The NEW waiting to exchange thread...

CommitedToChange

Realised last night that it's been 17 weeks since my offer was accepted.

And my vendors said they wanted a quick sale! I'm ready and have been for a while

Firsttimebuyers

Solicitors called yesterday, all queries are back bar two - which she's hopeful of getting this week.


We're getting the fixtures and fittings info over today, and a list of available appointment dates to book in with them to go sign the contracts - we need to get booked in, in advance, as my partner works away a lot, then he can arrange to be at home.


When do we send over the deposit? I assume it needs to be there before we sign the contracts ready to exchange? I'm scared of typing the bank details into my online banking and getting a number wrong, so considering getting a bankers draft instead - daft really, but read a few scare stories of people sending their savings to the wrong bank account!

CommitedToChange

Firsttimebuyers

I set up a new account online to send to the sent £1. Once I knew they had that safely I sent the rest of the deposit.

I signed my contracts ages before I sent my deposit - not that we have exchanged yet!

Firsttimebuyers

CommitedToChange wrote: »

Firsttimebuyers

I set up a new account online to send to the sent £1. Once I knew they had that safely I sent the rest of the deposit.

I signed my contracts ages before I sent my deposit - not that we have exchanged yet!

I might do that then rather than pay the bank to do it for me, good idea thanks


We're hopeful exchange is imminent, then we can tell our landlord we're leaving!

kates08

Floppy what is your sellers position? If they are looking for another house to move to then they may just want to wait for the chain to be complete before appointing a solicitor for both the sale and purchase.

Firsttimebuyers the deposit will need to be with your solicitor before exchange, but signing the contracts might happen weeks before the exchange actually happens. Maybe ask for the transfer details in person when you go in to sign the contracts if your worried about scammers. If not then check well in advance that your solicitors are happy with a bankers draft and it won't slow anything down.

No exchange for us yesterday, and it looks like our vendor isn't ready to exchange on her purchase (which she wasn't meant to be tieing in to our chain as she told us she was chain free and then decided to buy a flat) so who knows when it will happen. The bottom of the chain's mortgage offer expires next Friday so that was always our final deadline. It feels like it's all going wrong!

FloppyDisk

Thanks Kate, happy to wait for a chain to form but I don't think there is a need to delay providing the name of a solicitor as that holds up the memo of sale and confirmation of our offer being accepted. Perhaps I am bring picky?

Firsttimebuyers

Thanks Kate - I'll ask the question when they get back to me today!


Can the bottom of the chain not extend their mortgage offer?

martinlewisjunior

25h November 2017 -Offer made
27th November 2017 - Offer accepted
4th December 2017 - Mortgage Application made with Nationwide
5th December 2017 - Solictors contacted and paid search fees
6th December 2017 - Mortgage Application delayed due to broker incorrectly stating the deposit.
8th December 2017 - Deffered due to Bonus not being two years and only one year
11th December 2017 - Nationwide offered less because of the bonus, so had to provide a bigger deposit
12th December 2017 - Broker made typo on deposit, stating £700 more than I mentioned. I left it and coughed up the extra cash!
18th December 2017 - Valuation scheduled for the 22nd
22nd December 2017- Valuation takes place
27th December 2017 - Nationwide receive documents from valuers
29th December 2017 - Valuers make an error on the form and Nationwide request the document to be amended.
2nd January 2018 - Valuers amend document
3rd January 2018 - Nationwide reviewing new documents/ waiting on decision
9th January 2018 - Nationwide finally reviewed Valuation documents
9th January 2018 - Mortgage Offer issued and sent in the post, Solictors contacted to let them know of changes in deposit, plus to let them know the mortgage offer is on the way.
10th January 2018 - Paperwork received from sellers solictors, my solictor now reviewing documents/
10th January 2018 - Sent paperwork over for proof of deposit.


The wait to exchange continues...(plays intro to The Apprentice)

CommitedToChange

Kates08 - I feel your pain, my vendors said they were chain free and wanted a quick sale but now have an onwards purchase that is dragging. First it was in probate and now there is an issue with no building certs so waiting to see if the mortgage company will accept indemnety insurance. Now in week 17.

Firstimebuyer - I just extended my mortgage becuase of the delays - but can only get one month. If I don't complete by the end of Jan I have to reapply with all the additional expenses that brings :mad: I will be lowering my offer if I have to reapply.

Floppydisk - I don't think you're being picky, but Christmas might have delayed things - I'd expected it by this week at the very latest.

FloppyDisk

Thank you for the reality check, seeing in on rightmove still makes me nervous, even if we have been the only people interested! I don't quite understand people who don't have all their ducks in a sock before starting something like selling their own home!!