The NEW waiting to exchange thread...

julicorn

julicorn 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. 

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. 

We heard back on our offer - they've counter-offered £510k, I said if they can agree with £505k then we're good to go. We're happy with that after seeing the surveyor's comparison properties (as mentioned, this is quite a unique house, so we don't mind paying a little bit over what the surveyor thought). 

Meanwhile, we've all agreed on the 19th of December as the completion date (for our sale and the chain below, that is). The estate agent handling our sale is trying to get all the solicitors to exchange. Sounds like they're all ghosting her today, Fridays are busy after all! Ah well, we shall see what happens. At least the date is agreed and the paperwork sorted. 

RM_2013

@julicorn this sounds positive let’s hope that they accept your revised offer and things can start moving 

RM_2013

@poppysmam
ive found the whole process very stressful and especially now we have hit some issues with our purchase.  Hopefully they can resolve things and hopefully your transaction will move quickly 

smku

Long time reader, first time poster

House sold : Feb 2022
Reserved new build : March 2022 (house to be ready May/June/July)
Mortgage application approved : March 2022
Homebuyer survey done on our sale : April 2022 (picked up the weirdest issues that they buyer took as gospel)

Found out in April that our buyer had not put their mortgage application in and they were ‘shopping around’

Turns out our buyer did not like that new build completions came with a longstop date which they were told about when they came to view the house. (House now to be completed Oct/Nov/Dec)

A period of going back and forth for 4 months  trying to get an exchange and finding out the house is not ready due to material shortages

New mortgage offer agreed as the first one exited : September 2022
Our buyer pulls out of the sale : September 2022
New offer accepted from a new buyer : September 2022
Homebuyer survey done on our sale : October 2022 (all okay)

At this point we chased the solicitor for an up to date completion and they advised Dec/Jan/Feb but the house inspection is booked in for Dec 9th so completion would be Dec 23rd. This is cutting it way too fine for us as our mortgage offer expires at the end of Dec and with Christmas I just can’t see it being doable with solicitors closing etc. 

Spoke to the site manager who said the house inspection was booked in for Nov 21 so I have no idea what is going on anymore or who to even speak to/believe. 

It has been a very stressful experience and I have felt like all I have done is helplessly chase for the last 9 months. Never want to do this again, the system is so backwards and benefits no one. 

Hope this is over soon and we can get some good news. 

poppysmam

My solicitor has just emailed me to inform me that the buyers solicitors continue to be very difficult in regards to the s106 (restrictive covenant) and that she is now in correspondence with the original developers with locating the s106 agreement. After a quick Google and a read through some articles, I’m thinking the hold up is the lender now being happy about the s106. 

Interestingly, I’ve also read the s106 generally aren’t enforceable after 20 years (the property we are selling is old than this) so I’m at a loss. Lord only knows what will happen over the next few weeks. I can see this being the buyers solicitors/lenders covering their backs. Still hoping we can get this sorted and exchange soon!

julicorn

julicorn said:

julicorn 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. 

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. 

We heard back on our offer - they've counter-offered £510k, I said if they can agree with £505k then we're good to go. We're happy with that after seeing the surveyor's comparison properties (as mentioned, this is quite a unique house, so we don't mind paying a little bit over what the surveyor thought). 

Meanwhile, we've all agreed on the 19th of December as the completion date (for our sale and the chain below, that is). The estate agent handling our sale is trying to get all the solicitors to exchange. Sounds like they're all ghosting her today, Fridays are busy after all! Ah well, we shall see what happens. At least the date is agreed and the paperwork sorted. 

We heard back today, £505k has been accepted We're really pleased with that, I mean there's a reason why we were willing to pay £525k in the first place, so getting it for £20k less is fab. Going to go celebrate with a Gluehwein at the Christmas market. 

JohnTheSkier

julicorn said:

julicorn said:

julicorn 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. 

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. 

We heard back on our offer - they've counter-offered £510k, I said if they can agree with £505k then we're good to go. We're happy with that after seeing the surveyor's comparison properties (as mentioned, this is quite a unique house, so we don't mind paying a little bit over what the surveyor thought). 

Meanwhile, we've all agreed on the 19th of December as the completion date (for our sale and the chain below, that is). The estate agent handling our sale is trying to get all the solicitors to exchange. Sounds like they're all ghosting her today, Fridays are busy after all! Ah well, we shall see what happens. At least the date is agreed and the paperwork sorted. 

We heard back today, £505k has been accepted We're really pleased with that, I mean there's a reason why we were willing to pay £525k in the first place, so getting it for £20k less is fab. Going to go celebrate with a Gluehwein at the Christmas market. 

 Congratulations and enjoy the glühwein!

RM_2013

@julicorn that’s brilliant news and hope you enjoy the Christmas market 

julicorn

Thank you both so much @JohnTheSkier and @RM_2013 !

Bubblebutt9

We have agreed a completion date and all enquiries have been satisfied on our sale and purchase. So just waiting to sign contracts and exchange. What things are this point can go wrong before we exchange?