The NEW waiting to exchange thread...

Elasrofton

So all 5 in my chain have removals booked for tomorrow and we still haven’t exchanged. It’s madness. Apparently exchange tomorrow with completion Friday.
Nerve wracking 

sophieo16

Elasrofton said:

So all 5 in my chain have removals booked for tomorrow and we still haven’t exchanged. It’s madness. Apparently exchange tomorrow with completion Friday.
Nerve wracking 

I will keep my fingers crossed for you today @Elasrofton

We are just in that really quiet enquiries stage where it seems nothing is happening. No idea if any enquiries have been answered, how many there are, how complex they are to sort etc etc. My conveyancer was waiting for the paperwork to come through to them on our new mortgage offer too. That's made me slightly nervous due to the postal strikes etc. 

I was never expecting to be in for Christmas (my boyfriend had other ideas) but it be nice to get an exchange date or idea of completion to give us something to work towards. Im guessing we are just slightly off those discussions at the moment

SprostonGreenHead

SprostonGreenHead said:

Leading on from: https://forums.moneysavingexpert.com/discussion/comment/79579085#Comment_79579085

I thought we were "waiting to exchange", but our purchase has hit an annoying snag.

Seller extended her boundary into land owned by original developers. Used it that way for 25 years. We pushed to get the land under Possessory Title via adverse possession. Seller filled wrong form and wasted two months. New application went in with expedition request that was granted and survey done by LR but statutory notice to owners of the land must expire before anything else can be done. Found out this expires 2 days before our mortgage offer does (not leaving enough time to wrap things up). Therefore decided to buy property without the extra land (3.2m of garden depth). So next thing, our solicitor makes a big deal out of the original lender valuation probably including extra land (it can't have done realistically because it was a "desktop valuation"). Solicitor sends really confusing and ambiguous letter to lender to gain approval to move forward to buy just what the seller currently owns under Absolute Title. Lender responds (2 weeks later) by sending their policy on adverse possession and refusing said approval to proceed. Clearly lender is confused about our and solicitor's intentions. Our solicitor didn't even realise this. Was obvious to me. Pushed solicitor to send a follow up and clarify situation. Now waiting what could be two weeks or more to find out if lender is still confused. Everything else is pretty much lined up.

FTB here. Buying property in this country seems to me ridiculously long-winded, stressful and full of trapdoors. Personal situation is that we need to move soon as young kids and outgrowing rented property. If we lose this property or this mortgage offer I'm going to be absolutely destroyed.

Glad to read some success on this thread though! Good luck to all those waiting!

Some positive progress for us on this. Turned out it was a misunderstanding with the lender, who have now given the green light to proceed buying this property without the extra land (which is subject to an ongoing Adverse Possession claim). Didn't require referral to their valuer either.

My solicitor suggested that because the AP claim is still going and that we'd want this land transferring to us if Possessory Title is awarded to the outgoing sellers, that we suggest a 10k retainer, to be held by solicitors and forwarded to the outgoing sellers as and when the AP claim is ruled in their favour and they've transferred it to us. In the event the claim is unsuccessful or they don't transfer the land to us within 6 months then the retainer will come back to us.

This seemed like a good way forward for us. It gives the seller some incentive to complete the transfer, and it compensates us if the garden is to shrink by 12 feet. If the sellers agree to these terms there is nothing else left to do and we're targeting exchange and completion for first week of Jan. My solicitor asked if we wanted to try and get it done before Xmas but at this stage it would be pushing it and we could do without the stress of a rush.

Actually starting to feel like this is gonna happen. Just hope sellers accept the above terms.

rose28454

We marketed my late mothers house in August and had 21 views within 10 days and 5 offers. Three were asking price one 10k over and one 20k over. The three asking price were first time buyers the 10k one had an offer and mortgage etc in place and 20k was only just marketing his property
My older brother is a property developer so he negotiated with the estate agent and advised the other 4 of us to go with the 10k man. At the time we were under the impression it was a 3 person chain including us. So we accepted offer in early September. Things have dragged a bit as there was a problem with deeds but 2 weeks ago received an email from
solicitor saying they were chasing the buyer for his deposit. Next day estate agents messaged to say there are actually 4 people in the chain and person at the bottom wants a reduction of 25k and would we all chip in . Initially we all said no but after a week we agreed 5k our buyer 5k and his buyer 2k. But it still fell apart

we all talked and agreed to wait till new year to see if our buyers buyer could get his sold and get things moving 
estate agent called next week to say our buyer is remarketing his also. So as I am executor I popped into another agent in town and got an opinion. They said they are still busy and would like to see the house. He came out and said it was still worth asking price and he may even have a buyer who might like it. He said if we appt them he could get pics done this week and launch it on Boxing Day as a lot if people start to look then. 

I’ve spoken to some of my siblings - my 2 sisters are keen to sell, my younger brother says we should wait till new year and I’m speaking to older brother today ( we are all a little scared of him as he is a bully and we used the first agent as he sells through them even though they are more high end than mums house) younger brother also said maybe we should wait if we don’t get high enough offer and let it for a year. 

I cared for my mum and dad for 2 years and mum another 10 and it has taken a toll on my life and health. I’m not desperate for the money but would just like closure. As executor I could just go ahead and list it if I wanted. I’m not suggesting cheating my siblings but it seems silly to wait 
anybody got any ideas 

Camboudica

@rose28454 - I think you should put this post in the general forum rather than this thread, you will get more people seeing it who will likely give you an opinion, this thread is just for people who are waiting (impatiently) to exchange and complete.

Good luck. 

poppysmam

So, just had an email from EA saying buyers have now expressed they want to pull out because of risk of subsidence on one of the reports. I’ve spoken to EA she says she and buyers sols have reassured the buyers that a lot of properties have that noted on reports and that there are other options, for example a structural survey to put their minds at ease. EA says she things buyer has Googled and scared himself. Nervous FTB? I don’t know but to get this far (bearing in mind, buyers wanted to complete next week as they have time booked off work) is a kick in the guts. 5 months in, everything else in place I could honestly cry. Just to add, buyers are FTB, mortgage offer runs out in Feb and they will have to still pay some sols fees and already paid for searches/surveys etc. I really am hoping the buyers will respond to the advice from their sols and EA. Please everyone keep your fingers crossed for us. 

Another thing to add - I think they have signed and sent contract/tr1 form to their sols. EA wasn’t sure though. 

RM_2013

@poppysmam oh no how stressful.  This is my absolute fear that either my vendor or buyer pulls out last minute.
hopefully they are just having a little wobble and can be reassured that it might not be as scary as they think.  

When are they going to let you know for definite? 

poppysmam

RM_2013 said:

@poppysmam oh no how stressful.  This is my absolute fear that either my vendor or buyer pulls out last minute.
hopefully they are just having a little wobble and can be reassured that it might not be as scary as they think.  

When are they going to let you know for definite? 

Thanks so much @RM_2013 my gosh it really is so stressful. EA I’m normally in contact with is off tomorrow, but said that someone else will keep us updated. The buyers sols and EA had emailed them with suggestions this evening, shortly after they had expressed they want to withdraw. Up to when I last spoke to EA, they hadn’t replied I sincerely hope it is a little wobble. EA and their own sols have reassured them it isn’t of any concern, doesn’t affect mortgage etc, so let’s hope they take that on board and proceed. Hoping they will let us know decision tomorrow. They have been incredibly keen throughout. 

Hopefully you will hear something tomorrow? When post arrives again. Keep us updated! Hoping you can get some certainty before Christmas break!

RM_2013

@poppysmam let’s hope they have a good think about things this evening and realise they’re being over cautious. I hope you get some update from the EA tomorrow.  Are they FTB? They may have other people in their ear telling them it’s risky.  You know what it’s like.  Everyone has an opinion to give!!

Thank you.  No news today but didn’t expect anything after 2 days of strikes. If the form turns up in the post tomorrow that would be fantastic. If we could at least exchange before Christmas then I will have something to look forward to and I will feel a lot less anxious.  I just know that if the form doesn’t arrive before they break up for Christmas I am just going to convince myself that it will all fall through 

EndlessStruggle

It sounds like they've got the environmental report and it's said the house is on clay soil or something similar.

When I got my report I raised my concerns with a surveyor as mine said the same and he listed the entire towns locally that are on clay soil and haven't fallen down.

Maybe suggest they talk to a surveyor who will no doubt reassure them it's very common and doesn't mean anything really.

I proposed exchange by 21st and completion the 9th and said if we don't exchange until Jan it will push the completion date back too.

Didn't hear back so I assume they will get back to me tomorrow.