The NEW waiting to exchange thread...

gazfocus

ManuelG said:

ManuelG said:

Getting closer to an exchange date, fearful of jinxing it by posting here! Quite a gap between exchange and completion - our seller's purchase sees then move into rental to break the chain and they're unwilling to commit without guarantees it'll all go through. Guess at least it'll give me a chance to find a removal company!

Knew there'd be a problem! Three exchange attempts have come and gone with the top of the chain staying worryingly silent. I wasn't overly worried, but the estate agent is concerned that they've changed their mind about moving into rented.

I've pointed out that will have an inevitable consequence if so...

If exchange hasn't happened, I'm not sure what the consequences would be other than the chain collapsing because someone further down the chain gets tired of waiting?

The issue might be nothing to do with the sellers at the top of the chain changing their mind, it's an incredibly difficult time to get a rental so they might just not have had a successful application...as a landlord, I know who I'd choose out of someone wanting a short term home while they buy a house vs someone wanting a long term home. 

saucer

gazfocus said:

Thought I’d join this thread for some venting haha. 

17th February - Offer accepted on our sale. 

18th February - Solicitor instructed
24th February - Documents completed and sent back to solicitor. 

14th March to 6th April - Sporadically received enquiries from buyers solicitors and replied same day. 

6th April - Buyers solicitor requested something additional from the council. 

12th May - Up to date redemption figures received by our solicitor and everything ready to go. 

17th May - Discovered our buyers buyers (FTBs) are having to query something with their lender which has had to go back to the valuer.

This is where we are currently. We’ve been waiting 3 weeks now and have had no movement whatsoever.  Emailed our solicitor today and received an autoreply to say our solicitor is now on leave til 19th June! Really hoping one of the other solicitors in the firm can try and push things along as it’s already been 15 weeks since offer accepted, don’t want to be waiting til the end of the month for completion. 

Did they have a survey, and did this raise issues?

ManuelG

gazfocus said:

ManuelG said:

ManuelG said:

Getting closer to an exchange date, fearful of jinxing it by posting here! Quite a gap between exchange and completion - our seller's purchase sees then move into rental to break the chain and they're unwilling to commit without guarantees it'll all go through. Guess at least it'll give me a chance to find a removal company!

Knew there'd be a problem! Three exchange attempts have come and gone with the top of the chain staying worryingly silent. I wasn't overly worried, but the estate agent is concerned that they've changed their mind about moving into rented.

I've pointed out that will have an inevitable consequence if so...

If exchange hasn't happened, I'm not sure what the consequences would be other than the chain collapsing because someone further down the chain gets tired of waiting?

Well yes, and that somebody will be me, as we're in danger of pushing into a time when my wife is set to give birth, and I'm not having the stress of this add to her pressures - she comes first even if that does lose us fees, and that's why we were only accepting the offer if they did move out to break the chain! In addition to that, I'm not having a constantly moving time for exchange when mortgage offers etc are set to expire for my buyer if we push past the time of my wife giving birth. AT least if we exchange, things are fixed. However...

Balancing act so far. Turns out the people above have not been entirely straight, I'd suggest, as they were hoping to port their mortgage and are in the process of buying a house themselves - so what happened to rented I hear you ask, and well you might as I certainly am! On the other hand it turns out that they too now have skin in the game and won't want a chain to collapse. I've agreed a new completion date that pushes right up to what *I* will accept - waiting to see if my buyer(!) is now happy.

But things are not adding up and that increases the sense of unease... I like people to be straight.

gazfocus

saucer said:

gazfocus said:

Thought I’d join this thread for some venting haha. 

17th February - Offer accepted on our sale. 

18th February - Solicitor instructed
24th February - Documents completed and sent back to solicitor. 

14th March to 6th April - Sporadically received enquiries from buyers solicitors and replied same day. 

6th April - Buyers solicitor requested something additional from the council. 

12th May - Up to date redemption figures received by our solicitor and everything ready to go. 

17th May - Discovered our buyers buyers (FTBs) are having to query something with their lender which has had to go back to the valuer.

This is where we are currently. We’ve been waiting 3 weeks now and have had no movement whatsoever.  Emailed our solicitor today and received an autoreply to say our solicitor is now on leave til 19th June! Really hoping one of the other solicitors in the firm can try and push things along as it’s already been 15 weeks since offer accepted, don’t want to be waiting til the end of the month for completion. 

Did they have a survey, and did this raise issues?

I don’t know if our buyers buyers had a survey but our buyers decided not to have a survey. 

I spoke to the EA today and they said everyone is banging their heads against a brick wall with the one solicitor that seems to be not responding. 

benniet

Thought I'd stop lurking and post re: my purchase

2nd May - Offer accepted on purchase (FTB with no onward chain - buying from a HA). Solicitors instructed same day
9th May - Mortgage application in
10th May - Mortgage offer received after desktop valuation. Broker says it's the fastest he's ever seen an offer received which is crazy as I'm self-employed but did have a good deposit.
5th June - Searches ordered (there was a hold up due to some ID and verification issues with the deposit)
6th June - Survey back

So far my solicitors have seemed fairly on the ball, quick to reply etc. although I'm all very new to this so have no real barometer. I'm hoping for completion in July but as its Leasehold who knows if it'll take longer... Is it reasonable to expect that the currently depressed market conditions might speed up the process a bit with fewer transactions taking place?

Good luck to everyone!

StacFace

Currently 7 months in (mainly down to delays with my lender) as a FTB. My solicitor asked for & received the signed mortgage offer, TR1, LISA declaration & non-LISA portion of my deposit just over 1 month ago (with blank dates). The LISA still shows as open when I log in online. 

They told me they were "preparing the file to be signed off" at the start of last week. I haven't been asked for a preferred exchange/completion date, though I have told them ASAP for both (estate agent has also been contacting me directly pushing for this, which they say is on behalf of the sellers). 

From other people's experiences, how close actually am I now to exchange? I know this is near the end, but I also thought we were pretty much there when I was sending in paperwork & transferring funds.

Codeye21

Hi all, been looking at this forum for a while but not wanting to get too ahead of myself. 
Think we are nearly there now on both sale and purchase, but hoping someone can advise on indemnity insurance. We have received below from our solicitor today, questions are how quickly can indemnity insurance be arranged, and do vendors ever refuse to take it? Hoping to be in by end of June but don’t think as likely now.

I have reviewed the responses and I have gone back to the sellers solicitors on three points that they can easily remedy with indemnity insurance therefore I await a draft to review.

 

I will confirm when we have fully received all replies and I can then report to you.

Thanks in advance for any help

babyblade41

Indemnity insurance is very quick to arrange and usually very cheap.

The vendor might agree to pay it or they might not in which case you can offer to pay it to keep the wheels turning.

Depends what the indemnity is protection against 

Codeye21

babyblade41 said:

Indemnity insurance is very quick to arrange and usually very cheap.

The vendor might agree to pay it or they might not in which case you can offer to pay it to keep the wheels turning.

Depends what the indemnity is protection against 

That’s great, thanks so much for quick response.

don’t mind paying as you say to keep it moving, will suggest if looks like holding things up too much

fiish

Time for me to join after lurking for some time

5th May - offer accepted
9th May - instructed solicitors, obtained mortgage recommendations from broker
10th May - sellers had offer accepted on onward purchase
15th May - mortgage application submitted
16th May - lender instructed valuation
19th May - lender valuation done (desktop valuation, EA confirmed no surveyor visit)
23rd May - solicitors received draft papers from seller side
24th May - instructed searches
31st May - mortgage offer received
1st June - received TA6 and TA10 from solicitors
8th June - Level 3 survey appointment

Bit of a slow start because of all the bank holidays, and the lender taking their time on our mortgage application, but everything seems to be going at a decent clip now, solicitors on both sides seem responsive, seller quick to answer questions too.