solicitor asked the vendor’s solicitor whether they can exchange imminently but they didn’t respond, this was after they said they are ready. I just called the estate agent and they called the vendor’s solicitor, apparently now they say they are looking to exchange today and will be in touch with our solicitor. Unfortunately they have been saying in the last three weeks that they are “looking to exchange this week” too many times, and obviously every week it turned out they were still not ready, so I don’t have much hope for exchanging today. I know it’s going to happen eventually, but I won’t be surprised if they suddenly come up with something else after saying they are ready (which they have also said at least twice in the past). 

Fingers crossed that it actually happens today or this week.  Frustrating when you are waiting on others 

Our solicitor asked us to authorise the exchange at 3pm. Already thought it wouldn’t happen today since it’s so late. We still haven’t heard back from our solicitor whether we have exchanged successfully or not… 

Still not heard back from our solicitor, so I guess it wasn’t successful??? This is just so crazy I don’t know what to say…