The NEW waiting to exchange thread...

poppysmam

So, after our buyers pulling out I’ve finally accepted that we are back to the drawing board. Bearing in mind, the property has been on the market for nearly 11 months now and had two FTB pull out, am I being unreasonable in wanting cash buyers only with proof of funds?

Also taking into consideration we are lowering the asking price by 2.5% to try and get a quick sale. That was the EA suggestion, to put it back onto the market on Boxing Day. This is mainly because of my brothers onward purchase, but also because I’m super deflated about this whole thing. 

SprostonGreenHead

poppysmam said:

So, after our buyers pulling out I’ve finally accepted that we are back to the drawing board. Bearing in mind, the property has been on the market for nearly 11 months now and had two FTB pull out, am I being unreasonable in wanting cash buyers only with proof of funds?

Wouldn't say you're being unreasonable as such; you're the seller, you set the conditions upon which you will sell.

That said, you have to balance your conditions against the narrowed pool of buyers who can meet those conditions. Goes without saying that a cash buyer can pull out too and perhaps it's a lot easier for a cash buyer to pull out as they have no mortgage offer period or lending climate they need to consider. I would say cash buyers are far more likely to play the field and make multiple concurrent offers.

sophieo16

sophieo16 said:

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

We went to the house we are purchasing on Saturday to measure up and ensure everything was okay, as we hadn't seen it since our initial viewing in July. We were expecting the estate agent to be there, but when we turned up, it was the owner's son who was selling on her behalf. We had some very interesting conversations about the process, estate agents etc but the main point was that his conveyancers had said that they are too busy to complete before Christmas, so are aiming for the first week in Jan. That is the first time we or our conveyancer has been made aware of that date as she was waiting for enquiry replies. 

So I got in contact with our conveyancer and have floated a completion date of the 5th Jan and she has received enquiry answers and provided us with the purchase report. I've got mortgage deeds and LISA docs to drop off at their office tonight.

Chemistry777

Really sorry about that poppysmam.   It is massively deflating, the same happened to us in September and we lost our dream house.  3 months later we did manage to sell and actually have found a house that we think is better!

Any house will sell at the right price, dont be tempted to use a house buying company, they really will fleece you.   Just try to see the positives that two buyers liked the property enough to offer and no reason why there should not be more.

badger09

sophieo16 said:

sophieo16 said:

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

We went to the house we are purchasing on Saturday to measure up and ensure everything was okay, as we hadn't seen it since our initial viewing in July. We were expecting the estate agent to be there, but when we turned up, it was the owner's son who was selling on her behalf. We had some very interesting conversations about the process, estate agents etc but the main point was that his conveyancers had said that they are too busy to complete before Christmas, so are aiming for the first week in Jan. That is the first time we or our conveyancer has been made aware of that date as she was waiting for enquiry replies. 

So I got in contact with our conveyancer and have floated a completion date of the 5th Jan and she has received enquiry answers and provided us with the purchase report. I've got mortgage deeds and LISA docs to drop off at their office tonight.

@sophieo16 it’s disappointing but most conveyancers close a few days before Christmas so are now concentrating on transactions which have already exchanged.  

You might want to rethink 5th Jan as they won’t reopen until 3rd so are unlikely to be able to get your mortgage funds in time to complete on 5th. The following week would be easier. 

We exchanged on our sale 18 December 2020 & completed 8 Jan so all in chain could at least enjoy Christmas, albeit surrounded by boxes😉
Good luck

sophieo16

badger09 said:

sophieo16 said:

sophieo16 said:

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

We went to the house we are purchasing on Saturday to measure up and ensure everything was okay, as we hadn't seen it since our initial viewing in July. We were expecting the estate agent to be there, but when we turned up, it was the owner's son who was selling on her behalf. We had some very interesting conversations about the process, estate agents etc but the main point was that his conveyancers had said that they are too busy to complete before Christmas, so are aiming for the first week in Jan. That is the first time we or our conveyancer has been made aware of that date as she was waiting for enquiry replies. 

So I got in contact with our conveyancer and have floated a completion date of the 5th Jan and she has received enquiry answers and provided us with the purchase report. I've got mortgage deeds and LISA docs to drop off at their office tonight.

@sophieo16 it’s disappointing but most conveyancers close a few days before Christmas so are now concentrating on transactions which have already exchanged.  

You might want to rethink 5th Jan as they won’t reopen until 3rd so are unlikely to be able to get your mortgage funds in time to complete on 5th. The following week would be easier. 

We exchanged on our sale 18 December 2020 & completed 8 Jan so all in chain could at least enjoy Christmas, albeit surrounded by boxes😉
Good luck

Thanks for the advice @badger09, There was part of me thinking it could be a bit tight. I told our conveyancer that we could do the 5th if she thought that was achievable and she seems to be ploughing ahead. I suppose by the end of this week we will see if any issues have cropped up that would prevent it.  

The reason that we were happier to go with that first week is that my partner is a teacher and so can't take days off of work etc apart from school holidays. He is back the following week, so if we can push it through, it would be more beneficial. Only us and the sellers in the chain too, as it is being sold under court order. 

badger09

sophieo16 said:

badger09 said:

sophieo16 said:

sophieo16 said:

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

We went to the house we are purchasing on Saturday to measure up and ensure everything was okay, as we hadn't seen it since our initial viewing in July. We were expecting the estate agent to be there, but when we turned up, it was the owner's son who was selling on her behalf. We had some very interesting conversations about the process, estate agents etc but the main point was that his conveyancers had said that they are too busy to complete before Christmas, so are aiming for the first week in Jan. That is the first time we or our conveyancer has been made aware of that date as she was waiting for enquiry replies. 

So I got in contact with our conveyancer and have floated a completion date of the 5th Jan and she has received enquiry answers and provided us with the purchase report. I've got mortgage deeds and LISA docs to drop off at their office tonight.

@sophieo16 it’s disappointing but most conveyancers close a few days before Christmas so are now concentrating on transactions which have already exchanged.  

You might want to rethink 5th Jan as they won’t reopen until 3rd so are unlikely to be able to get your mortgage funds in time to complete on 5th. The following week would be easier. 

We exchanged on our sale 18 December 2020 & completed 8 Jan so all in chain could at least enjoy Christmas, albeit surrounded by boxes😉
Good luck

Thanks for the advice @badger09, There was part of me thinking it could be a bit tight. I told our conveyancer that we could do the 5th if she thought that was achievable and she seems to be ploughing ahead. I suppose by the end of this week we will see if any issues have cropped up that would prevent it.  

The reason that we were happier to go with that first week is that my partner is a teacher and so can't take days off of work etc apart from school holidays. He is back the following week, so if we can push it through, it would be more beneficial. Only us and the sellers in the chain too, as it is being sold under court order. 

Totally understand but I still think timing of your mortgage funds will be the deciding factor. 🤞🏻 for you

Just had 2nd thought. If you manage to exchange this week before conveyancer closes, they will call for mortgage funds to arrive in time for 5th. If not, then I think 5th will be out of the question. 

EndlessStruggle

Buyer is now happy about manhole answers I gave so they are transferring the deposit today so we should be in a position to exchange before Christmas.

Gave feedback about property I viewed including all of the unsecured valuables in the outbuildings and sheds.

I mean there was a whole VW camper shell and car parts, old scooters from the 70s and all sorts. With no locks on the doors or anything, all in plain sight....

julicorn

julicorn said:

Well and the latest update in the roller coaster ride: 
Monday is definitely not happening because it turns out (wait for it) that the other solicitors waited until they had everything else ready (i.e. today) to send the contract to the sellers to sign  And nothing but the original document back will suffice. It's almost comical, we signed ours WEEKS ago.

Did I mention the sellers are in France? 

So much has happened since this last update. 

Later on Friday afternoon, we got an email saying ignore everything, they are happy to complete on Monday after all, and for our solicitor to please order funds. 

Our solicitor panic-orders funds, but Coventry said they need 5-10 days notice. Not looking super likely, but good to hear the sellers were ready after all. 

Yesterday morning, we were in the middle of loading things up with our removals company in the pouring rain, and I get an email - our solicitor says that the other side have now said they're not going to be able to complete pre Christmas after all, they haven't guaranteed redemption of funds sufficiently, so will see where we get to in the new year. Our solicitor was absolutely fuming (so were we of course), because she'd ordered funds!

I called the estate agent, big '!!!!!!?' all round. We continue packing and moving our stuff into storage, and ourselves into the hotel room. 

In the afternoon, I got a call from our solicitor. Turns out the funds came through lightning fast, and are now sat there in the solicitor's bank account! I then called the estate agent again, and he'd just heard from the sellers who said they've managed to resolve the whole thing, something about scanned documents + proof of postage being acceptable after all, bla bla... but their solicitor had the afternoon off so wasn't able to confirm. 

Well, this morning I got confirmation that they're all happy to exchange + complete today. Our solicitor has just initiated the transfer of funds, so as soon as that's processed she'll give the other solicitors the exchange & completion call. Bonus amusing side note: It's the estate agent's Christmas party today, so it looks like I'll be crashing their Christmas do in order to pick up the keys. 

Sounds like the removals company should also still have some availability to move us back out of storage into the house before we head to Germany on Friday. 

SprostonGreenHead

julicorn said:

julicorn said:

Well and the latest update in the roller coaster ride: 
Monday is definitely not happening because it turns out (wait for it) that the other solicitors waited until they had everything else ready (i.e. today) to send the contract to the sellers to sign  And nothing but the original document back will suffice. It's almost comical, we signed ours WEEKS ago.

Did I mention the sellers are in France? 

So much has happened since this last update. 

Later on Friday afternoon, we got an email saying ignore everything, they are happy to complete on Monday after all, and for our solicitor to please order funds. 

Our solicitor panic-orders funds, but Coventry said they need 5-10 days notice. Not looking super likely, but good to hear the sellers were ready after all. 

Yesterday morning, we were in the middle of loading things up with our removals company in the pouring rain, and I get an email - our solicitor says that the other side have now said they're not going to be able to complete pre Christmas after all, they haven't guaranteed redemption of funds sufficiently, so will see where we get to in the new year. Our solicitor was absolutely fuming (so were we of course), because she'd ordered funds!

I called the estate agent, big '!!!!!!?' all round. We continue packing and moving our stuff into storage, and ourselves into the hotel room. 

In the afternoon, I got a call from our solicitor. Turns out the funds came through lightning fast, and are now sat there in the solicitor's bank account! I then called the estate agent again, and he'd just heard from the sellers who said they've managed to resolve the whole thing, something about scanned documents + proof of postage being acceptable after all, bla bla... but their solicitor had the afternoon off so wasn't able to confirm. 

Well, this morning I got confirmation that they're all happy to exchange + complete today. Our solicitor has just initiated the transfer of funds, so as soon as that's processed she'll give the other solicitors the exchange & completion call. Bonus amusing side note: It's the estate agent's Christmas party today, so it looks like I'll be crashing their Christmas do in order to pick up the keys. 

Sounds like the removals company should also still have some availability to move us back out of storage into the house before we head to Germany on Friday. 

Wow, what a ride! Glad the finish line is in sight. Make sure to snaffle a free drink or two out of the EA party ... you deserve it by the sounds of it!