The NEW waiting to exchange thread...

SecondStar

celly5460 said:

My husband and I are currently in a chain but need to find a way to 

March 2022 - sellers property put on market; sellers begin their search

October 2022 - sellers property reduced to attract offers closer to their offer

November 2022 - seller accepts our offer; solicitors exchange details 

December 2022 - our solicitor applies for searches and submits our mortgage application 

January 2023 - searches and mortgage offer come back at asking price; sellers still searching

January 2023 - rates fall by 0.6% - broker updates our offer; sellers still searching 

February 2023 - rates fall further by 0.3% - broker updates updates our offer

It is now almost a year that the sellers have been looking and yet they have not found a property to buy. They've stated they can't afford to move into temp accommodation yet accepted an offer over the asking price and will be buying an onward purchase mortgage free. We have a baby on the way and need to move but it seems as though this is not important. Any tips to move this forward? We have been looking at other properties as back up. 

To be honest, if they’ve been looking this long and haven’t found anything I doubt they’re going to any time soon.

Given your situation re having a timeframe with the bay on the way, I’d be going with a more immediately proceedable property. These sellers are taking the proverbial.

EndlessStruggle

Give them a deadline.

They need to have found a property or agree to move into rental by this date and if not you will be pulling out.

I viewed one where they thought they might like to move to a bungalow in a certain village but weren't budging from their price on their house (which was insanely overpriced) and didn't seem in any rush to move...

.......

I've now submitted all paperwork and am ready to exchange/complete but my sellers are moving out of area and have proper jobs so we are looking end of March.

Veeo

Update on my journey, we are making good progress:

Property Sale

• 26/12/2022: My property went on the market 
• 07/01/2013: first set of viewings (open house)
• 09/01/2023: Received an offer 
• 11/01/2023: Offer Accepted on my property
• 11/01/2023: Solicitor instructed 
• 20/01/2023: draft contract sent to buyers solicitor 
• 25/01/2023: Buyer’s searched ordered
• 01/02/2023: Buyer’s mortgage valuation carried out 
• 06/02/2023: Buyer’s Enquiries received by my solicitor 
• 08/02/2023: Buyer’s Level 2 survey carried out 
• 09/02/2023: Transfer Deed, Contract, and Enquiries received from solicitor 
• 13/02/2023: Posted signed Transfer Deed, signed Contract and responses to Enquiries to solicitor 
• 20/02/2023: Solicitor sends response to buyers solicitor 

Property Purchase 

• 22/12/2022: Viewed property 
• 09/01/2023: Put in an offer on property
• 13/01/2023: Offer accepted 
• 13/01/2023: Solicitor instructed
• 18/01/2023: Mortgage application submitted 
• 19/01/2023: Mortgage valuation instructed 
• 31/01/2023: Email from broker to say that Mortgage has been approved 
• 31/01/2023: Level 2 House Buyer’s Survey carried out 
• 01/02/2023: Draft contract received from seller’s solicitor 
• 02/02/2023: Level 2 House Buyer report received, everything looks good, no major worry.
• 02/02/2023: Enquiries raised by my solicitor 
• 02/02/2023: Searches ordered
• 03/02/2013: Mortgage offer received 
• 04/02/2013: Fittings and Contents Form received
• 20/02/2013: Search results received 
• 20/02/2013: Additional enquiries sent to vendors solicitor 
• 24/02/2022: Summary report received from solicitor 
• 24/02/2023: Mortgage Deed, Transfer Deed, and Contract documents received from solicitor 

EndlessStruggle

My latest is that some enquiry responses have had to be submitted to the mortgage company so hopefully this isn't going to be an issue.

I've been ready for weeks but their purchase doesn't seem as simple as mine.

Hoping for a date soon! 

welly_59

Guess I can join this thread now 🙂.
Received mortgage offer today, searches are already taking place, with just the local authority search left to come back.
Ithen just the never ending back and forth of conveyancing "enquiries"

EndlessStruggle

I had so many enquiries on this one. It's been more complicated than I had planned.

The latest is that they are signing an undertaking as the house needs work doing for the mortgage so I've paid my deposit in to show I'm ready and as committed as they are! 

Hoping for a date very soon as I need my own space again! 

steeps93

Why is agreeing a completion date so difficult! There has to be an easier way to communicate around this. Feel like I'm shouting into a void.

We viewed the house in November, offer accepted on our flat and new house on 5th Dec. 

We've been on the ball getting everything done as quick as possible, however lost two weeks to Christmas and 2 weeks to our offer getting "lost in the post" to the Sols (i.e didn't check generic email listed on their panel listing). 

Were a small chain, our buyer is a FTB and our seller is relocating but not buying. 

Have been ready to exchange since last Friday so proposed a cheeky end of month date (optimistically)...only for our seller to suggest dates 6/7 weeks away. I get the feeling he's not sorted his onward accomodation yet which is frustrating as we've been open with him about keenness and timescales. Said our goal was Easter back in Feb when we viewed again he agreed that was doable.

Buyer seems to be taking each date as an earliest target and then suggesting even longer away. We have all of April to use! 

Feel silly as had really wanted to be in house in enough time to have a house warming/ party for my 30th birthday in May which seems unlikely now. 

Just needed to vent. And come up with a communication solution!!

Als156

I'm going to join as it seems our simple, no chain purchase has gone overly complicated!

Mortgage valuation booked 07/02. Issue with the loft conversion. Requested documentation and proof all above board (leasehold maisonette). 

Still ongoing! Seller keeps saying they're waiting for it - starting to think maybe not! Now going down deed variation route to appease the mortgage company surveyor. 

Searches all done, enquiries been raised, waiting on management pack and confirmation of deed variation. 
Tenancy moved to rolling contract, so we shall see....

molenpad

Currently renting and buying a house with no onward chain (empty and being sold by family). Offer accepted on the 7th March, mortgage in place by the 14th March. 

Just found out that solicitor won't start searches until draft contract through from sellers solicitor - they have not heard anything on that for the last two weeks and have had no correspondence from them. The only thing  they've had is a memo of sale from the EA which came through on the 7th March.

Starting to get the feeling seller isn't particularly motivated and smelling a rat to be honest. 

Would love to be out of here and in there by end of June.

ManuelG

Guess I can join this thread. Offer accepted, mortgage approved (and just, *just* before interest rate rises!), and had my buyer's surveyor round today.

Today has gone far too smoothly, there will be bumps ahead, of that I know!