The NEW waiting to exchange thread...

RM_2013

Panda126 said:

Buyer’s solicitors keep delaying the exchange !

We were supposed to exchange on Friday, they said they will aim to exchange that day but they can’t promise anything…at the end of the day they said they will wait for their ‘main’ solicitor to exchange on Monday but 100% they will exchange that day. On Monday they said they will exchange but they didn’t (apparently they were reviewing the files – but they should be ready on Friday!!!) and reassured us the exchange will happen Tuesday. Now they said it won’t happen today without any reason.

Everything is ready, buyers are ready, deposit sent, contracts signed.

It’s only the buyers (FTB) us and the developer that is waiting for us to exchange.

And we are 5 days away from completion!

Is this normal ?!

You can in theory exchange and complete on the same day but they don’t usually agree completion until they have exchanged.  I’d chase tomorrow to see what the hold up is as they’ve not given you a reason for not exchanging 

RM_2013

Bubblebutt9 said:

We are hoping to exchange Friday with completion to take place on 30th November. Wish us luck 

Good luck with everything 

RM_2013

1616six said:

We thought everything was done, have settled the full completion statement balance etc then get an email today saying the evidence for our partially gifted source of funds doesn’t meet compliance so they need more documents before we can exchange.

Time is ticking, if we don’t complete by the end of the month it’s another £700 in rent to fork out so I’m praying it can be sorted!

Oh no. How long do they need once you’ve got the proof to them.  Really hope you can avoid paying any extra rental - fingers crossed for you 

RM_2013

hdh74 said:

Another day of no response from the bottom of the chain. We're supposed to complete on Monday (the day they set) and they will neither exchange nor offer an alternative date. Nor even give us a progress update.

How frustrating. Can EA chase them? Seems weird that you’re having non response at all.  Hope you manage to get things moving soon 

julicorn

RM_2013 said:

julicorn said:

Urgh this is just annoying now. 

There three parties, FTB, our buyer, and us. 
When I spoke to our estate agent yesterday, she said it was the FTB's solicitors who were holding things up (accompanied by one of those 'online conveyancers are so terrible' rants that EAs like to do). I checked in again this morning - turns out the 'terrible' online conveyancers were actually ready to exchange yesterday, but it's our buyer's solicitor who's gone on holiday, left the case in the hands of a locum, and they reviewed it yesterday and decided he needed proof of funds for the deposit. 

Our buyer put his offer in in February, how on earth do they not have sufficient proof of funds? Absolutely ridiculous. I put my foot down and said we either exchange today or we have to re-negotiate the completion date. I know our buyer's mortgage offer runs out, but honestly at this point I've lost my patience. We'd agreed to 6 weeks between exchange and completion, now it's less than 4 weeks left. 

Annoying. Did you manage to exchange today? 

Nope. Sounds like the source of funds issue got resolved, but now the solicitor at the bottom of the chain didn't have anyone 'senior enough' to deal with the file, and can't guarantee they'll be able to exchange tomorrow either. I'm really annoyed - will see what we feel like doing in the morning. 

1616six

RM_2013 said:

1616six said:

We thought everything was done, have settled the full completion statement balance etc then get an email today saying the evidence for our partially gifted source of funds doesn’t meet compliance so they need more documents before we can exchange.

Time is ticking, if we don’t complete by the end of the month it’s another £700 in rent to fork out so I’m praying it can be sorted!

Oh no. How long do they need once you’ve got the proof to them.  Really hope you can avoid paying any extra rental - fingers crossed for you 

From what I can gather, they just need it in hand and that’s that - the FIL is going to the bank tomorrow to get a mid month statement and drop it off for us. Part of our deposit is from them remortgaging to release some equity as early inheritance so I think it’s just that they needed to see a statement showing those funds going into his account. He’d sent a screenshot of his online bank but that wasn’t enough, and because it went in after his statement so he needs a mid month which Lloyds apparently will only issue in person.

What a pain! Hopefully he can get that dropped off tomorrow morning and we can push them to exchange worst case Monday if not sooner.

rfoodie93

RM_2013 said:

rfoodie93 said:

So we are currently 14 weeks in ( no chain either side) and still waiting on the sellers sol to respond to the final enquiry,  which is the management pack. They have been incredibly slow throughout the process. No dates have been mentioned yet so we are getting very anxious that we may not complete before Christmas. How can I put more pressure on the seller? 

Frustrating isn’t it? We are almost 15 weeks in with a fairly straightforward chain of 3 but delays caused by solicitors on both sides and now uncovered an issue on a leasehold title. We were really hoping to move before Christmas but seems very unlikely this will now happen 
can you go through the EA as often they are good at chasing up sellers and vendors 

So Frustrating! Fingers crossed both move before Christmas. 

We have a sales professor at the EA but she's not very responsive. I assume it's because she can't get hold of the sellers sol. 

hdh74

RM_2013 said:

hdh74 said:

Another day of no response from the bottom of the chain. We're supposed to complete on Monday (the day they set) and they will neither exchange nor offer an alternative date. Nor even give us a progress update.

How frustrating. Can EA chase them? Seems weird that you’re having non response at all.  Hope you manage to get things moving soon 

The EA has been chasing them daily for 3 weeks. They've had two 'we're still aiming fo the 28th' replies and nothing else. Last Friday, after no responses to solicitors above they sent out transfer docs and we all followed suit and signed. We expected to exchange yesterday. Then late yesterday the bottom suddenly told the solicitor above they have outstanding queries. No specifics, so solicitor above re-sent all the responses which everyone thought were settled 2 wks ago. No response from bottom since then to anyone. 

EndlessStruggle

I got my survey report last night and it was even worse than he had told me.

I pulled out today and the EA I was buying with was rather sh...y with me tbh. 

I've got a viewing on Sunday that I think is the one.

I've actually got two but one has come up today that I've jumped on!

Fingers crossed.

I called the EA I've sold with to update them and they have told me the delay on my sale is with the buyers solicitor.

We agreed that mine has the patience of a saint as she has sent them the same document 7 times now over the last 3 weeks!

Mum is looking forward to me coming to stay with her and I've got storage sort of sorted.

1616six

EndlessStruggle said:

I got my survey report last night and it was even worse than he had told me.

I pulled out today and the EA I was buying with was rather sh...y with me tbh. 

I've got a viewing on Sunday that I think is the one.

I've actually got two but one has come up today that I've jumped on!

Fingers crossed.

I called the EA I've sold with to update them and they have told me the delay on my sale is with the buyers solicitor.

We agreed that mine has the patience of a saint as she has sent them the same document 7 times now over the last 3 weeks!

Mum is looking forward to me coming to stay with her and I've got storage sort of sorted.

Good luck!

We decided against a survey, I’m half worried we should have had one, other half is saying innocence is bliss 😂